CMA LAW: The Capital Markets Authority Holds a Workshop in Coordination with Kuwait Anti-Corruption Authority

Kuwait, 20th May 2015 – The CMA has held on Wednesday 20/5/2015 a workshop for the heads of the CMA, Kuwait Stock Exchange, the Clearing Agency, and Kuwait Securities Exchange Company (Bourse Kuwait) in Khaled Al-Kharafi Hall at Kuwait Stock Exchange. The workshop was coordinated with Kuwait Anti-Corruption Authority. It mainly tackled the issue of financial disclosure.
The CMA is keen to comply with and implement the provisions relevant to the financial disclosure stipulated in Law No. (24/2012) concerning the Establishment of Kuwait Anti-Corruption Authority.
The workshop gave an ample explanation of the financial disclosure to the ones included in the Law. It also answered the participants' inquiries regarding the topic.
It is worth mentioning that the persons covered by the Law are the chairman, vice chairman, and members of the National Assembly, in addition to the head and deputies of the Council of Ministers and ministers, head of Supreme Judicial Council, judges, and members of the Public Prosecution, heads and members of the councils, authorities, and committees formed or appointed by a decree-law, deputies and deputies assistants, and heads of departments (or equivalent) who occupy supervisory positions.
The financial disclosure is not only considered a protection to the public funds and prevention against corruption, but also a protection to the employee against suspicions and doubts in his/her integrity. Moreover, it shall enhance trust in the government bodies and their employees.

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, 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.
 
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