CmaBoardReleases
Title: Nominating Kuwait to Head the Market Development Team in the Stock Exchanges Forum (COMCEC)
Kuwait, March 5, 2017- The State of Kuwait, represented by the Capital Markets Authority, has been nominated to head the market development team during the annual forum meeting held in Istanbul in 2016. The market development committee of the Stock Exchanges Forum in the Organization of Islamic Cooperation Member States (COMCEC) began preparing a research project after being approved by the organization. This committee is part of four committees emerging from the Organization of Islamic Cooperation (OIC), which deals with economic and commercial issues of Islamic countries. The market development team is among four other teams under the Stock Exchanges Forum, which are as follows:
1) Market Development Team
2) Islamic Finance Team
3) Financial Education Team
4) Capability Constructing Team
The main function of the market development team is preparing initiatives in accordance with a clear scientific and methodological foundations after a thorough study of the capital markets in the Member States in order to achieve consistency, cooperation and exchange of experiences in the development of markets between member states.
The team, headed by the Capital Markets Authority in Kuwait, also seeks to provide an initiative to develop the capital markets infrastructure and the parties involved in the post-trading model. This initiative comes in line with CMA’s plans concerning the development of this model in the State of Kuwait and to enhance the experience gained during the previous period in this regard.
In addition, the CMA aims through this initiative to develop a clear path to encourage the Member States on the infrastructure of the Capital Markets and reinforce the principle of cooperation between member states to develop and exchange expertise in this area to include the following:
• Capital Market Infrastructure and the restructuring of the parties involved in the trading and post-trading model.
• Investment instruments available in the Capital Markets and the legislation governing it.
• The appropriate tools and mechanisms for risk management in the Capital Markets and the role of the Capital Market Authorities in reducing those risks.
• Classification of Capital Markets at global rating agencies in the member states of the organization and the role exerted by capital market authorities to obtain this classification, the main obstacles faced by those countries.
• Mechanism to achieve capital market authorities’ goals through cooperation with the parties involved in the capital market.
It is worth mentioning that the Committee (COMCEC) was established in 1981, the members include 57 Countries and five Countries as member’s foremen, the Committee seeks to achieve since it was established a list of goals which are:
• Tackle economic restrictions faced by Islamic countries and make adequate efforts to contribute to the development of the economies of member states.
• Participation of members to share their experiences to provide a mutual understanding between states and a close economic policy in line with international best practices.
• Provide a central platform featuring the Member States to discuss the latest economic issues and trade.
• Study and offer solutions that contribute to the strengthening of economic and trade cooperation between Member States frameworks.
• Provide proposals and programs that contribute to raising the living standards in the Member States.
• Emphasize the overall coordination of all the activities of the Organization of Islamic Cooperation (OIC) on economic and commercial aspects of the Member States.
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.
For more information, kindly contact:
Public Relations & Media Office
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Email: pr-media@cma.gov.kw