CmaBoardReleases
Title: Press Release: The Capital Markets Authority Signs a Memorandum of Understanding with the International Financial Services Centres Authority – Republic of India
Kuwait, April 24, 2024 – The Capital Markets Authority (CMA) signed a memorandum of understanding with the International Financial Services Centres Authority – Republic of India on Tuesday, April 23, 2024, in the presence of His Highness Dr. Adarsh Swaika – Ambassador of India to Kuwait. The memorandum of understanding was signed by Mr. Othman I. Al-Issa – Vice Chairman of the CMA Board of Commissioners – Acting Managing Director on behalf of the CMA and Mr. K. Rajaraman – Chairman of the Board of Directors of the International Financial Services Centres Authority.
This memorandum comes as a desire of both parties to set a framework for mutual cooperation for developing and regulating financial products, services, and institutions, especially with the increasing interconnectivity of the capital markets resulting from the use of modern technology and the subsequent need for mutual cooperation and consultation.
In the same context, the memorandum includes several provisions such as enhancing the development of financial products, services, and institutions and the general safety of the capital markets and/or financial markets in the respective jurisdictions, in addition to exchange of information concerning historical data, modern directions and events, exchange of the best practices of development, and organizational and business structures in financial markets, as well as exchanging information on the application of technologies and innovations, governance, and regulations of information technology, financial technology, and regulatory technology in the capital markets and in the impact of these changes on market participants. It also included the assistance in organizing lectures and conferences concerning specific fields to promote the development of the competence of each one of them, in addition to the assistance in receiving delegations with competence from the two authorities, and the commitment of the securities’ issuer, manager, officers, and qualified advisors at listed companies or companies that have submitted applications for listing in the securities markets of the two authorities, to any duties under any relevant laws, systems, and rules, which may include the commitments of full and accurate disclosure.
It is worth noting that the International Financial Services Centres Authority is a unified regulatory entity for banking, insurance, capital market, and Pensions Fund, and related activities in developing and regulating the financial products, services, and institutions of the International Financial Services Centres in the Republic of India. Its role includes registering, supervising, and regulating the financial entities in the International Financial Services Centres in the Republic of India, while the CMA regulates and develops the capital markets in the State of Kuwait, and supervises and controls the companies that subject to the CMA’s supervision through ensuring fairness and transparency in the securities transactions and enhancing confidence in the investors by protecting them from illegal practices, in addition to ensuring compliance with the laws and regulations related to securities.
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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