Title: Capital Markets Authority Concludes its Third Annual Conference

KUWAIT CITY, March 22, 2018 - "Capital Markets and Institutional Sustainability" was the title of the 3rd Annual Conference of the Capital Markets Authority, which was held on Thursday, March 22, 2018 at Sheikh Jaber Al Ali Hall, Sheikh Jaber Al Ahmad Cultural Centre. The conference was held in the presence of high-profile economic figures, as well as many concerned and interested persons in securities activities and representatives of listed companies and licensed persons.

The conference was attended by a distinguished group of local, regional and international experts represented by Mr. Abdullah S. Al-Homaizi, Board Member of the Kuwait Chamber of Commerce and Industry & Honorary Treasurer, Mr. Ahmad M. Al-Faris, Assistant Undersecretary for Corporate Affairs and Commercial Licenses - Ministry of Commerce and Industry, Faisal A. Al-Hamad - CEO of NBK Capital, Khaled A. Alkhaled - CEO of Boursa Kuwait Company / Chairman of the Board of Directors of Kuwait Clearing Company, Dr. Fayez A. Al-Kandari - General Legal Counsel (Kuwait Banking Association), and Mr. Khaled A. Al-Saeed - Board member of the Union of Investment Companies. The regional participation was represented by Mr. Fahad M. Bin Hamdan - Manager, Corporate Governance Department and Mr. Mohammed B. Al-Barrak - Manager, Annual General Meeting & Board of Directors Membership (Capital Market Authority - Kingdom of Saudi Arabia). 

On the International level, the participants were Mr. Gary Rynhoud - Director, Head of Middle East and Africa - FTSE RUSSELL, and Mr. Kevin Moore – Director, Global Business Development in CISI. 

The conference was attended by senior officials of the Capital Markets Authority represented by Mr. Mishaal M. Al-Usaimi, Vice Chairman of the Board of Commissioners - Acting Managing Director, and some of the Commissioners and concerned Heads of Sector and Directors, as well as the participation of representatives of specialized teams concerned with the issues discussed by the conference, such as Mr. Abdulrahman Y. Al Failakawi, Head of Market Readiness Team & Member of CMA Market Development Project Team at the Capital Markets Authority.

The Vice Chairman of the Board of Commissioners - Acting Managing Director at the CMA, Mr. Mishaal Al-Usaimi, opened the conference with a speech in which he reviewed the most important achievements of the recently realized body which fall within the framework of its strategic directions aimed at establishing an attractive investment environment that has the necessary legislative and regulatory efficiency, in particular accession to the membership of the International Organization of Securities Commissions and upgrading the classification of the local securities market into an emerging market.

Al-Usaimi stressed the importance of the three aspects and the integration of their roles within the framework of enabling the financial markets to achieve institutional sustainability as one of the components of sustainable development, starting with the expected repercussions of the promotion of the securities market to the ranks of emerging markets on the local economic scene as a whole, examine the cumulative role of voting in the protection of minority rights in the general assemblies of companies and the completion of the qualifying exams for registered positions and their positive impact on local markets.

Al-Usaimi pointed to the future strategic directions of the CMA, which aims to enhance the efficiency and competitiveness of financial markets, enhance confidence in them and enable them to acquire the necessary stability, as well as strengthening the mechanisms and elements of investor protection to enhance the role of capital markets in achieving sustainable development.

The conference, which followed the opening speech, was divided into three sessions, focusing on three main topics. The first topic dealt with the impact of the promotion of the Kuwaiti market for emerging market by FTSE RUSSELL. It included a discussion of the mechanism of market classification according to the indices of FTSE RUSSELL, followed by an extensive discussion session on the expected positive effects of the promotion on the securities activities in particular and the investments and economy in general. Paricipants in this session included Mr. Khaled A. Alkhaled - CEO of Boursa Kuwait Company / Chairman of the Board of Directors of Kuwait Clearing Company and Mr. Faisal A. Al-Hamad - CEO of NBK Capital. 

The second session of the conference was moderated by Mr. Khaled Y. Alsaqer, Awareness Office Director - CMA Kuwait, which dealt with the topic of "Cumulative Voting and Protection of Minority Rights" through extensive regional and local participations. The participants included Fahad M. Bin Hamdan and Mohammed B. Al-Barrak presented an overview of Saudi Arabia's experience in the implementation of the cumulative voting, followed by a review of various local points of view on the subject of cumulative voting with the following participants: Mr. Abdullah S. Al-Homaizi, Mr. Ahmad M. Al-Faris and Dr. Fayez A. Al-Kandari and Mr. Khaled A. Al-Saeed, followed by the Director of the Awareness Office of the CMA, who gave a presentation of the results of opinion polls on the cumulative voting performed recently by the CMA in preparation to discuss the outcomes in the Conference.

The conference’s last session reviewed the subject of the CMA's project on qualification exams for registered positions in collaboration with the CISI Institute. It included two presentations by Mr. Kevin Moore – Director, Global Business Development in CISI, and Mrs. Zahra R. Almousa – Team Head of qualification exams project for registered employment positions, in which she addressed the subject of qualifying exams as a professional advancement.

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