Title: CMA Participates in the 43rd Meeting of the International Organization of Securities Commissions (IOSCO)

KUWAIT CITY, May 9, 2018 - The Capital Markets Authority (CMA) delegation has participated in the 43rd Annual Conference of IOSCO, Budapest, from 7 to 11 May 2018. This international event is a great opportunity to discuss the most pressing financial, regulatory and supervisory issues. The annual conference offers a five-day professional program (Monday to Friday), starting with the IOSCO members in the first three days, followed by a two-day general conference where representatives of the entire financial sector are welcomed. Many securities and capital market experts participate in this event. It is an occasion for IOSCO members to meet every year to discuss important issues related to international securities and futures markets.

The delegation was headed by Mr. Mishaal M. Al-Usaimi - Vice Chairman of CMA Board of Commissioners & Acting Managing Director, Mr. Abdulrahman Mohamad - Director of International Relations Office, Mr. Moayed Al-Shakhs - Director of the Managing Director’s Office, Mr. Fawaz Boresli – Acting Director of Capital Markets Research and Development Department, and Ms. Anwar Al Mudhaf – Acting Director of Off-site Supervision Department.

This participation is considered the first for the CMA after the election of Mr. Mishaal M. Al-Usaimi as Vice Chairman of the Africa / Middle-East Regional Committee (AMERC). Accordingly, he became a member of the Board of Directors of the organization for the next two years, under which the State of Kuwait is incorporated into the Board of Directors of 34 member countries belonging to the world’s similar large economies, to become the third Arabic state to obtain membership of the Board of this organization with both Egypt and the United Arab Emirates.

The participation of CMA delegation was through attending several meetings of the various committees and taking part in the workshops. At the meeting of AMERC, Mr. Mishaal M. Al-Usaimi participated as the current Vice Chairman of the committee. Afterwards, many topics were discussed and light was shed on the protection of information, risks related to digital currencies and financial technology (Fintech). An announcement was also made regarding hosting the next meeting of AMERC by the Kuwait CMA.

On the other hand, the GEMC meeting has discussed the specific measures for cybersecurity in emerging markets and issues related to information sharing, capacity building and data privacy. IOSCO Secretary General has provided an update on the implications of the General Data Protection Regulation, with it coming into force in the European Union in May 2018.

The conference also discussed IOSCO’s efforts in finding a mutually workable and practical way to address data protection around personal data, in addition to the initiatives of providing greater support to emerging market members and strengthening cooperation among regulators by forming a Data Sharing Platform for GEMC members.

Moreover, Chair of the National Securities Commission of Argentina (CNV) and the IOSCO Secretariat have presented an update on the Data Sharing Platform, and explained that he seeks members’ feedback following the launch of Phase 1 on March 19, 2018. 

As for the Presidents Committee, it has discussed several topics of great importance in the organization, including the following:
- Asset management and liquidity risk management principles that were issued earlier this year and the ongoing work on leverage, in addition to the work towards increasing transparency and the information on secondary corporate bond markets available to both regulators and the public.
- IOSCO’s efforts on cyber risks through the recently established Cyber Task Force.
- Mechanisms used by trading venues to manage extreme volatility and preserve orderly trading.
- Efforts IOSCO is undertaking, together with the Committee on Payments and Market Infrastructures (CPMI), to address the resiliency of financial market infrastructures, particularly related to central counterparties (CCPs).
- In addition to discussing data gaps and information sharing and investor protection. 

The Board of Directors of IOSCO also convened in its new formation, and discussed the agenda presented and took the appropriate decisions.

The CMA’s participation in this meeting will complement Kuwait's presence in all international organizations, which will contribute to the exchange of many experiences, visits and information with member countries to develop the capital market, as well as improving investors' protection and attracting them and improving the level of supervision to achieve the highest levels of fairness and transparency, and stresses the continued efforts exerted by the CMA in seeking to enhance the effectiveness of its role in IOSCO and become an active member of the organization.

It is worth mentioning that IOSCO was established in 1983, and its membership regulates more than 95% of the world's securities markets, and about 125 regulatory bodies and 90 participants from international and regional exchanges and organizations. It is the highest professional international organization in the field of financial markets’ supervision. It is recognized as a global benchmark for the securities sector. IOSCO develops, implements and promotes compliance with internationally recognized securities regulatory standards and works intensively with the G20 and the Financial Stability Board (FSB) on the regulatory reform agenda, which aims at enhancing the regulatory and supervisory powers of the financial market bodies. It also contributes to the detection and control of financial crimes and the fields of cooperation in training, exchange of visits and information, as well as improving investor protection.

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