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Kuwait, 19th March 2014 – The Capital Markets Authority has met His Excellency Dr. Abdulmohsen Medeij Al-Medeij Deputy Prime Minister and Minister of Commerce and Industry on Wednesday 19/3/2014, with the Attendance of the Chairman, Vice Chairman, and members of the Board of Commissioners, where they discussed many issues related to developing the capital markets in Kuwait, in addition the resolutions and regulations issued by the Authority in this regard.
The Authority has reviewed the procedures it follows before issuing any regulating resolutions. It has also discussed the goals and perspectives which mainly aim at implementing the law, and protecting the national economy and the investors' interests. The discussions also tackled the Corporate Governance Principles issued on 27/6/2013. The time period granted to the companies subject to the Authority's supervision to execute such principles was more than a year and a half. It ends on 31/12/2014. The Authority has prepared a follow up schedules for the companies concerned with the rules in order to facilitate the process of identifying and following up the extent of application of such rules. The Authority has held more than one meeting in which more than 260 companies have participated. The meetings aimed to shed light on the obstacles that may face companies during the implementation process. A list of the raised questions were prepared to respond to the companies' enquiries after studying the questions from the legal point of view, and posting the answers afterwards on the Authority's website.
The Authority follows up the implementation progress on quarterly basis. It has noted that many progresses were made in this regard.
The Authority has ensured to his Excellency that the open door policy is adopted with all parties regarding this issue or any other matter related to the licensed persons, and the same is adopted for the Corporate Governance Principles.
Clarification to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the Authority shall regulate and supervise the securities activities, achieve transparency and fairness, oblige the listed companies to execute the Corporate Governance Principles, and protect the investors from the unfair practices which violate the Authority's Law.
Furthermore, the Law's provisions stipulate the supervision of the merger, acquisition, and disclosure operations. The Authority also aims at providing awareness programmes related to securities activities.
For more information kindly contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22410169
Email: pr-media@kuwaitcma.org
Title: His Excellency the Deputy Prime Minister and Minister of Commerce and Industry Meets the Capital Markets Authority's Board of Commissioners
Date Publish
19 March 2014
Kuwait, 19th March 2014 – The Capital Markets Authority has met His Excellency Dr. Abdulmohsen Medeij Al-Medeij Deputy Prime Minister and Minister of Commerce and Industry on Wednesday 19/3/2014, with the Attendance of the Chairman, Vice Chairman, and members of the Board of Commissioners, where they discussed many issues related to developing the capital markets in Kuwait, in addition the resolutions and regulations issued by the Authority in this regard.
The Authority has reviewed the procedures it follows before issuing any regulating resolutions. It has also discussed the goals and perspectives which mainly aim at implementing the law, and protecting the national economy and the investors' interests. The discussions also tackled the Corporate Governance Principles issued on 27/6/2013. The time period granted to the companies subject to the Authority's supervision to execute such principles was more than a year and a half. It ends on 31/12/2014. The Authority has prepared a follow up schedules for the companies concerned with the rules in order to facilitate the process of identifying and following up the extent of application of such rules. The Authority has held more than one meeting in which more than 260 companies have participated. The meetings aimed to shed light on the obstacles that may face companies during the implementation process. A list of the raised questions were prepared to respond to the companies' enquiries after studying the questions from the legal point of view, and posting the answers afterwards on the Authority's website.
The Authority follows up the implementation progress on quarterly basis. It has noted that many progresses were made in this regard.
The Authority has ensured to his Excellency that the open door policy is adopted with all parties regarding this issue or any other matter related to the licensed persons, and the same is adopted for the Corporate Governance Principles.
Clarification to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the Authority shall regulate and supervise the securities activities, achieve transparency and fairness, oblige the listed companies to execute the Corporate Governance Principles, and protect the investors from the unfair practices which violate the Authority's Law.
Furthermore, the Law's provisions stipulate the supervision of the merger, acquisition, and disclosure operations. The Authority also aims at providing awareness programmes related to securities activities.
For more information kindly contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22410169
Email: pr-media@kuwaitcma.org
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