KUWAIT’S CMA OFFICIALLY JOINS IOSCO

KUWAIT, May 15 (NNN-KUNA) — The Capital Markets Authority of Kuwait (CMA) has joined the International Organization of Securities Commissions (IOSCO) as an official member, the CMA Board of Commissioners Dr. Nayef Falah Al-Hajraf announced on Sunday.

Al-Hajraf added that Kuwait would sign the Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU) on Tuesday on the sidelines of the IOSCO’s 42nd Annual Conference to be held in Jamaica for five days.

Organized by the Financial Services Commission (FSC) of Jamaica, the conference is themed “The Role of Markets and Market Regulators in the Post-Crisis World.”

The IOSCO is the international body that brings together the world’s securities regulators and is recognized as the global standard setter for the securities sector.

It develops, implements and promotes adherence to internationally recognized standards for securities regulation, working intensively with the G20 and the Financial Stability Board (FSB) on the global regulatory reform agenda.

The Kuwaiti CMA had had contacts with the IOSCO since 2012 on the requirements and the conditions of membership, Al-Hajraf said.

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 the conditions to be a member in the international body, he added.

In addition, the authority sought professional assistance from a consultancy office that revised all the legal commitments of being an IOSCO member.

Al-Hajraf noted that joining the world’s top professional body for monitoring and supervising capital markets, crowns long and hard work and serious steps undertaken by the Kuwaiti authority.

The membership will improve the classification of the CMA, and helps Boursa Kuwait, Kuwait’s bourse, to join the World Federation of Exchanges (WFE), a good and a positive signal for the world’s investor institutions, he noted.

Source: NAM News Network