The issuance of Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities (CMA Law) was a significant financial and economic event. It is the first comprehensive law for regulating the capital markets in the State of Kuwait. Many of the Law-related goals were accomplished during the first five years of CMA's establishment, in particular those relevant to regulating securities activities, protecting traders and raising awareness amongst them, reducing the systemic risks, implementing the disclosure policy, ensuring compliance with relevant laws and bylaws, and issuing rules and regulations which fall within the Authority's competences. 

Although the CMA's achievements are considered a quantum leap, the present and the forthcoming time carries a number of challenges and aspirations. The CMA looks forward to a better market regulation and activities performance, which requires more efforts in order to achieve more successes. An ideal and promising market and investment infrastructure will be enhanced on both regional and international level. Such period comes along with approving a number of amendments pursuant to the provisions of Law No. (22) of 2015 on some provisions of the CMA Law. These amendments emphasize the CMA's administrative and financial independency, which in respect will enhance the CMA's regulatory role in regulating the capital markets with complete independency, transparency, and neutrality. 

Additionally, the mentioned amendments include provisions that will enhance the capital market activity in respect of the new goals to develop the capital markets and diversify investment instruments. Moreover, the amendments also issued rules for market makers, investment controller activity, and credit rating agency activity. There were also amendments in the disclosure rules, the tax exemptions regarding securities, and the execution of shares and other securities in order to make such securities an attracting financial assurance that encourages banks to give loans and eventually promoting the market, authorizing the CMA to set-up the rules of securities regulation, exempting few cases from the mandatory acquisition, preventing illegal behavior regarding some of the crimes speculated in the CMA Law, as well as authorizing the CMA to issue rules to regulate special purpose companies. 

One of the most important amendments is relevant to the establishment of Kuwait Securities Exchange Company (Boursa Kuwait) to be in more flexible manner, and allowing an international market operator to enter the market. It shall contribute in the establishment of a solid and attractive securities exchange that is capable of taking a prominent place among the Gulf and international markets. 

There is a lot of hope and trust that such amendments would be in the benefit of the investment environment which is connected to the securities activities in Kuwait. It will protect small investors and introduce new investment instruments. Nevertheless, the CMA spares no effort to prepare regulations and decisions which correspond with such amendments whether by issuing the required decisions or by amending the Executive Bylaws and the regulations. 

On the subject of awareness, one of the main CMA roles is awareness in securities activities. The CMA strived to communicate with regulated persons in order to provide them with answers to their inquiries through periodical meetings held weekly as seminars at Kuwait Stock Exchange building, or through other means of communication. The CMA also ensures awareness amongst the public and persons dealing in securities activities to avoid any conduct that may lead to violating the CMA's Law, or any other regulations or decisions it issues, through awareness publications which the CMA distributes from time to time, and publishes in the local newspapers or on the CMA's website. The CMA believes in the importance of such role, therefore it started holding internal training seminars and group discussions among its employees regarding the different legal and technical aspects linked to the CMA's Law and its work, and to keep them informed of the latest updates in order to improve their performance and reach the highest standard in implementing the CMA's Law, bylaws, and regulations. The latest amendments of the Law included the issuance of a new provision on establishing an educational or training institution to provide qualifications. This will definitely contribute in providing Kuwait citizens with the required experience and competence, as well as training employees and others who are working in the securities activities industry. 

Furthermore the CMA has accomplished many important achievements, locally regionally and internationally. On the local level, the CMA's efforts resulted in finding coordination by signing MOU with other supervisory authorities such as the Ministry of Commerce and Industry, which will be of great effect on coordinating the supervisory role between the two, in addition to continuously updating and coordinating the work to oversee the enforcement of the MOU signed with the Central Bank of Kuwait. All of these efforts will certainly minimize the overlap in functions and eventually will have a positive effect on the regulated entities and persons. It will also facilitate and simplify the work procedures. On the other hand, on the regional and international level the CMA has signed MOUs with foreign counterpart institutions with regards to organizing, coordinating and participating in joint activities, as well as working towards unifying work mechanisms and systems of securities activities and market operations among its counterparts in the GCC. The CMA plays a vital role within the framework of the Union of Arab Securities. It also works hard towards implementing the international standards in the industry of securities activities in order to obtain membership of the IOSCO, and accordingly leads Kuwait market to be classified as a promising emerging market. 

At the end, and on behalf of my colleagues, members of the Board of Commissioners of the CMA and myself, and in the name of all CMA staff, I would like to thank His Highness the Amir Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah, Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, Crown Prince of Kuwait and Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah, Prime Minister of Kuwait for their kind and continuous consideration for the CMA's efforts. We would also like to emphasize the CMA's keenness on continuing to work and follow their wise guidance to achieve the best interest of our national economy.

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