Title: Capital Markets Authority Concludes the Events of its Second Annual Conference

Kuwait, March 26, 2017 – “Capital Markets Development in the State of Kuwait” was the title of CMA’s second annual conference. The one-day conference was held on Sunday March 26, 2017 in Sheraton Hotel. It was attended by officials concerned with economy and securities activities, in addition to representatives of listed companies and persons licensed by the CMA.

A number of local, regional and international experts took part in the conference; Mr. Anwar Al-Ghaith - Executive Director for Information Technology & banking operations at Central Bank of Kuwait, Mr. Othman Ibrahim Al-Issa CEO of Kuwait Clearing Company, Mr. Khaled AlKhaled - Vice Chairman and CEO of Boursa Kuwait, and Mr. Mohammad Saud Al-Osaimi - Executive Director/Markets in Boursa Kuwait. Regionally, participants were Mr. Mohamed Alhadari - Deputy CEO of Organizational Services & Support at Securities & Commodities Authority SCA, and Mr. Maged Fanous the Lead Risk and Regulatory Partner for the financial sector with EY MENA region.

International participants were Mrs. Emine Ebru AKBULUT - Deputy Head of Intermediary Activities Department at the Capital Markets Board of Turkey, and Mr. John Turner CEO of XBRL International.

Many officials from Kuwait CMA attended the conference, headed by Mr. Nayef Falah Al-Hajraf – Chairman of CMA Board of Commissioners, Mr. Mishaal Musaed Al Usaimi - Vice Chairman of CMA Board of Commissioners, Mr. Muthana Al-Saleh – Head of Markets Sector, and Mr. Zeyad Al-Fulaij – Director of Markets Regulation Department, in addition to the participation of a team consisting of concerned experts like Dr. Mohammad Al-Ramadhan and Mr. Abdullah Al-Terkait.

The conference commenced with a speech given by Dr. Nayef, in which he greeted the participants and attendees, and emphasized CMA’s endeavor to hold the conference annually to cover all important issues relevant to securities. The conference is held at the time of important phases that the Kuwaiti economy is going through like transferring Kuwait Stock Exchange from a public entity to a shareholding company run according to the private sector’s mechanisms, which started to be operated by Boursa Kuwait Securities Company since October 2016. It is also the time of enforcing the Corporate Governance rules which were implemented on June 30, 2016, as well as issuance of the resolution of implementing the Post-Trade Model which is considered a corner stone of elevating the market’s classification.

Dr. Nayef considered this year’s conference as an opportunity to shed light on the accomplishments relevant to the adaptation of best international practice, and the important approaches concerning the conference’s various aspects; Post-Trade Model, development of the securities market in coordination with Boursa Kuwait through many initiatives such as segmenting the Market according to specified criteria, and implementing rules of over the counter (OTC) trading, and the implementation of new investment instruments.

The last aspect of the conference tackled the electronic disclosure language XBRL and its different advantages like increasing the market’s efficiency, improving the investment environment, and enhancing transparency and disclosure.

Before concluding his speech, Dr. Nayef announced the CMA’s strategic approach of a regional leading experience, which is embodied in the national project of promoting the financial culture among different social segments, in particular in the educational field. This will prepare future generations to meet the needs of the market.

The conference consisted of three sessions. The first one was about the Post-Trade Model, the second was entitled “Boursa Kuwait: Challenges and Aspirations, and the last session was about the electronic disclosure language XBRL.

Thus, the CMA announces concluding the events of its annual conference, hoping that it had achieved the required objectives.

It is worth mentioning that the CMA will announce soon the schedule of its specialized workshops to explain the requirements and objectives of the Post-Trade Model and the XBRL that will be executed in the near future.

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