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Kuwait, 30th April 2014 – The Capital Markets Authority constantly seeks to enhance the local financial sector by issuing rules and regulations pursuant to the best adopted international practices in order to regulate the securities' activity in a fair, competitive, and transparent manner, as well as protecting the investors. The CMA stresses on the importance of implementing the principles of sound governance to enhance companies' management and eventually their financial capabilities. The proper application of governance principles will provide protection against the crises that may face the financial markets. Based on the aforementioned information, the CMA has issued Resolution No. (25) of 2013 on 27th June 2013 regarding the "Corporate Governance Regulations for Companies Regulated by Capital Markets Authority". This resolution came as a result of the latest international economic crisis and its following consequences, which made the corporate governance a matter of utmost importance.
Thus, the CMA has realized the number of obstacles that may face some companies when implementing the corporate governance regulations, and in order to facilitate the process of the implementation, it decided to postpone the deadline of the companies' compliance with such implementation from 31st December 2014 to be on 30th June 2016 to enable the companies' comprehensive application of the Governance Regulations.
Nevertheless, the CMA would like to emphasize the importance of providing the CMA with the forms of following up the extent of the companies' ability to implement the Corporate Governance Regulations on quarterly bases as per the provisions of the Circular issued on 5th August 2013 regarding the forms of following up the companies' compliance with the Corporate Governance Regulations. The concerned companies shall fill the forms and submit them to the CMA within ten business days from the date of preparing the mentioned forms. The main reason of such forms is to recognize the regulated companies abilities of abiding by the controls provided for in the abovementioned regulations, communicate with them, identify their remarks, and improve their abilities of implementing the Governance Regulations.
To conclude, the CMA urges the full and effective implementation of the Regulations according to the requirements and principles mentioned in the "Corporate Governance Regulations for Companies Regulated by the Capital Markets Authority", which shall consequently increase the investors' trust in the financial sector.
Title: Press Release Regarding Extending the Period of Implementing the Corporate Governance Regulations in Companies Regulated by Capital Markets Authority
Date Publish
30 April 2014
Kuwait, 30th April 2014 – The Capital Markets Authority constantly seeks to enhance the local financial sector by issuing rules and regulations pursuant to the best adopted international practices in order to regulate the securities' activity in a fair, competitive, and transparent manner, as well as protecting the investors. The CMA stresses on the importance of implementing the principles of sound governance to enhance companies' management and eventually their financial capabilities. The proper application of governance principles will provide protection against the crises that may face the financial markets. Based on the aforementioned information, the CMA has issued Resolution No. (25) of 2013 on 27th June 2013 regarding the "Corporate Governance Regulations for Companies Regulated by Capital Markets Authority". This resolution came as a result of the latest international economic crisis and its following consequences, which made the corporate governance a matter of utmost importance.
Thus, the CMA has realized the number of obstacles that may face some companies when implementing the corporate governance regulations, and in order to facilitate the process of the implementation, it decided to postpone the deadline of the companies' compliance with such implementation from 31st December 2014 to be on 30th June 2016 to enable the companies' comprehensive application of the Governance Regulations.
Nevertheless, the CMA would like to emphasize the importance of providing the CMA with the forms of following up the extent of the companies' ability to implement the Corporate Governance Regulations on quarterly bases as per the provisions of the Circular issued on 5th August 2013 regarding the forms of following up the companies' compliance with the Corporate Governance Regulations. The concerned companies shall fill the forms and submit them to the CMA within ten business days from the date of preparing the mentioned forms. The main reason of such forms is to recognize the regulated companies abilities of abiding by the controls provided for in the abovementioned regulations, communicate with them, identify their remarks, and improve their abilities of implementing the Governance Regulations.
To conclude, the CMA urges the full and effective implementation of the Regulations according to the requirements and principles mentioned in the "Corporate Governance Regulations for Companies Regulated by the Capital Markets Authority", which shall consequently increase the investors' trust in the financial sector.
Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.
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