The Investment Studies Center (ISC), the training arm of Union of Investment Companies (UIC), held a training program entitled "Disclosure and Transparency Provisions" on 13th June 2023, which dealt with the laws and violations issued by the Capital Markets Authority (CMA). The training program was presented by the legal advisor, Mr. Amr Hafez, the legal expert in corporate issues such as contracts, agreements and mergers. The program was inaugurated by Ms. Fadwa Darwish – UIC Secretary General, who explained the importance of the program in supporting the investment sector and member companies, providing employees and departments of investment companies with the latest directives and instructions issued by CMA and the concerned authorities, and avoiding mistakes that lead to violations of investment companies.
During the training program, the participants were able to see who applies the laws of disclosure and transparency and the provisions of the Disciplinary Council, which reports to CMA, with regard to the violations committed by the companies and the methods used to avoid them in the future. This dealt with the dealings of persons familiar with the securities, such as those who are considered as an insider with the listed company, and the provisions of the Disciplinary Council were presented in this context and the violations faced by companies in this regard. As for the last part, it deals with the disclosure of essential information, whether by whom the law requires disclosure or when the information is considered material, in addition to how judgments are issued in this regard and how to avoid violations in this regard. In addition to the above, various aspects of disclosing material information were also discussed, such as the appropriate timing, the rights of the Stock Exchange and the Authority, delay in disclosure, confidentiality of information, and other points of interest to companies.
The program witnessed the wide participation of major companies in Kuwait, and UIC is pleased to be a contributor in helping companies to implement laws and avoid violations, which in turn contribute to the development of the Kuwaiti market to rise to the ranks of global markets.