Title: Press Release: “Financial Technologies Services Regulated by the Capital Markets Authority” Spotlighted in an Awareness Workshop by the CMA

Kuwait, March 5, 2024 – In continuation of the awareness campaign organized by the Capital Markets Authority (CMA) to raise the public awareness of financial technologies, the regulations governing them, and the services provided within this framework as outlined in Module Nineteen (Financial Technologies) of the Executive Bylaws of the CMA’s Law, the Financial Technologies Unit at the CMA has held an awareness workshop in Regency Hotel on March 5, 2024 titled “The Financial Technologies Services Regulated by the Capital Markets Authority”. The workshop aimed at educating the public on the financial technologies’ services, its regulatory framework, goals, advantages, and risks, and details of the initial implementation phase of Module Nineteen (Financial Technologies). The workshop was presented by Ms. Zahra Almousa - Acting Manager of the Financial Technologies Unit, and employees Mr. Abdullah Alshamri and Ms. Altaf AlFaraj. The workshop discussed several areas, beginning with demonstrating CMA’s project of setting the regulatory framework of financial technologies related to securities activities that resulted in the issuance of Module Nineteen (Financial Technologies) of the Executive Bylaws of the CMA’s Law, and providing a detailed explanation of the first batch of financial technologies services regulated by Module Nineteen (Financial Technologies). The first financial technologies service is securities-based crowdfunding which offers direct dealing channels that gather investors interested in small and medium-sized businesses, offer financial channels other than the traditional channels in order to raise the market liquidity level, and offer investment opportunities for small investors and entrepreneurs. The second service is the digital financial advisory, known as robo-advisor, or electronic or digital advice, which is relied upon for developing financial advisory service and making this service accessible to a wide range of society segments for greater financial viability. The workshop discussed the requirements of offering the two aforementioned services,  highlighting the terms and conditions that qualify the persons who wish to provide those services to the public, as well as the ongoing requirements and obligations for financial technology service providers during the business operation period. Then, the workshop discussed Resolution No. (181) of 2023 Regarding the Launch of the Initial Implementation Phase of Module Nineteen (Financial Technologies) and explained its articles and details. The workshop concluded with receiving the audience questions, in which their participation was active. All the participants’ questions were answered.

Finally, upon the announcement of this event, the CMA invites everyone to reach out to the Financial Technologies Unit at the CMA for inquiries related to the regulatory framework of financial technologies, its products and services. This aims to enhance the collective efforts to support the application of such unprecedented initiative in the field of securities activities and strengthen its chances of success.

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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