Title: Kuwait Capital Markets Authority (CMA) Attains Official Membership of the International Organization of Securities Commissions (IOSCO)

Kuwait – May 14, 2017 – Dr. Nayef Falah Al-Hajraf, Chairman of CMA’s Board of Commissioners – Managing Director, has announced today the issuance of IOSCO’s decision on granting Kuwait’s CMA official membership of the IOSCO after meeting the membership requirements. 
Al-Hajraf explained that a Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU) will be signed on Tuesday 16/5/2017 on the sidelines of the IOSCO's 42nd Annual Conference to be held in Jamaica for five days from 14 to 18 of May, 2017. Kuwait’s delegation is headed by Dr. Nayef Falah Al-Hajraf, Chairman of CMA’s Board of Commissioners, and the Vice Chairman of the Board of Commissioners Mr. Mishaal M. Al-Usaimi, in addition to the Director of the International Relations Office Mr. Abdulrahman Mohammed, and Mrs. Nora Alharoun - Chief Legal Researcher.

Al-Hajraf noted that Kuwait CMA had had contacts with the IOSCO since 2012 on the requirements and the conditions of membership. CMA applied for the first time in December 2012. The Organization reviewed Kuwait’s file, and in 2014 it requested some amendments on the content of the membership request. He added that the CMA formed a task force, led by the Vice Chairman of the Board of Commissioners Mishaal M. Al-Usaimi, to follow up steps to fulfil the relevant requirements and conditions. The CMA sought professional assistance from a consultancy office that revised all the legal commitments of being an IOSCO member. Then in May 2015 the CMA resubmitted the membership request.

While the file was being reviewed, a number of amendments were issued on CMA’s Law in May 2015, followed by the issuance of the CMA’s new Executive Bylaws in November of the same year. Accordingly, the file was reexamined, taking in consideration all the occurring legal developments. At the same time, the CMA sought to privatize the Exchange, which is a positive indicator that moved the membership process forward. The changes were reflected in the file in 2016, said Al-Hajraf.

He emphasized that joining the IOSCO, which is the international body that brings together the world's securities regulators and is recognized as the global standard setter for the securities sector, was the result of the serious steps taken by the CMA towards improving its performance in line with the best international practice. It is an accomplishment that shall raise Kuwait’s Exchange classification, and provides opportunity for joining the World Exchange Congress, which is a global organization for bonds and relevant markets. Joining it reflects the atmosphere of the markets of its members with regard to the international standards common among financial institutions, traders, and regulatory bodies in different countries. 

Dr. Al-Hajraf thanked all who worked towards fulfilling the requirements of ISOCO’s membership, in particular the CMA’s task force formed for this purpose, and led by the Vice Chairman of the Board of Commissioners Mishaal M. Al-Usaimi. He also thanked the Central Bank of Kuwait (CBK) and the Financial Investigation Unit for the information they provided during the ISOCO’s delegation visit in February 2017 which contributed in achieving the sought goal. 

On this occasion, Dr. Al-Hajraf congratulated on behalf of the CMA’s family His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah and the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, and His Highness Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah, Prime Minister for their support and guidance towards improving the financial markets in Kuwait. 

It is worth mentioning that the IOSCO was established in 1983. Its membership regulates more than 95% of the world's securities markets. It includes 125 regulatory bodies and 90 participants of regional and international securities and organizations.

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