CMA LAW: Capital Markets Authority Concludes its Awareness Workshops Comprehensive Program on the Executive Bylaws Amendments

Kuwait, December 22, 2015 – Capital Markets Authority has concluded on Tuesday 22/12/2015 the fifth and last phase of its awareness workshops program on the Executive Bylaws Amendments, which were implemented starting from the date of tis issuance on November 10, 2015.
The CMA was keen to organize a comprehensive awareness workshops campaign to accompany such legal and regulatory event, which is considered the greatest local event in the securities activities field. The campaign included a number of activities such as organizing a comprehensive awareness workshops program that lasted for a whole month from November 22 until December 22, with a 23 workshops. Additionally, other awareness activities included daily messages sent through the social media and phone.
The fifth and last phase consisted of only three awareness workshops, which discussed the following aspects:
Sunday 20/12/2015
The provisions of the unit holders' assembly of funds and their liquidation were discussed pursuant to the latest amendments in the new Executive Bylaws.

Monday 21/12/2015
The second workshop of the last phase tackled the "Market Conduct". The main aim was to raise the awareness of the Exchange's traders, the listed companies' employees, and the licensed persons of the importance of the unsound conducts and practices in trading, which in turn would affect the soundness of the Market transactions, and the levels of trust in its integrity and protection to investors.

Tuesday 22/12/2015
The last awareness workshop covered the topic of "Corporate Governance". The workshop started with pointing out the substantial amendments made to CMA regulations on Corporate Governance, and then it introduced a definition of the concept of Governance in respect of the rules and procedures which provides the best protection and balance between the interests of companies, shareholders, and stakeholders. It also specified the scope of their application on listed companies and licensed companies, whether listed or not, except for the units which are subject to Central Bank's supervision, in addition to non-Kuwaiti companies listed in the Exchange on the date of the issuance of the Executive Bylaws.

At the end of the campaign, the CMA would like to expresse its gratitude to all participants and persons concerned with the CMA's activities. All opinions and inquiries are welcomed, and any suggestions will be taken into consideration. The CMA will continue organizing different awareness events. It will also start its weekly workshops as usual starting from the beginning of 2016.

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 merger, acquisition, and disclosure operations. The Authority also aims to provide awareness programmes related to securities activities.
  
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