Authority concludes campaign to promote amended bylaws

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