Title: The Capital Markets Authority Signs an Agreement with The Communication and Information Technology Regulatory Authority

Kuwait, August 14, 2023 – The Capital Markets Authority (CMA), represented by Prof. Ahmad Al-Melhem, Chairman of CMA Board of Commissioners - Managing Director, along with the Communication and Information Technology Regulatory Authority (CITRA), represented by Mr. Omar Saud Al-Omar – Chairman of the Board of Directors, have signed an agreement concerning the services of blocking and unblocking the web content this morning at CMA’s headquarters.

This agreement is in light of the rapid and continuous development of the sources of information available for the public access on the internet locally and internationally that may contain spam, malicious, or misleading information and content, further to the simultaneous development of the electronic phishing methods, circumvention, impersonation, and fraudulent processes associated with this development, which in fact requires establishing a regulatory framework to protect the network’s beneficiaries from the risks associated with its usage. In addition, based on its vision and objectives, the CMA aims to protect the persons dealing in securities activities, reduce risks, comply with the rules and regulations, and adopt responsibility, integrity, and transparency values. Those requirements overlap with the jurisdiction of CITRA as a supervisory entity that ensures protection of the interests of users and services providers and regulates telecommunication networks in accordance with transparency and competitiveness controls in a regulatory environment that upgrades telecommunication and information technology in the State of Kuwait.

This agreement aims to clarify the nature, scope, and requirements of the services provided by CITRA for blocking/or unblocking social communication accounts, electronic applications, websites, and electronic links as well as clarifying the responsibility of the entity submitting the request of blocking / unblocking, strengthening the relationships between parties, and building means of communication to facilitate the flow of providing the blocking and unblocking services of web contents.
It is worth noting that the CMA, within its supervisory work and its role of enhancing awareness of the persons dealing in securities activities of the benefits and risks of this activity’s investment, provides data and information of the sites licensed and unlicensed to practice securities activity organized in the State of Kuwait. In coordination with CITRA, the web contents of unlicensed entities will be blocked to limit the access of individuals and entities to the contents that include clear violations, form electronic risks, or violate the laws of the State of Kuwait or the policies of social communication companies and the applications’ hosting platforms.

It should also be noted that this agreement includes exchange of information and experiences between the two parties, and it is considered the starting point of cooperation in the joint awareness fields in accordance with the best international practices.

Ends-
Notes to Editors:
The Capital Markets Authority (CMA) of Kuwait was established pursuant to Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and its amendments, approved by the Kuwaiti Parliament in February 2010. Under this Law, the CMA regulates and supervises securities activities, ensures transparency, fairness, efficiency, and observes listed companies’ implementation of Corporate Governance regulations. The CMA also protects investors from unfair practices and violations of the CMA's Law.
Furthermore, the Law stipulates the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs pertaining to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw