Kuwait Capital Markets Authority (CMA) implemented a new automated system for reports of electronic trading accounts through its electronic portal to improve supervisory work and facilitate daily reports.
Over the next four years, the authority plans to build the capital market system to qualify as a developed emerging market on the Financial Times Stock Exchange Russell index, Ahmed Al-Mulhim, chief commissioner of Kuwait CMA during a recent meeting.
The new system further aims to gather data from electronic trading service providers and report it to the authority through electronic trading accounts and daily income recording reports.
Also during the meeting, CMA unveiled its strategic plan (2023-2026/2024-2027) in response to the requirements of the next phase of development, keeping pace with local and international changes. This was in accordance with the state’s directives of Kuwait Vision 2035.
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On March 30, 2022, the Authority began work on preparing its third strategy by holding a workshop in the presence of the Executive Director and forming a specialized team to implement many of the main tasks and outputs within the scope of the work on preparing the Authority’s third strategy.
Financial innovation
In August 2022, Kuwait’s CMA became a member of the Global Financial Innovation Network (GFIN), an international network that seeks to support financial innovation for the benefit of consumers, acts as a regulatory tool, and focuses on emerging technology.
The Network acts as a monitoring tool and focuses on emerging technology. It also aims to support financial innovation and establish a framework for cooperation between regulatory agencies and relevant institutions that support innovation to exchange experiences and innovation methodologies.
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