The Capital Markets Authority Announces the Results of the Key Performance Indicators for its Main Operations

Kuwait, June 25,2022 –As part of the Capital Markets Authority’s commitment to transparency, and in a precedent that may be the first of its kind among local supervisory and regulatory authorities, the CMA recently announced the results of the key performance indicators for its main operations of 2021.
And as the CMA is keen to facilitate the procedures for providing its services to its stakeholders, improve the efficiency of performing its tasks in accordance with international standards, and actively contribute to improving the elements of the work environment related to securities activities, its approach was to set indicators to evaluate the performance of its basic work, and to announce the evaluation of the accomplishments of such indicators and their percentages.
It should be noted that this approach was the result of determined efforts initiated by the CMA since the financial year 2017/2018 to organize and update its internal work environment on a continuous basis, and to focus on “operational development and risk management” as one of its tools to achieve its strategic directions, starting with completing its organizational structure, preparing the competencies and procedures guide for its various sectors, with a total of (240 procedures), as well as preparing the key performance indicators to measure the efficiency and effectiveness of the work procedures of its organizational units, where a number (280 indicators) were settled for 204 work procedures from the aforementioned procedures, in order to determine the operational indicators for the performance of its main services, which are of interest to the investors and other concerned parties.
The number of the KPI’s for the CMA has reached 33 indicators distributed according to seven main activities, with an average of five indicators for licensing activities, five for registration and approval activities, seven for regulating collective investment schemes, one indicator for following up on collective investment schemes, eight for corporate finance activities, and three indicators for listing and financial products, and finally four indicators for mergers and acquisitions activities.
The announced results also included a specification of the number of requests received for services, which amounted to 1,800 requests, and their distribution over the above-mentioned seven main activities, as well as a specification of the target period for completing the detailed work of those activities.
The 100% achievement to 63% of the requests (1,129 requests), while the completion rates of the remaining (671) requests ranged between (75%) and (98%) with an emphasis on the CMA's endeavour to fully accomplish all of its work in line with the targeted periods.
It should be noted that the CMA's specification of indicators to perform its tasks of interest to the public, and the announcement of its results with the required transparency, falls within the framework of its endeavour to enhance the elements of justice, competitiveness and transparency, which represent the main basis targeted for regulating securities activities in the State of Kuwait, as it is the first objective of the CMA, in accordance with the provision of its establishment Law No. 7 of 2010, and in order to emphasize its methodology and the accuracy of its commitment to carry out its responsibilities to the fullest extent as a supervisory body that sets an example for the entities subject to its supervision, it has been keen to apply its approach to itself first.
The CMA has carried out many procedures in this context and dealt with various aspects of its work, starting with the application of a policy of complete disclosure to its commissioners and employees to prevent conflict of interests, and followed it by applying the rules of governance on itself in conjunction with its application to the entities subject to its supervision, while ensuring to meet the governance requirements of the entities with an independent budget subject to the supervision of the State Audit Bureau, through which the CMA achieved remarkable success and qualified it to rank first in the last two financial years.
In a related context, since 2019, the CMA has started a digital transformation path that has had a significant impact on its success in reaching advanced results in terms of its aforementioned performance indicators, as several technical initiatives have been put into practice, such as providing its services through its electronic portal, which can simplify the procedures for dealing with them, enhancing the efficiency of work in an electronic environment, as well as implementing an electronic disclosure system XBRL, in addition to other initiatives, the most important of which is the adoption of an integrated strategy for digital transformation last October. This lays the grounds for the success of its development project related to setting the regulatory framework for financial technologies related to securities activities.
Finally, as the Capital Markets Authority announces with the required transparency the results of its key performance indicators for the year 2021, it confirms its endeavour to reach the full completion rates for all these indicators, and to work to update them periodically to facilitate the procedures for ending the transactions, and to save time and effort of stakeholders, which contribute to the success of the trends of digitizing government services, and improving the investment climate in general.