Title: The Capital Markets Authority Wins Board Membership of the International Organization of Securities Commissions (IOSCO)

Kuwait, February 13, 2024 - As part of Kuwait Vision 2035 and the lofty desire to transform Kuwait into a financial and investment hub, and in appreciation of the achievements and merits of the Capital Markets Authority (CMA), which seeks to achieve national visions and enhance Kuwait's presence on the international scene, and in affirmation of the regional and international appreciation Kuwait’s economy is receiving, the CMA has won a position as a board representative for the Growth and Emerging Markets Committee (GEMC) in the International Organization of Securities Commissions (IOSCO) for a period of two years from 2024 to 2026. This is the second consecutive time that Kuwait CMA wins this position.

The GEMC is the largest committee in the IOSCO organization, with 115 members representing 75% of its regular and observer members. The committee includes members from Europe, Asia, Africa, South America, and Oceania. Its goal is to develop and enhance the effectiveness of emerging markets by establishing controls and standards that will increase the efficiency of these markets. It also provides training programs for member countries, as well as technical assistance and support, and facilitates the exchange of information, experiences, and technologies.

The membership of Kuwait - represented by the CMA - in the committee is institutional representation rather than personal. This reflects the CMA's belief in national competencies and commitment to institutional work principles. Institutional representation allows the CMA flexibility in choosing the appropriate representative to represent it on the IOSCO board, as long as the representative works in the CMA. The CMA has the freedom to change the representative at any time because it represents the CMA as an institution, not personal representation that ceases with the individual's status in the CMA.

By once again obtaining this position, the CMA becomes an institutional representative on the board of the IOSCO, aiming to open new avenues of cooperation and closely follow the experiences of representatives from advanced markets in the areas of regulating and supervising financial markets, as well as new and advanced investment instruments. Additionally, the CMA benefits from the participation of the IOSCO board in various prestigious international organizations related to the work of capital markets, such as the Basel Committee, the European Commission, the Financial Stability Board, the International Forum of Independent Audit Regulators, and the World Bank. These organizations' activities and decisions are linked to the goals and tasks of the CMA.

This achievement crowns the active and fruitful participation of the CMA in the activities and events of the committees of IOSCO, including the Committee on Regulation of Secondary Markets, the Committee on Regulation of Market Intermediates, and the Committee on Derivatives, as well as its commitment to at least 97% of the IOSCO Principles. This reflects the appreciation of the GEMC members based on the effective role played by the CMA in the committees' work. This led to the completion of the nomination procedures earlier and the announcement on February 12, 2024.

In this regard, the CMA affirms that the goal of this membership is to achieve maximum benefit through the exchange of experiences and working closely with member countries in the IOSCO. This will have a significant impact on meeting regulatory and legislative aspirations in the Kuwaiti financial market and achieving future economic visions within the goals of Kuwait Vision 2035. On this occasion, the CMA acknowledges the efforts and support of the Minister of Commerce and Industry for the CMA, as it has a significant influence on its continued progress.

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Notes to Editors:

The Capital Markets Authority (CMA) of Kuwait was established pursuant to Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and its amendments, approved by the Kuwaiti Parliament in February 2010. Under this Law, the CMA regulates and supervises securities activities, ensures transparency, fairness, efficiency, and observes listed companies’ implementation of Corporate Governance regulations. The CMA also protects investors from unfair practices and violations of the CMA's Law.

Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA 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