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Volume :35 Issue : 133 2009      Add To Cart                                                                    Download

A Study of the Regulatory & Organizational Structure of the Capital Market of Kuwait in the Light of the IOSCO Principles & the World Bank Report

Auther : Dr. Amani K. Bouresli

     The Securities market of Kuwait is considered the second largest market in the region; however, the regulations governing it do not stand for its size and value. The market is functioning under a decree that was drafted in 1983 as a reaction to Al Manakh stock market crisis. In this study, we examine the extent to which the securities market complies with the international best practices and the IOSCO objectives. An intensive diagnostic analysis is performed, in the light of the field study and the World Bank FASP report, to explore all major shortages and deficiencies associated with the regulatory and organizational structure of the securities market. The investigation revealed that the securities market infrastructure does not comply with the international best practices issued by the IOSCO organization. The results show that Kuwait was not able to achieve a fully implemented or broadly implemented score in any of the 30 assessors examined in both the analysis performed in this study or in the World Bank Report performed four years ago which confirms the fact that the securities market is poorly regulated and suffers from serious weaknesses. Further more, the study lists the requirements needed to achieve a fully implemented score. Finally, a list of recommendations was provided for each shortcoming addressed in a manner consistent with the market structure and legal environment. As a priority the government should take steps to pass a new comprehensive securities law that establishes a new regulatory independent authority.

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May 18, 2017

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