Title: Boursa Kuwait is Upgraded from Frontier to Emerging Market Status

Kuwait, Sept. 30, 2017 - Dr. Nayef Falah Al-Hajraf - Chairman of CMA Board of Commissioners and Managing Director has announced the issuance of FTSE Russell’s decision regarding upgrading Boursa Kuwait from a Frontier to an Emerging market status in its annual report of Country Classification scheme issued on Sept. 29, 2017.

On this occasion and on behalf of the members of the Board of Commissioners and CMA’s staff, Dr. Al-Hajraf congratulated H. H. the Amir Sheikh Sabah Al Ahmad Al Sabah, H. H. the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, and the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah. He also emphasized that the CMA strives to enhance the national economy and promote local and foreign investors’ trust in Kuwait market through the development of the financial market regulations, in accordance with the best international practice. 

This upgrade was CMA’s number one priority, therefore, all efforts were devoted to meet its requirements. It reflects the the provision of clause (4) of item (6) of the financial and economic reforms document, approved by the Council of Ministers in March 2016, and announced by the Deputy Prime Minister and Minister of Finance in his press conference on March 15, 2016.

Al-Hajraf added that this upgrade is the result of full cooperation and coordination among all parties of the financial market in the State of Kuwait.He commended the sincere efforts which worked toward this achievement. Such efforts were led by the CMA, along with Kuwait Clearing Company, Boursa Kuwait Securities Company, the brokerage companies, and all relevant parties. The infrastructure was updated in order to meet the upgrade requirements, in addition to the constant communication with the classification agencies. This commemorates with the implementation of Interim Post -Trade Model I (IPTM I) and the introduction of a T+3 settlement cycle and many other regulatory imporovemnts. 

It is worth mentioning that FTSE Russell is a British provider of worldwide stock market indices and associated data services.

Ends

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.
 
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Email: pr-media@cma.gov.kw