Markaz Collaborates with UIC to Offer First Course on Regulating Insider Securities Dealing as per Kuwait CMA Rules

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Kuwait City, May 25: Kuwait Financial Centre ‘Markaz’ in collaboration with the Union of Investment Companies (UIC), hosted an inaugural co-lecturing session on “Regulating Dealing in Securities by Insiders” as per the regulations of the Kuwait Capital Markets Authority (CMA). The course, held on April 25, 2024, was designed to deepen the understanding of insider trading laws and foster compliance among Kuwait’s financial professionals.

The training session was led by Mr. Amr Hafez, Senior Legal Advisor, and Mr. Mohammed A. Safsouf, Vice President of Fund Administration & Corporate Affairs at Markaz. They provided participants with comprehensive insights into the practical and legal aspects of insider trading, emphasizing the importance of maintaining transparency and integrity within the financial sector.

Commenting on the occasion, Mr. Hafez noted: “The Kuwaiti legislature has made commendable strides in identifying and regulating insider trading practices for those who possess inside information. This course is a testament to Markaz’s commitment to localizing correct knowledge among licensed individuals and bridging the gap between theoretical knowledge and practical application, ensuring that a team of seasoned professionals are well-equipped to uphold the laws and regulations set forth by the CMA in this regard.”

Adding to the discussion, Mr. Safsouf said: “In the current regulatory environment, it is imperative not only to understand but also to comply with insider trading regulations, which serve as a cornerstone of market integrity. If you think compliance is expensive, try non-compliance! At Markaz, we underscore the significance of ‘Know Your Employees’ (KYE) as a critical strategy to effectively mitigate regulatory risks.”

The course covered crucial topics such as the responsibilities of listed companies and insiders, trading restriction periods, and procedures for maintaining a corporate insiders watch list and disclosure practices. These discussions align with the findings of the World Economic Forum’s Global Risks Perception Survey 2023-2024, which highlighted misinformation and disinformation as significant short-term risks, underscoring the need for transparency.

This initiative is part of Markaz’s ongoing commitment to enhance the professional capabilities of the financial sector through expert-led training and knowledge sharing, reflecting the company’s culture of collaboration and leadership in financial education. It also falls in line with its CSR pillars of Building Human Capacity, Aligning the business environment with the principles of sustainable development and promoting good governance in the business environment.

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