KUWAIT CITY, March 20, 2019. The Capital Markets Authority (CMA) organized an awareness workshop titled "The most important amendments on the arbitration rules" at Khalid Al Kharafi Hall at the Boursa Kuwait Building at 1:00 pm.

The importance of this workshop begins with the CMA’s vision to strengthen the legislative structure of the capital markets and to seek activation of the legislative role entrusted to it and to achieve its objectives stipulated in Article (3) of Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws, and their amendments, which is in line with justice, competitiveness and transparency and provides investor protection, in addition to ensure compliance with the rules and regulations related to securities activities.

CMA was represented by Dr. Tareq Abdul Razzaq Al-Adasani - Director of Litigation and Arbitration Department, the workshop covered three main aspects:

- Definition of arbitration.

- The advantages of arbitration.

- Arbitration procedures, demonstrating the importance of the amendments made to it.

In the beginning, Dr. Al-Adasani reviewed the definition of arbitration as an agreement to settle disputes that may arise between persons through private individuals chosen by the parties in dispute. Later the workshop discussed the most important features of arbitration, namely the ease and flexibility of its procedures and the speed in resolving disputes, in addition to preserving the confidentiality and privacy of the litigation and the documents enclosed in the arbitration proceedings, as well as the trust and confidence provided by the system, as the parties involved choose the arbitrators themselves.

As for the last topic that was dealt with is arbitration procedures, demonstrating the importance of the amendments made to it (such as the duration of arbitral disputes / disputes of a special nature / the principle of arbitrator acceptance of the arbitration task and the disclosure obligation/ elimination or isolation and the arbitrator response to the procedure followed after the arbitrator's response or isolation), in addition to clarifying the arbitration procedures in terms of the procedures for submitting the arbitration application and the notification mechanism to the opponent of the request for arbitration and response to the corresponding request submitted by the opponent against him and the transfer of the arbitration file to the arbitral court to proceed in the arbitration dispute. He concluded by explaining the model for the activation of the arbitration rules for the settlement of disputes arising from the obligations established in the CMA’s law.

Due to the importance of the arbitration issue and its confidentiality at the same time, the Capital Markets Authority (CMA) directed the officials and arbitrators to the subject of the workshop to attend this awareness event, which was moderated by Mr. Fuad Walid Al-Ateeqi, representative of the Awareness Office, through which the CMA intends to implement its programs and awareness initiatives. Targeting all entities and persons involved in securities activities in addition to various parts of society that are expected to be announced as part of their awareness plans for future stages.

Ends-
Notes to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA 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 CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505