Author­ity con­cludes cam­paign to pro­mote amended by­laws

Kuwait Times - - LOCAL -

KUWAIT: Kuwait Cap­i­tal Mar­ket Author­ity, hav­ing con­cluded first stage of its pro­mo­tion cam­paign for amend­ment of ex­ec­u­tive by­laws, says the new rules are com­pre­hen­sive and com­pat­i­ble with lat­est reg­u­la­tory sys­tems op­er­ated by se­cu­rity mar­kets world­wide.

The ex­ec­u­tive by­laws “will con­sti­tute a de­ci­sive phase with re­spect of ac­tiv­ity and over­haul of the fi­nan­cial se­cu­ri­ties mar­ket, to be in tan­dem with the (State) de­vel­op­ment ap­proach that war­rants an ad­e­quate in­vest­ment en­vi­ron­ment where a com­pe­tent fi­nance mar­ket is one of the foun­da­tions,” the author­ity said in a state­ment yes­ter­day.

The cam­paign for pro­mot­ing the new mod­i­fied laws was car­ried out through SMSs and other com­mu­ni­ca­tion means, it said, in­di­cat­ing that it pro­moted the le­gal and reg­u­la­tory rules for su­per­vi­sion, re­port­ing and in­ves­ti­gat­ing ir­reg­u­lar­i­ties, ad­ju­di­ca­tion, com­plaints’ ex­am­i­na­tion, forms of protests and in­ves­ti­ga­tion mech­a­nisms.

The reg­u­la­tions, as pro­moted in the cam­paign, deal with li­cens­ing, as­sets’ eval­u­a­tion and cap­i­tal re­quire­ments in some ac­tiv­i­ties. They also cover sub­jects such as def­i­ni­tion of the “mar­ket maker,” and role of the author­ity and the mar­ket in this re­gard. Sec­ond phase of the cam­paign be­gins on Sun­day and pro­ceeds till De­cem­ber 22nd. Work­shops will ad­dress top­ics such as clients’ funds and as­sets, rules for man­ag­ing port­fo­lios, work ethics, rules for com­pul­sory and vol­un­tary ac­qui­si­tions. — KUNA

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