LOC21:36
18:36 GMT
KUWAIT, Sept 19 (KUNA) -- The Board of Commissioners of Kuwait Capital Market Authority (CMA) announced Monday the successful completing the first phase of the transitional period of enforcing the provisions of Law No. 7 of 2010 of the creation of CMA to monitor and regulate capital market activities.
In a press statement, the CMA pointed out the law has called for settling brokers and investment funds situation and the transfer of regulatory tasks to the new authority, CMA, six months after the issuance of the executive statue of the law (ending September 12, 2011).
"All brokers and investment funds have applied for the settlement of their status to comply with the regulations of the new law," the statement said.
The statement thanked the brokerage firms and investments fund's move to upgrade their legal status under the new law.
"This shows that they are committed to the law provisions and the legal deadline. They have also proved their keenness on helping fulfill His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah's ambition to get Kuwait back to its leading role and turning it into an international financial hub," it said.
The CMA also expressed hope for "the continuation of this constructive cooperation in regulating the activity of the securities firms in order to achieve the aspirations of having well-organized, competitive and transparent market." The CMA has been coordinating with the relevant regulatory authorities to actively end securities tie up with Central Bank of Kuwait and transfer regulatory tasks to the new entity.
Both sides have recently signed a Memorandum of Understanding to achieve this goal last week.
The CMA applauded the role of the Governor of the Central Bank of Kuwait and his deputy and all CBK employees for their cooperation with the CMA Board of Commissioners.
During the past six month, the regulatory tasks of the CBK's Capital Market Committee transferred to the CMA in accordance with the provisions of Article 155 of the law.
The Board of Commissioners also thanked Minister of Trade and Industry and Chairman of Market Committee and all current and former committee members for their cooperation in the past six months. (end) mka.tb.ibi KUNA 192136 Sep 11NNNN