Title: “Development of the Post Trade Model Infrastructure" is the Subject of a Training Program for the Capital Markets Authority

KUWAIT CITY, February 11, 2018 - The Capital Markets Authority (CMA) is conducting a training program on "Developing Post Trade Model (PTM) Infrastructure" from February 4 to 20, in order to explain the main principles of designing the final structure of Kuwait capital market infrastructure, in addition to the licensing requirements for the implementation of the final phase of the market development project. It is one of the main pillars of the market development project, in conjunction with the preparations for the implementation of the third phase of this project.

This program includes intensive activities of external workshops aimed at raising awareness of the project and its phases of implementation of some of the relevant financial markets parties such as Kuwait Clearing Company, brokerage companies, banks and other licensed persons involved in the market development project. It also includes daily internal workshops aimed at employees of various departments of the CMA to identify the nature of the project in general and the developments in the implementation of the remaining phases and the implications expected after the full implementation, to review of current best international practices related to these topics, and to discuss the risk management principles of the PTM and the technical requirements for the service providers of the central counterparty (CCP), the securities settlement facilities (SSF) and the central securities depository (CSD), as well as the licensing mechanisms for the providers of such services and their requirements in accordance with the Executive Bylaws of CMA’s Law. The workshop also explains the proposed amendments to the Executive Bylaws on the licensing requirements of the SSF. In addition, the CMA aims to separate the licensing requirements of the CMA from the requirements of registration with the Exchange and the Clearing House for licensed persons registered with these entities (the market intermediaries).

Last week witnessed the implementation of the first phase of this program with four internal awareness workshops, each of which lasted for two days and targeted about 96 staff members of some departments of the CMA that are concerned with this project, in addition to an external workshop for Kuwait Clearing Company, attended by Mr. Othman Ibrahim Al-Issa, the company's chief executive officer, his deputy for the information technology sector, senior executives and directors of the departments and 28 employees concerned with the workshop.

The second phase of this program will be completed during the current week with four internal awareness workshops, each of which will last for two consecutive days to target approximately 50 employees of the CMA, in addition to a special external workshop targeting all brokerage companies. A special outreach workshop will be held targeting banks and other licensed persons involved in the market development project.

It should be noted that the project of developing the market (the PTM project) consists of four phases, the first of which was executed in May 2017 under the supervision of the joint teams of the CMA, Kuwait Clearing Company and the Exchange. Phase II of this project is expected to be completed in mid-December with the relevant parties to ensure that they are ready for implementation. Phase III of this project is expected to be completed during the coming period to enter the testing phase within the next few months before implementing its fourth and final phase next year.

The implementation of this awareness program came from the CMA's interest to raise the level of awareness among parties participating in the requirements associated with the phases of implementation of the market development project in accordance with the practices and changes planned for implementation at each of the remaining phases.

Ends

 
Notes 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.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505