CmaBoardReleases
Title: The Capital Markets Authority Participates in NASDAQ Conference
Kuwait, September 5, 2015 – In line with CMA's endeavour to develop the surveillance tools and adopted regulations in order to improve the investment environment and provide a safe atmosphere which gains the investors' trust, the CMA has participated in Smart Surveillance Conference 2015 which was organized by NASDAQ, and took place in Hong Kong, China from September 1 - 3, 2015.
The Conference witnessed the participation of a number of experts and parties concerned with capital markets from different countries. They discussed prominent issues related to markets' surveillance. The Conference was also a great opportunity to exchange expertise, study the presented cases, and benefit from the international practice of surveillance.
The head of Kuwait CMA delegation, Mr. Khalifah Abdullah Al-Ajeel – Commissioner, was accompanied by Mr. Moayed Adnan Al-Shakhes – PR & Media Office Acting Director, Mr. Sulaiman Hammad Al-Mousa – Market Surveillance Department Director, and Mr. Abdulrahman Al-Babtain – Representative from the International Relations Office.
The Conference tackled a number of issues such as the role of the Compliance Officers and the challenges they face, recent developments in surveillance systems, use of technology in surveillance and expected risk, in addition to a number of presentations delivered by different parties which included case studies.
Kuwait CMA presented a brief about market surveillance in Kuwait through a presentation delivered by Mr. Al-Ajeel. It started by discussing the establishment of the CMA and issuance of its Law No. 7 of 2010 to regulate the capital markets in Kuwait according to the principles of fairness, transparency, and integrity in line with the best international practice. Mr. Al-Ajeel also mentioned that there are three areas which the CMA sharply focuses on; privatizing Kuwait's exchange, modernizing the post-trade structure, and achieving full membership of IOSCO. He added that Success in these three areas should result in Kuwait’s market being promoted from being classified as a “frontier” to an “emerging” market, which is a strategic goal to develop a world-class market that would give Kuwait the chance to compete on a global level. Mr. Al-Ajeel also talked about the CMA's efforts to improve the founding law, which is reflected in the significant amendments which were passed earlier this year, in addition to improving the corporate governance regulations.
Mr. Al-Ajeel concluded by saying that "sometimes people need reminding that regulation, supervision and surveillance are not just technical tasks. Market abuse may be difficult to define, discover and punish, but it is wrong and I am proud to be involved in the battle against it".
Clarification to Editors
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010, and amended by Law No. 108/2014. Pursuant to the Law, the Authority shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies execution of Corporate Governance Principles, and protect investors from unfair practices which violate the Authority's Law.
Furthermore, the Law's provisions stipulate the supervision of merger, acquisition, and disclosure operations. The Authority also aims to provide awareness programmes related to securities activities.
For more information kindly contact
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw