Title: Press Release: The Capital Markets Authority Publishes the 12th Issue of its Electronic Awareness Magazine

Kuwait, June 3, 2023 – The Capital Markets Authority’s (CMA) electronic awareness magazine published its 12th issue first of June, unlike its previous issues where diversity is the main feature, "financial fraud" is the main focus of most of the topics of the latest issue, in an effort by the CMA to raise awareness of the various financial fraud practices and its various mechanisms. Such practices have expanded in recent times due to the rapid technical development and the increasing use of social media. This required extensive awareness efforts by the CMA to raise awareness of this phenomenon, limit its spread, and control its implications.

The issue commences with the “Editorial” by Prof. Ahmad Al-Melhem - Chairman of CMA’s Board of Commissioners, in which he presents the contents of the CMA’s third strategy. launched in early April. Prof. Al-Melhem- considered its strategic pillars and comprehensive initiatives as a road map for the CMA for the coming years to achieve the required qualitative strategic transformation aimed at upgrading the local capital market to the level of developed markets as the first Arab and Middle Eastern market. The topic of the CMA's strategy itself is also the focus of the "Issue Event", which briefly presents the main directions of that strategy, its objectives, initiatives, and indicators.

The “Economic Leaders” section discusses the journey of the late Fakhri Al-Shehab who contributed to national economic initiatives, perhaps the most prominent is the issuance of the Kuwaiti Dinar as the main currency of the country.

The “Legal Section” is allocated for the topic of “legislator’s exceptions in Article 23 of Law No. 7 of 2010 regarding the Establishment of the Capital Markets Authority & Regulating Securities Activities and its amendments. In particular regarding the CMA not being subject to prior supervision of the State Audit Bureau, nor to the provisions of Public Tenders Law Number 37 of 1964 and its amendments. This comes in line with the nature of the CMA’s work and the need for its independence in practicing its role to achieve effective supervision over the capital market.

The section of “Opinion and Vision” presents the second episode of stagflation, which many economists believe that the global economy stands today on its threshold.

As the financial fraud is the main topic of this issue, it is covered from different angles, such as the “Issue Interview”, that presents the opinions of a cybersecurity expert on the importance and tools of protecting electronic data from cyberattacks, as well as the risks of cybercrime and financial fraud practices. The awareness section introduces Charles Ponzi, the largest American financial fraudster, and also the expected economic cost as a result of the entrance of information piracy to the human brain in an idea that may become a reality after a few years. While the “Information Awareness” reviews the most prominent methods of financial fraud, as well as the issue file that presents the risks of financial fraud and ways to confront it.

The "Prospects and Trends" section discusses the topic of Qualifications Examinations Project for Registered Employment Positions in collaboration with the Chartered Institute for Securities & Investment (CISI), and its certificate granted as a way to hold the professional and competitive elements. The " Free Section " deals with the topics of the scope of the amendments of the provisions of Module Eleven of the Executive Bylaws of its Establishment Law meet the recommendations of the International Monetary Fund related to the issuance of debt instruments, and the " control concept " as one of the accounting standards for all.

The "Studies" section presents the issue of cyber intrusions of companies and institutions, their various motives and objectives, including money, terrorist attacks, internal threats, etc. As for the major events and activities of the CMA during the issuance period that extended between the months of March and May, it is summarized in the "Events " section.

The publication concludes with the corner "In Conclusion", in which the editor-in-chief of the magazine presents the disturbing phenomenon of cross-border financial fraud, and the need for concerted local, regional and international efforts to confront it.
 

Ends-
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