Title: Press Press Release: Invitation to Participate in the Survey of Phase One of the Regulatory Framework Assessment for Financial Technologies Services Regulated by CMA

Kuwait, September 24, 2024 - As part of the Capital Markets Authority’s continuous efforts to adopt the best international practices in developing the legislative framework related to financial technology services in the State of Kuwait, and in reference to Resolution No. (181) of 2023 issued on 28/12/2023, which stipulates launching the initial implementation phase of Module Nineteen (Financial Technologies) of the Executive Bylaws of Law No. 7 of 2010, one of whose objectives is to assess the regulatory framework for financial technology services regulated by the CMA, in pursuit of transparency  and in belief in the principle of participation and the need to benefit from the experiences and aspirations of individuals and entities under its supervision and all parties concerned with the financial technology services sector, the CMA is pleased to announce the launch of phase one of assessment of the regulatory framework for financial technology services as stipulated in Module Nineteen (Financial Technologies) mentioned above, which includes the services of Securities-Based Crowdfunding and Digital Financial Advisor.

This phase aims to conduct a comprehensive review of the regulatory framework, particularly with regard to the application phase for providing financial technology services regulated by the CMA. Therefore, the CMA invites all individuals, institutions and entities subject to its supervision and all parties in general, interested in the financial technology services sector, to participate in the survey and provide their opinions and suggestions that would contribute to improving and developing the regulatory framework for financial technology services.

This initiative comes within the framework of the Capital Markets Authority’s commitment to enhancing cooperation with all stakeholders in the financial technology services sector and ensuring that the legislations are aligned with the best international standards and practices, in a way that enhances the investment environment and supports the achievement of sustainable development goals in this sector.

Starting Period: Starting from 25/09/2024 to 25/11/2024.

Survey Link: Those wishing to participate in the survey may  access the survey by clicking on the link or by scanning the QR Code below.

https://cma.gov.kw/ar/web/cma/218

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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 stipulates the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs pertaining to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw