Title: The Capital Markets Authority Receives the Lord of the City of London

Kuwait, 19th January 2015 – Dr. Nayef Falah Al-Hajraf – Chairman of CMA Board of Commissioners - Managing Director received on 19/1/2015 at CMA headquarters a delegation headed by Mr. Alderman Alan Yarrow – Lord Mayor of the City of London. This visit is part of a tour to a number of financial institutions in the State of Kuwait. It is also part of the CMA framework for promoting the basis of communication and exchange of experiences with different international and regional counterparts.
The two parties discussed the various ways of mutual collaboration between the CMA and UK, especially in the fields of training and qualifications. Dr. Al-Hajraf briefed the delegation on the history of the securities' activities in Kuwait which goes back to the 1970s. He also talked about the CMA's efforts since the issuance of Law No. (7) of 2010 which aimed at creating a sound, fair, and transparent investment environment, and developing the local market to compete with the international markets through executing a comprehensive strategy to improve the market, keeping up with the latest international standards of securities activities, and learning from the international successful experiences, including the British one.
This meeting witnessed signing a memorandum of understanding (MoU) between the CMA and the Chartered Institute for Securities and Investment (CISI) to promote the qualifications' framework of the Kuwaiti market where CISI qualifications are assigned to specified job functions within the CMA licensed entities. In addition to the various pathways there is also the vision to establish a Kuwaiti local regulations exam with international standards.
It is worth mentioning that the CISI is a not for profit organization, whose mission is to set standards of professional excellence and integrity for the securities and investment industry, providing qualifications and promoting the highest level of competence to its members, other individuals and firms. The CISI currently has five international offices and is recognized by 33 regulatory bodies.

Clarification to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010, and amended by Law No. 108/2014. Pursuant to the Law, the Authority shall regulate and supervise the securities activities, achieve transparency and fairness, oblige the listed companies to execute the Corporate Governance Principles, and protect the investors from the unfair practices which violate the Authority's Law.

Furthermore, the Law's provisions stipulate the supervision of the merger, acquisition, and disclosure operations. The Authority also aims at providing awareness programmes related to securities activities. 

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