Boursa Kuwait becomes IOSCO member
KUWAIT: Boursa Kuwait has announced that effective this month, it has become a member of International Organization of Securities Commissions (IOSCO), a major achievement to be added to the company’s track of records and a testimony for its clear vision and successful strategy.
The International Organization of Securities Commissions (IOSCO) is the international body that brings together the world’s securities regulators and is recognized as the global standard setter for the securities sector. IOSCO develops, implements and promotes adherence to internationally recognized standards for securities regulation. It works intensively with the G20 and the Financial Stability Board (FSB) on the global regulatory reform agenda.
Through this membership, Boursa Kuwait will get the necessary support for developing, implementing and promoting adherence to internationally recognized and consistent standards of regulations to protect investors, maintain fair, efficient and transparent markets, and seek to address systemic risks. The membership will also allow exchanging information at both global and regional levels on experiences, to help developing the market, strengthening infrastructure and implementing appropriate regulations.
IOSCO categorizes members of its organizations to ordinary, associate and affiliate members. Affiliate members are self-regulatory organizations, securities exchanges, financial market infrastructures, international bodies other than governmental organizations with an appropriate interest in securities regulation, investor protection funds and compensation funds, and other bodies with an appropriate interest in securities regulation.
Commenting on the achievement, Khaled Al-Khaled, Boursa Kuwait Chief Executive Officer said: “By being an affiliate member of IOSCO, we celebrate another major success not only for us as a company, but also for Kuwait’s history of exchange. Since resumed the responsibility of managing Kuwait’s stock market we had a clear vision, identified objectives and detailed strategic plan for us to achieve our goals, and so far, every single accomplishment we record puts us a step closer to fulfilling our objectives and confirms that we are on the right track applying a wise strategy”
“By being an affiliate member of IOSCO, we are enhancing the methods used to protect investors and promote their confidence in the integrity of securities markets, which is something we very much need to fulfil” added AlKhaled.
Since established, Boursa Kuwait has recorded a lot of achievements, the latest and the biggest was the upgrade from developed to an emerging market by FTSE Russel. The company has also managed to launch number of services and products within very brief period and continued to maintain transparency to strengthen its leading position at the regional level.