Title: The Capital Markets Authority Signs MOU with Qatar Financial Centre Regulatory Authority

Kuwait – November 6, 2016:  As part of CMA’s endeavor to pursue its cooperation with the Arabian Gulf countries, and in realization of the importance of exchanging expertise and information relevant to capital markets and their supervision; the CMA, represented by Dr. Nayef Falah Al-Hajraf – Chiarman of CMA Board of Commissioners and the Managing Director, has signed a Memorandum of Understanding (“MOU”) with QFC Regulatory Authority, represented by Mr. Michael Ryan, Chief Executive Officer of the QFC Regulatory Authority, during a signing ceremony held at the QFC Regulatory Authority’s office in Doha.

This MOU emphasizes the importance of operational and capacity development in the region, in addition to mutual cooperation, where both parties agree according to this MOU to share information and offer assistance. This would facilitate and enhance their work, and ensure compliance with the applicable laws and regulations of both parties. It would also pave the way for the exchange of information and expertise relevant to their work, and the arrangement of future visits and workshops.

It is worth mentioning that the CMA has signed a number of MOU’s and agreements with other regulatory bodies which are concerned with supervision and dealing in securities activities. Such MOU’s is a vital way of improving the performance of the capital markets in the State of Kuwait.

The QFC Regulatory Authority is considered an independent regulator of the QFC, and it was established to authorize and regulate firms and individuals conducting financial services in or from the QFC.  It was established in 2005, and it aims at growing and developing the financial services’ sector.
 

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.
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