CmaBoardReleases
Title: Capital Markets Authority Participates in the 41 annual meeting of the International Organization of Securities Commission IOSCO in Lima Peru
Kuwait, May 15, 2016 - Capital Markets Authority’s delegation has participated in the 41 annual IOSCO meeting in Lima, Peru which was held from May 8 until May 12, 2016. The delegation was led by Dr. Nayef Falah Al-Hajraf - Chairman of CMA Board of Commissioners & Managing Director, Mr. Mishaal M. Al-Usaimi - Vice Chairman, Mr. Abdulrahman Mahmoud Mohammad - Head of International Relations Office, and Ms. Aisha al Nusf - Chief Legal Researcher.
The delegation met with the Secretary-General of the Organization and the Chairman and Vice Chairman of the Board of Directors and individuals in charge of Kuwait's membership in the organization. CMA has already completed the membership requirements, and submitted the complete file. During those meetings CMA was keen to explain the serious steps taken by the CMA to complete the requirements that enables it to join as a member of the Organization of IOSCO and follow the latest developments in this regard. In addition to this, the delegation has held a number of bilateral meetings with counterparties where they discussed several topics such as the exchange of experiences and emphasis of cooperation and coordination in common issues, in addition to the latest legislative developments carried out by the CMA regarding the Executive Bylaws of the CMA in both Arabic and English languages. It included many of the positive changes in terms of issuance of Sukuk, bonds and acquisitions that have taken place in the Kuwaiti market during the recent period, it also explained the latest developments undertaken by the CMA to complete the privatization of Kuwait Stock Exchange (KSE) and to deliver the tasks to the Boursa Kuwait Securities Company (BKSC) and the plan to develop the system of post-trade, which would have a prominent role in the development of the infrastructure of the capital markets, issuance of new investment tools and attracting capital. The delegation also discussed the experiences encountered by the Capital Markets Authority, which will contribute to enrich the exchange of experiences shared between the members of the Organization.
In the same context, the delegation attended technical meetings of the Organization of IOSCO as viewers, during which the latest legislative developments in member countries were discussed. Additionally, the delegation participated in the meeting of the Union of Arabs Securities Authorities held on the sidelines of the annual meeting of the Organization of IOSCO where it coordinated the status of the Arab countries participating authorities, such as including the Arabic language in the list of languages officially recognized by the Organization.
It should be noted that the International Organization of Securities Commissions (IOSCO) has been established in 1983, its members include about 95% of the financial markets in the world, with approximately 126 regulators and 84 participants from exchanges and organizations both regional and international as well as others.
This organization is the entity responsible for the development of international standards and the regulation of markets, which all organizations seek to comply with. It is designed to ensure fairness, transparency and efficiency of markets, in addition to risk management, investors protection and increase of their confidence in the integrity of the markets by promoting the exchange of information and cooperation to avoid immoral behaviors, as well as regulation of markets and brokers.
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 Regulations, and protect investors from unfair practices which violate the Authority's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The Authority also aims to provide awareness programs related to securities activities.
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