Title: Capital Markets Authority Organizes Outreach Seminar for Authorized Persons in Collaboration with U.S. Securities and Exchange Commission (SEC)

Kuwait, December 14, 2016 – The Capital Markets Authority (CMA) has organized on Wednesday 14/12/2016 an outreach seminar for authorized persons in collaboration with U.S. Securities and Exchange Commission (SEC), which also participated in a similar event that was held in 2014.

Dr. Nayef Falah Al-Hajraf – Chairman of CMA Board of Commissioners and Managing Director has opened the seminar with a speech in which he greeted the audience and speakers from the SEC. Then he talked about the importance of this seminar and the CMA’s role in raising the awareness of persons who deal in securities activities in the State of Kuwait, and the obligations arising from investment.

The provision of a compliance program according to international standards based on the principles of fairness, transparency and integrity, which allows for development and leadership in the field went through many steps such as:

• Supervising the privatization of Kuwait Stock Exchange and transferring its ownership to the private sector (Boursa Kuwait). It is a step towards a new market era and an upgraded standard.
• Regulating issuance of Sukuk and bonds through the provisions of the Executive Bylaws of Law No. (7) of 2010 and their amendments, which was issued in November last year.
• Issuance of CMA’s Resolution No. 72 on enforcing the post trade model in accordance with best international practice. This will greatly improve the capital markets’ infrastructure.

He was followed by Mr. Richard Best – SEC’s delegate. After that the seminar’s sessions began. They covered a number of aspects as follows:

• Session (1): Post Trade Systems / Speaker: Mr. Muthana Alsaleh – Head of Markets Sector at the CMA.
• Session (2): Building an effective Compliance Program / Speakers: Ms. Rina Hussain, Ms. Julie Preuitt from SEC and Mr. Abdullah Al-Tarkait – Financial Analyst at the CMA.
• Serssion (3): Effective Supervisory Processes/ Speakers: Ms. Rina Hussain, Ms. Julie Preuitt from SEC and Mr. Mohammed Al-Marzok – Head of Supervision Sector at the CMA.
• Session (4): Enforcement and International Cooperation / Speaker: Richard Best and Ms. Arien Mccartney from SEC.
• Session (5): Market Conduct / Speakers: Ms. Rina Hussain, Ms. Julie Preuitt from SEC and Mr. Sulaiman Al-Mousa – Director of Markets Surveillance Department at the CMA.

The pioneering international experiences reviewed in this seminar proved the importance of exchanging information and expertise through professional partnership with international and regional supervisory bodies in order to elevate Kuwait’s market to be a promising emerging market.

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, observe listed companies’ execution of Corporate Governance Regulations, and protect investors from unfair practices which violate the Authority's Law.

Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The Authority also aims to provide awareness programs related to securities activities.

For more information, kindly contact:

Public Relations & Media Office

Tel: 22903062

Fax: 22903505

Email: pr-media@cma.gov.kw