Dubai, 2nd November 2016 – The Chartered Institute for Securities & Investment (CISI) has signed an agreement with Kuwait Capital Markets Authority (CMA), as part of the CMA’s strategic plan to develop the securities sector in the State of Kuwait, diversify its investment instruments and promote the CMA to the rank of its counterparts in the global markets.
The agreement follows the memorandum of understanding between the CISI and the CMA which was signed earlier this year to determine the needs of the financial sector in the State of Kuwait.
The agreement establishes an integrated programme to serve securities practitioners in the financial sector through the application of international qualification tests on specified positions for licensed persons. It aims to raise the efficiency of market participants, improve the CMA’s own laws and regulations’ tests, emphasise the CMA’s role in keeping up with best international practice and provide protection for practitioners in securities activities. This will help achieve the CMA’s vision as a leading regulatory body seeking to improve the capital markets in Kuwait and to create an attractive investment environment that builds investor confidence.
Matthew Cowan, Chartered MCSI, Regional Director Middle East and South East Asia at the Chartered Institute for Securities & Investment, added:
“The Capital Markets Authority signing an agreement with the CISI is a significant step to improve the capital markets in Kuwait and is a sign of the industry’s awareness of the importance of integrity and ethics in finance. With this move, we will help Kuwait align with its counterpart global financial centres. Confirming benchmark levels of competency will ensure Kuwait can demonstrate its competitiveness and is aligned to international standards. Whilst this top level support from the CISI is essential, it’s equally as important to emphasise the benefit of continuing professional development (CPD)."
Dr. Nayef F. Al-Hajraf, Chairman of CMA Board of Commissioners and Managing Director added: “We at CMA are pleased to be working with CISI to provide qualifications to financial professionals in Kuwait. This partnership will help us nurture The capital markets in the country and create an attractive investment environment. This move also showcases our commitment to setting a high benchmark of ethics and integrity in the financial sector and to provide the growing pool of financial practitioners the right set of tools and qualifications. We look forward to a long –term relationship with CISI with aligned goals of raising Kuwait’s profile as a financial hub in the region”