Deputy Premier and Minister of Commerce and Industry Dr. Abdulmohsen Al-Madaj said Tuesday that amending a law of the Capital Markets Authority (CMA) will be ready within 60 days.
Al-Majad, on the sideline of a ceremony honoring CMA commission council members, said in a statement that CMA role is very critical through real monitoring and independence, "which is what we are always keen on to develop and maintain." Meanwhile, Minister of Finance Anas Al-Saleh said in a statement that the ministries are working to cut unnecessary spending and combating waste, noting that the financial reform policy is continuing even if oil prices returned to past levels.
In response to a question on the National Portfolio in Kuwait Stock Exchange, Al-Saleh said that the portfolio is working with 70 percent of stock market value.
For his part, CMA Board Chairman Dr. Nayef Al-Hajraf said that CMA role lies in the development of the capital market, including development of the comprehensive law awareness (7) of 2010, in addition to finding a clear monitoring mechanism to oversee the implementation of executive regulation.
Al-Hajraf added that the commission launched the government partnership concept to develop practices that imposes cooperation among various apparatuses.
The ceremony honored various CMA former commission members in the government and private sectors.