Title: The Capital Markets Authority Signs an Agreement with CISI

Kuwait, September 4, 2016 - As part of CMA’s endeavor to develop the securities sector in the State of Kuwait, diverse its investment instruments, and promote the CMA to the rank of its counterparts in the global markets; the CMA has signed an agreement with the Chartered Institute for Securities & Investment (CISI) on Tuesday August 23, 2016 with the presence of Dr. Nayef Al-Hajraf - Chairman of CMA Board of Commissioners & Managing Director , and Mishaal M. Al-Usaimi - Vice Chairman. The Institute was represented by Mr. Simon Culhane -  Chief Executive, and Mr. Matthew Cowan - Regional Director in the Middle East, India and Sri Lanka.

This agreement comes as a result of the prior initiative of the CMA concerning the memorandum of understanding with the institute which was signed on January with the presence of the former alderman of the City of London– the Chairman of CISI, Sir Alan Yarrow, which was the beginning of the cooperation and partnership between the Institute and the CMA to determine the needs of the financial sector in the State of Kuwait. The agreement will establish an integrated program to serve securities practitioners in the financial sector through the application of international qualification tests on specified positions for licensed persons. It aims to raise the efficiency of market participants, improve the CMA’s own laws and regulations’ tests, emphasize the CMA’s role in keeping up with best international practice and provide protection for practitioners in securities activities. This would achieve the CMA’s vision as a leading regulatory body seeking to improve the capital markets in Kuwait and to create an attractive investment environment that acquires the confidence of investors.

It should be noted that this project is an application of Article 3-3-3 of Module Five, Securities Activities and Registered Persons, of the Executive Bylaws and Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws, and their amendments which states the following:
“The Authority may take all necessary procedures to verify the technical and professional abilities that qualify a candidate for Registered Employment Positions, including setting the necessary rules and conditions and passing qualification exams set by the Authority and the possibility of holding an interview for the candidate if deemed necessary.”

The Chartered Institute for Securities & Investment (CISI) is accredited by the Financial Conduct Authority (FCA) of Britain, which specializes in investments and securities’ related fields. The institute organizes international training courses, which include qualifying tests. When such tests are passed, a license will be granted from capital markets and financial institutions. The institute cooperates with many regulatory bodies in British capital markets and in the Gulf area such as UAE, Qatar and Oman. It provides curriculums and tests on major laws and legislations related to capital markets in these countries. The institute collaborates with certified trainers in various countries around the world, and its qualifications are recognized in more than 20 countries.

Clarification 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 more information, kindly contact
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw