Title: Capital Markets Authority Concludes its Special Awareness Program on XBRL

Kuwait, May 24, 2017 – The Capital Markets Authority (CMA) has concluded its special awareness program entitled “Electronic Disclosure System XBRL using “ifsah” system”. It lasted for two weeks (May 14-24) in Khaled Al-Kharafi Hall in the Market’s building.

The program included eight awareness workshops, each lasted for two hours and had two main sections: in the first one the current work environment of disclosure processes and the obstacles faced were reviewed. It also introduced a definition of XBRL; its advantages and implications, in addition to the main aims of the project and the scope and mechanism of its implementation, and its various advantages and benefits to the business environment and Kuwait financial market in general. It also explained how it would enhance the transparency and disclosure elements by providing an electronic system for disclosing different data through unifying the forms of concepts and disclosure elements by all those who use the system, and ensuring the accuracy of such data while providing them on time for concerned persons. This shall reduce the burden of commitment and review of different stakeholders.

The second section reviewed the system’s electronic portal and its advantages and functions and the disclosure requirements and users’ registration mechanism according to their competences.

The evets of the program were distributed on two weeks according to the targeted segments: the first week included five workshops for listed and licensed companies, four of which were in Arabic and one in English. The second week of the program included three workshops; one covered the investment funds and auditors registered in the CMA’s registers, and the last two were for the public in general. The first was in Arabic and the second in English. 

The CMA was represented by the team of XBRL at the CMA as follows:
Dr. Mohammad Al-Ramadhan: Chairman of the Project Steering Committee
Mr. Abdullah Al-Terkait: Manager the Project
Mr. Yousef Hussain – Member of the Project’s Work Team
Mr. Ali Mula Hussain -  Member of the Project’s Work Team 

The program was run by the Awareness Office. Mr. Fuad Al-Ateeqi has presented and organized the discussions of the workshop. 

The program is part of a comprehensive plan for implementing the system. It includes two main phases: experimental phase and comprehensive implementation phase to ensure the smooth transfer to the new electronic system. It is worth mentioning that the CMA has achieved important steps in this regard.    

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