Title: Press Release Regarding the Central Bank of Kuwait’s Membership at the Bank for International Settlements “BIS”

Kuwait, July 12, 2021 - On the occasion of the Central Bank of Kuwait’s membership at the Bank for International Settlements “BIS” in the first decision taken to expand the membership of the Bank for Financial Settlements since 2011, the Capital Markets Authority (CMA) is pleased to express its pride in this national achievement, which is a distinguished addition to the series of impressive achievements towards strengthening the presence of the State of Kuwait in international economic forums.

This membership of the Central Bank of Kuwait at the Bank for International Settlements allows working alongside a group of 63 members of the largest central banks in developing and developed countries, such as the Board of Directors of the US Federal Reserve, the Bank of England, the Bank of Japan, the German Central Bank, the People’s Bank of China and the Reserve Bank of India, which as members constitute more than half of the world's gross domestic product, will enhance the presence of the State of Kuwait and its participation in forming global monetary and financial policies, and will constitute a platform and a gathering point for the central banks and financial authorities in the world, in addition to expanding the horizons of international cooperation.

The importance of this achievement also lies in the vital role of the committees affiliated with the Bank for International Settlements, led by the Basel Committee on Banking Supervision, whose work is based on developing global regulatory standards and policies of macro and partial hedging at banks. Holding a seat by the Central Bank of Kuwait in the Irving Fisher Committee that is concerned with Central Banks Statistics (IFC) and the central banks governance network will enhance access to the most prominent international practices in statistics-related issues and governance issues, in light of its participation in the meetings of the affiliated committees and working groups. The Bank will have different levels of representation, which will contribute mainly to developing and refining the skills of the national staff working in the Central Bank of Kuwait in return for their contact and access to global experiences, with the Central Bank of Kuwait’s support for its cadres to participate in work teams under the umbrella of the BIS Innovation Network and the Cyber Resilience Coordination Center at the Bank for International Settlements.

As the Capital Markets Authority expresses its great pride in this remarkable achievement, which contributes to realizing the desire towards transforming the State of Kuwait into a financial center and a realization of Kuwait Vision 2035, in addition to the fact that it constitutes a positive point to Kuwait as it will be present in international forums. It will also enhance its position among global economies. Moreover, it encourages cooperation and concerted efforts of all the various government agencies to work towards raising the status of the state and achieve more ambitious achievements for the national economy, especially since the CMA works diligently to comply with the principles of financial market infrastructure issued by the Payments and Infrastructure Committee of the Bank for International Settlements and the organization of the International Organization of Securities Commissions IOSCO. The CMA derives the regulatory framework that will be applied to the Central Counterparty (CCP) from these principles in cooperation with the Central Bank of Kuwait.

In conclusion, the CMA, on behalf of the Chairman and members of the Board of Commissioners and all its employees, expresses its great pride in the efforts of His Excellency the Governor of the Central Bank of Kuwait and all those working in this national edifice to achieve this remarkable achievement. We wish continued success for the advancement of Kuwait internationally. 

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Notes to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA 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 CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw