Title: Capital Markets Authority signs MoU on Coordination of Cooperation with Ministry of Commerce and Industry

KUWAIT, November 21, 2017 - The Capital Markets Authority (CMA) signed a memorandum of understanding on coordination and cooperation with the Ministry of Commerce and Industry on Tuesday, November 21, 2017. The Ministry was represented by Mr. Khaled Nasser Al Roudan - Minister of Commerce and Industry, while the CMA was represented by Dr. Nayef Falah Mubarak Al-Hajraf - Chairman of the Board of Commissioners of the Capital Markets Authority – Managing Director.

This is in light of the role of the Capital Markets Authority, particularly in the field of supervision of securities activities in terms of regulation, licensing and activities of all persons that deal in this field, including companies, as regulated by Law No. (7) of 2010 on the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws, and their amendments. This shall be within the framework of regulating the direct powers entrusted to the Ministry of Commerce and Industry in the field of supervision of companies operating in the State of Kuwait in general, regarding their establishment, registration, organization, and licensing as regulated by Law No. (1) of 2016 on issuance of the Ministries Law and its Executive Bylaws. 

Moreover, it is also in light of the legislator's decision on the role of the Ministry in the field of companies’ supervision in general, as well as the privacy and independence granted to the Authority in this area, that is relevant to supervising and controlling the companies operating in securities activities in particular, and the resulting overlap of some competencies in the mutual areas of work. It also based on the provisions of Article (1-2) of Module Two (Capital Markets Authority) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, which called for the signing of memoranda of understanding between the regulatory bodies to avoid duplication of control, and in an effort to coordinate cooperation in these fields and achieve harmony and integration of work mechanisms and procedures among the state’s entities, and to reduce the procedural burden on the public to achieve effective oversight and to ensure that the work is carried out to the fullest in a manner that ensures clarity, transparency and discipline.

Notes 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 further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw

Copy of the Memorandum of Understanding