MCI, CMA sign MOU to enhance regulatory coordination
The Ministry of Commerce and Industry and the Capital Markets Authority have signed a memorandum of understanding to enhance cooperation and coordination in regulating commercial and securities activities in Kuwait.
The signing ceremony was attended by Minister of Commerce and Industry, Abdullah Al-Joaan, Chairman of the Board of Commissioners of the Capital Markets Authority, Dr. Ahmed Al-Mulhim, and other officials, reports Al-Jarida daily.
The CMA oversees securities activities, including regulation, licensing, and supervision of companies, as mandated by Law No. (7) of 2010. Meanwhile, the Ministry of Commerce and Industry is responsible for regulating companies operating in Kuwait under Law No. 1 of 2016, covering establishment, registration, licensing, and general assembly proceedings.
This memorandum of understanding aims to update and streamline cooperation frameworks between the Ministry and the Authority. It replaces previous agreements signed in 2014 and 2017, reflecting recent legislative amendments and regulatory changes. Notably, the updated memorandum includes provisions for periodic review every three years to ensure alignment with evolving needs and efficient completion of tasks.
Furthermore, the memorandum introduces mechanisms for electronic data exchange between the Ministry and the Authority, enhancing the speed and efficiency of information sharing.
This electronic linkage facilitates decision-making processes related to violations, penalties, and sanctions, while also enabling the Authority to access commercial registry data maintained by the Ministry in accordance with established protocols and procedures. Overall, the memorandum aims to promote clarity, transparency, and operational efficiency in commercial and securities regulation in Kuwait.
