Title: Press Release Concerning the Evacuation Training of all the Capital Markets Authority’s Departments to Meet the Requirements of Obtaining the Adoption of International Standard for Business Continuity Management ISO (22301)
Kuwait, November 18, 2023 – Within the framework of the Capital Markets Authority’s (CMA) strategy for risk management, mitigation of the impact of disasters, accidents, crises, and emergencies, and measurement of the preventive actions’ effectiveness, the CMA conducted an evacuation training for all its sectors on Thursday, November 16, 2023, at 12 p.m., which is two and a half hours before the end of the official working hours.
The evacuation process aims to ensure the implementation of the procedures stipulated in the policies and procedures manual of business continuity program and determine the impact of the risks resulting from emergencies and other cases on CMA’s operational processes, the efficiency of the automated systems, and the effectiveness of the remote work procedures approved by the CMA.
The evacuation involved all the CMA employees from all its departments, such as the Disclosure Department, Markets Surveillance Department, Licensing and Registration Department, Off-site Supervision Department, and the General Register, that were 358 employees and 70 workers and technicians, so the total persons evacuated from CMA’s headquarters were 428 persons. The evacuation of CMA’s employees’ offices took 6 minutes from their notification, noting that the CMA occupies 6 floors in Al-Hamra Real Estate Tower, that is 150 meters away from the ground level.
At 12 p.m., the officers of the business continuity program activated an alarm at all CMA’s levels and issued an urgent circular to vacate the headquarters due to gas leak. The liaison officers directed the employees to use masks for the purpose of implementing a practical training in which the CMA can measure reference indicators.
As planned, the evacuation procedures approved by the CMA were implemented through this evacuation training. The practical test of evacuation achieved 100% of the scenario prepared for this purpose.
The CMA was satisfied with the effectiveness of its policies and procedures of business continuity program from the results of the evacuation assessment reports. The employees continued their work remotely using various means of communication, whether by connecting to CMA’s virtual network (VPN), email, or telephone. The CMA continued conducting its work as if the employees were in their offices.
This evacuation is part of CMA’s efforts to obtain the adoption of the International Standard for Business Continuity Management ISO (22301), in which the CMA is in its final stages of the audit procedures performed by the certification organization.
The CMA is keen to implement the best practices in all its work fields to raise the level of its services for the persons subject to its supervision. In fact, the CMA has previously obtained the Certification for Information Security ISO (27001).
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.
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