Title: Press Release: The Capital Markets Authority Wins a Board Member Position at IOSCO

Kuwait, August 9, 2022 - Within the framework of Kuwait Vision 2035 and the desire to transform the State of Kuwait into a financial and investment center, and in light of the CMA's record of achievements and benefits, through which it seeks to achieve national visions and enhance the presence of the State of Kuwait in international forums, and in a confirmation of the productivity of the Kuwaiti economic experience, along with the regional and international recognition it is receiving; the CMA has won a Board Member position at the International Organization of Securities Commissions (IOSCO) by the acclamation of the its candidate of the senior executive management at the CMA, Mr. Muthanna Abdul Wahab Al-Saleh - Head of the Markets Sector, as Member and Board Representative of the Growth and Emerging Markets Committee (GEMC) for a period of two years from 2022 to 2024. It should be noted that two candidates applied to the membership position, one from the CMA and the other from another regulatory body, who withdrew before the election day.

It worth noting that GEMC at IOSCO is the largest of the organization’s committees, with 115 members from countries making up 75% of the ordinary members. This committee includes Europe, Asia, Africa, South America, and Oceania. The Committee’s objectives is to develop and enhance the effectiveness of emerging financial markets by setting controls and standards that would raise the efficiency of those markets. Additionally, it provides training programs for member states, assistance and technical support and facilitates the exchange of information, experiences and technologies.

Kuwait’s membership at the Committee, represented by the Capital Markets Authority, is an institutional representation rather than a personal one, indicating CMA’s confidence in national competencies and commitment to the principles of institutional work. The CMA did not nominate a member of the Board of Commissioners in order not to lose the membership due to the close end date of the decree forming the Board, which will end at the beginning of next September.  The institutional representation of the CMA allows flexibility to choose the appropriate representation at the IOSCO Board of Directors.

By obtaining this position, the CMA will have for the first time in its history an institutional representation on the IOSCO’s Board of Directors. With this achievement, the CMA seeks to open new horizons of cooperation and be exposed to the experiences of representatives of developed markets in the areas of capital market regulation and supervision, and the new developed investment tools. In addition to benefiting from the participation at IOSCO’s Board of Directors in many significant international organizations and bodies directly related to the work of capital markets, such as the Basel Committee, the European Commission, the Financial Stability Board, the International Forum for Regulators of the Internal Audit Profession, and the World Bank, whose business and decisions are linked to the CMA’s objectives and tasks.

This accomplishment is the result of the effective and productive participation of the CMA in the activities and events of IOSCO’s committees, including the Committee on Regulation of Secondary Markets, the Committee on Regulation of Market Intermediates, the Committee on Regulation of Market Intermediates and Committee on Derivatives. Moreover, the CMA has complied with 97% of IOSCO’s Principles. This reflects the gratitude of GEMC members due to CMA’s effective role in the Committee, which led to the completion of the nomination procedures and election on 3/8/2022, in which the result was officially announced on 8/8/2022.

In this regard, the CMA confirms that it aims through this membership to achieve maximum benefit through the exchange of experiences, and to work closely with IOSCO’s member states, which will greatly impact meeting the regulatory and legislative objectives in the Kuwaiti financial market and achieving future economic visions, including the objectives of Kuwait Vision 2035.

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Notes to Editors:

The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA 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 CMA's Law.

Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA 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