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Title: The Capital Markets Authority Participates in IOSCO’s Annual Meeting and Conference of the IOSCO Growth and Emerging Markets (GEM) Committee
Kuwait, Sept 25, 2017 – The Capital Markets Authority’s delegation has participated in IOSCO’s Annual Meeting and Conference of the IOSCO Growth and Emerging Markets (GEM) Committee held in Colombo – Sri Lanka from 20 to 21 Septmber, 2017. The delegation was headed by Mr. Mishaal M. Al-Usaimi – Vice Chairman of CMA Board of Commissioners, with the participation of Mr. Abdulrahman Mahmoud Mohammed – Director of International Relations Office, and Mr. Nawaf Al-Saleh – Vice Chairman’s Office.
On the first day, the Conference Committee was held under the title “Enhancing sustainable and innovative market-based financing”. It attracted more than 300 participants from 50 jurisdictions, with the attendance of the Prime Minister of Sri Lanka, the Chairman of the Securities and Exchange Commission of Sri Lanka, IOSCO Asia-Pacific Regional Committee (APRC), and the Chair of IOSCO Growth and Emerging Markets (GEM) Committee. The Conference discussed many topics, among which is the topic of enhancing sustainable market-based financing in emerging markets. It also discussed the issues and challenges regarding liquidity in emerging capital markets, as well as possible measures in promoting liquidity to help spur market growth and development. Participants also discussed how fintech is shaping capital markets and the balance between innovation and investor protection.
On the sidelines on the Conference, IOSCO Growth and Emerging Markets (GEM) Committee held its annual meeting, which the CMA took part in as a member in IOSCO for the first time. Participants discussed measures to address challenges in scaling up sustainable market based financing, including the role of policy makers, regulators and industry participants.
Additionally, the Committee discussed the topic of establishing an electronic system for the exchange of information, to be considered as a platform, referred to for consultation of information. Mr. Al-Usaimi emphasized that the CMA fully supports such system. It is a tool for facilitating procedures and promoting mutual cooperation among members. Such platform would attract investors in emerging market.
The Committee has also discussed the topic of protecting the internet at the capital markets, and selecting a mechanism, in coordination with concerned parties in capital markets to enhance security of information. The CMA has expressed its willingness to participate among an IOSCO’s team to set policies and principles of protecting the internet in capital markets, which shall be discussed in coming meetings. Further, the CMA participated in a workshop which covered the same topic, and reviewed a case study on hacking the internet, and the appropriate measures taken by regulators in such events.
It is worth mentioning that the IOSCO was established in 1983. Its membership regulates more than 95% of the world's securities markets in more than 115 jurisdictions. IOSCO includes nearly (125) regulators and 90 participants from regional and international exchanges and organizations. It is recognized as the global standard setter for the securities sector, and it aims through its permanent structures to cooperate in developing, implementing and promoting internationally recognized and consistent standards of regulation, maintain fair, efficient and transparent markets, and seek to address systemic risks. In addition, it aims to enhance investor protection and promote investor confidence in the integrity of securities markets, through strengthened information exchange and cooperation in enforcement against misconduct and in supervision of markets and market intermediaries.
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.
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