CmaBoardReleases
Title: The Capital Markets Authority (CMA) Participates in the 42nd Annual Conference of the International Organization of Securities Commissions (IOSCO) in Montego Bay in Jamaica
Kuwait – May 17, 2017 – The Capital Markets Authority’s delegation has participated in the 42nd annual conference of the International Organization of Securities Commissions (IOSCO) in Montego Bay in Jamaica which took place from May 14-18, 2017. The CMA’s delegation was headed by Dr. Nayef Falah Al-Hajraf, Chairman of CMA’s Board of Commissioners, and the Vice Chairman of the Board of Commissioners Mr. Mishaal M. Al-Usaimi, in addition to the Director of the International Relations Office Mr. Abdulrahman Mohammed, and Mrs. Nora Alharoun - Chief Legal Researcher.
Mr. Al-Usaimi – CMA Vice Chairman has met with Ashley Alder - Chairman of the IOSCO’s Board Directors and Chief Executive Officer of the Securities and Futures Commission of Hong Kong to thank him for his support for Kuwait CMA to join the IOSCO. Mr. Alder emphasized that he is looking forward to see Kuwait take an active part in the IOSCO’s activities by participating in the different committees such as AMERC and GEMC, in addition to a number of technical committees. The conference discussed the post trade models, where the CMA is about to end the first phase of shifting form T+2 to T+3 on May 21, 2017. Mr. Alder suggested to exchange experience between Kuwait and Hong Kong, in particular in the Central Counterparty Clearing House (CCP). Mr. Al-Usaimi welcomed the exchange of experience among the two countries in different topics such as the amendments applied by Hong Kong to improve handling the organization’s requirements, and what has been achieved to improve the post trade model (PTM).
The delegation attended the meeting of AMERC, and met with the Committee’s Chair Mr. Muneer Gwarzo to express his gratitude for his constant support for Kuwait’s membership. Further, the CMA has announced its wish to host the 43rd conference in Kuwait in 2019.
The delegation has also met with the Saudi Capital Market Authority to discuss mutual issues, and has attended several workshops and sessions held on the sidelines of the conference regarding the latest developments of markets and regulations. It also attended the meeting of Growth and Emerging Markets Committee.
It is worth mentioning that the IOSCO was established in 1983. Its membership regulates more than 95% of the world's securities markets. It includes 125 regulatory bodies and 90 participants of regional and international securities and organizations.
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
Email: pr-media@cma.gov.kw