Title: The Capital Markets Authority Publishes the 17th Issue of its Electronic Awareness Magazine

Kuwait, September 1, 2024 - The Capital Markets Authority (CMA) published the 17th issue of its electronic awareness magazine on the first of September. It is a quarterly magazine devoted to promoting awareness through addressing financial, investment, and legal issues related to securities activities. Moreover, it covers CMA’s news and events throughout the time of issuance.

The issue commenced with the “Editorial” section by Prof. Ahmad Al-Melhem who reviewed CMA’s methodology and philosophy in dealing with its strategic directions, beginning with its preparation and ending with its implementation. He also discussed the mechanism of launching the last two initiatives of CMA’s regulatory framework of financial technologies (Fintech) and the services provided through it, in addition to the electronic disclosure system (XBRL program), highlighting the positive impacts of the two initiatives, their implementation methodology, the training, qualification, and examination stages included therein in preparation for the mandatory application, in line with activating the partnership with all the related parties, which include stakeholders, concerned parties, and strategic partners.

The “Economic Leaders” section featured excerpts from the biography of the late “Mohammad Al-Sharikh”, one of the most prominent figures not only in Kuwait but also in the Arab cultural scene. He headed pioneering and inspiring projects of introducing the Arabic language to computers, digital translation, programs for the Holy Quran and its interpretation, Al Hadith Al Shareef, and archiving Islamic information.

The “Legal Section” discussed the topic of capital markets crimes and its impact on membership of Board of Directors of listed shareholding or licensed companies. It was addressed through two sections: first, it presented the penalties and sanctions as a result of violating the provisions of the applicable legislation, such as Law No. (1) of 2016 on the Issuance of the Companies Law, and Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its amendments. The second section reviewed the suggested amendments from those addressed by the provisions of CMA’s Law regarding the requirements of a membership in the Board of Directors of listed shareholding or licensed companies and its executive management.

The topic of "The million-Dollar awards for the winners of the second Gulf Smart Investor competitions that were distributed at the closing ceremony of the competition held in the Saudi capital "Riyadh" on the 29th of May, whose value exceeded one million Saudi Riyals, in addition to the announcement of the third competition, the mechanisms for participation, and their fields was topic of the " Issue Event " section. 

The “Opinion and Vision” section covered two topics: The interdependent relationship of a mutual influence between economy and capital markets by Dr. Riyadh Al-Fars, Professor of Economics at Kuwait University, in addition to the topic of “The Capital Markets Authority and delisting between the shareholders interest and the subsequent procedures” by Dr. Nasser Salah Buresly, Advisor to the Insurance Regulatory Unit and Member of the Advisory Board at the Reconnaissance Center.

Dr. Masouma Al Mubarak, the well-known academic and first minister in the history of the State of Kuwait, was the guest of the current issue of the magazine, where she presented her vision regarding our economic and political reality, and the stage of correcting our path in preparation for the upcoming launch. She also presented aspects of her parliamentary experience, and expressed her opinion on the mechanisms of the Capital Markets Authority's work, its strategy and policies related to regulating and supervising securities activities.

The awareness section - as usual - after introducing some definitions related to securities activities, covered several topics: it opened with the topic of the sustainable economy with its green circular participatory nature. It was followed by the topic of promoting private and public subscriptions, their differences, and purposes, before concluding with the most prominent advice that can be directed to investors and those interested in the investment world, before and throughout investing, as well as the case of choosing the entity in which they can invest.

The “Information Awareness” section presented a topic on mobile device security and its most prominent threats, further to the advice that can be given to the public to protect their mobile devices. It also presented another topic on the benefits reflected on the organization as a result of business continuity management, which goes beyond anticipating crises and determining mechanisms for dealing with them and addressing their effects.

The “Issue File” section presented CMA’s two issued reports throughout the issuance period, which were the 13th annual report of the financial year (2023/2024), and the current annual report of the strategic performance in its first year.

The two topics of “Prospects and Trends” section were “The CMA on the path of adopting sustainability standards” and “CMA’s strategic projects with development directions”, followed by “At the Core” section that addressed the International Financial Reporting Standards No. (6) Exploration for and Evaluation of Mineral Resources.

The “Studies” section presented a comprehensive study on the Mechanisms and methods of measuring tax legislations, and the one that is reasonably closer to completing the required fairness. As for the most prominent events and activities of the CMA during the issuance period extending between June and August, they were summarized in the “Events” section.

In the issue’s final section “In conclusion” the editor-in-chief of the magazine Mr. Khaled Al-Saqer, Awareness Office Director at the CMA, presented the initiatives that the CMA is currently working on implementing as part of its path to contribute to turn into a knowledge economy, especially through its national project to enhance financial inclusion and investment awareness, and its other project to establish the Capital Markets Academy, in addition to its project of establishing the regulatory framework for financial technologies, and its strategy for digital transformation.

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