Title: The International Organization of Securities Commissions (IOSCO) Elects Mr. Mishaal Al-Usaimi, Vice Chairman of the Capital Markets Authority & Acting Managing Director, as Member of the Board of Directors of the Organization

KUWAIT CITY, April 15, 2018 - The Capital Markets Authority (CMA) announced that the International Organization of Securities Commissions (IOSCO) has elected Mr. Mishaal Al-Usaimi, Vice Chairman of the Board of Commissioners of the Capital Markets Authority & Acting Managing Director, as a member of the Board of Directors of the Organization and deputy chief of the Africa Middle East Regional Committee (AMERC) for a two-year term. He was chosen for the post during a round of voting which saw him go up against competition from the likes of Kingdom of Morocco and Republic of Mauritius.
 
After the success of the Capital Markets Authority in joining the «IOSCO» on May 16, 2017, Al-Usaimi was selected after 11 months of joining the Organization, which is an unprecedented achievement. This membership of the Board of Directors of «IOSCO» is a result of Al-Usaimi’s continued efforts to ensure the provision of a sound and stable financial system capable of carrying out regulatory reforms. The State of Kuwait has been appointed to the Board of Directors of the Organization, which has 34 members of the largest economies in the world to become the fourth Arab state in the membership of the Board of this Organization after Morocco, Saudi Arabia and Egypt. This shall contribute to the exchange of many experiences, visits and information with member states to develop the capital market in addition to improving the protection of investors, attracting them and enhancing the level of control to achieve the highest levels of integrity, fairness and transparency.
 
With this achievement, the State of Kuwait will automatically assume a seat in «IOSCO». The Board is a regulatory body comprising 34 securities organizations that sets «IOSCO» standards. The Board reviews regulatory issues facing international securities markets, and coordinates pragmatic responses to these concerns. Eight committees work in «IOSCO», each of which operates under the supervision of the Board and is supported by the general Secretariat in the following areas:
 
- Committee 1 Issuer Accounting, Auditing and Disclosure
- Committee 2 Regulation of Secondary Markets
- Committee 3 Regulation of Market Intermediaries
- Committee 4 Enforcement and the Exchange of Information 
- Committee 5 Investment Management 
- Committee 6 Credit Rating Agencies
- Committee 7 Derivatives 
- Committee 8 Retail investors 
 
Kuwait has requested to join Committee 2 and 3, and confirmation of its inclusion is still under consideration.
 
Al-Usaimi expressed his pride in Kuwait's membership in the Board of Directors of «IOSCO». He praised the efforts exerted by all the project-based task forces led by national competencies, with the cooperation of all parties within the capital market framework. He dedicates this achievement to His Highness the Amir and his Crown Prince, stressing the continuous work of the Authority towards the improvement of the business environment in Kuwait.
 
Established in 1983, «IOSCO» includes 95% of the world's financial markets as members, about 125 regulatory bodies and 90 participants from international and regional exchanges and organizations. It is the highest professional international organization in the field of supervision of financial markets. «IOSCO» develops, implements and promotes adherence to internationally recognized securities regulatory standards, and works intensively with the G20 and the Financial Stability Board (FSB) on the regulatory reform agenda, which aims at enhancing the regulatory and supervisory powers of the financial market bodies.
This achievement underscores the continued role of the Capital Markets Authority in the quest to enhance the effectiveness of its role in the organization and to be an active member. It also seeks to strengthen the presence of Kuwait in international organizations to develop the capital markets, improve the level of control, and be committed to its objectives of working inline with international best practice.

-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