The Albany Gazette - Kuwait regulators broaden beneficial-owner data cooperation

Kuwait’s Capital Markets Authority and Ministry of Commerce and Industry amended their cooperation agreement to improve the accuracy and exchange of beneficial-owner information.

In a press statement issued Sunday, the CMA said it had signed Annex No. 1 amending the MoU on beneficial owner data with the ministry. The authority described the step as an extension and development of the cooperation framework set by the original memorandum, in light of developments in both bodies’ areas of work.

The amendment is part of ongoing cooperation and coordination between the two bodies and supplements the MoU on coordinating cooperation they signed on Feb 18, 2024, the authority said. It noted that the 2024 agreement aimed to strengthen integration and coordination in working procedures and to ease the exchange of data and information between them, supporting efficient and clear procedures in areas of common interest.

Under the new annex, each body will continue to exercise its role within its legal powers and in line with the laws and decisions in force, the CMA said. The authority added that the signing reflects both sides’ aim to further develop their cooperation, coordination and information exchange, to make use of the information each holds and to support the transparency system for beneficial ownership information in line with relevant standards and practices.

The CMA was established under Law No. 7 of 2010 on the establishment of the Capital Markets Authority and the regulation of securities activities, as amended. The National Assembly passed the law in February 2010. Under the law, the authority regulates and monitors securities activities, upholds transparency, fairness and efficiency, requires listed companies to apply corporate governance principles and protects investors from unfair practices and violations of its law.

(P.Davis--TAG)