MCI And CMA Sign MOU To Enhance Regulatory Coordination

The Ministry of Commerce and Industry and the Capital Markets Authority have formalized their commitment to strengthening cooperation and coordination in regulating commercial and securities activities in Kuwait through the signing of a memorandum of understanding (MoU).

At the signing ceremony, Minister of Commerce and Industry Abdullah Al-Joaan, Chairman of the Board of Commissioners of the Capital Markets Authority Dr. Ahmed Al-Mulhim, along with other officials, gathered to solidify this partnership, as reported by Al-Jarida daily.

The Capital Markets Authority (CMA) oversees securities activities, including regulation, licensing, and supervision, 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.

The newly signed MoU aims to modernize and streamline cooperation frameworks between the Ministry and the Authority, replacing previous agreements signed in 2014 and 2017 to accommodate recent legislative amendments and regulatory changes. Notably, it includes provisions for periodic review every three years to ensure alignment with evolving needs and efficient task completion.

Moreover, the MoU 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 seeks to promote clarity, transparency, and operational efficiency in commercial and securities regulation in Kuwait.

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