Capital Markets Authority and Ministry of Commerce Enhance Cooperation on Beneficial Ownership Data

Kuwait’s Capital Markets Authority (CMA) announced on Sunday that it had signed Annex No. 1 to the memorandum of understanding (MoU) on beneficial ownership data with the Ministry of Commerce and Industry. The step follows the cooperative framework established by the MoU and aims to develop it in light of recent developments relevant to the work areas of both entities.

In a press release, the CMA emphasized that the amendment falls within the framework of ongoing cooperation and coordination, and serves to complete the MoU on coordinating cooperation between the two entities, which was signed on February 18, 2024.

The authority noted that the 2024 MoU was part of both entities’ efforts to enhance integration and coordination in their operational mechanisms, facilitate the exchange of necessary data and information, and thereby support the efficiency and clarity of procedures in areas of mutual interest.

It added that Annex No. 1 aims to strengthen cooperation between the Ministry and the CMA in the field of beneficial ownership data by establishing a clearer framework for exchanging available relevant information. This will contribute to supporting the accuracy, completeness, and updating of beneficial ownership information, while affirming that each entity exercises its role within its prescribed competencies and in accordance with prevailing legislation and decisions.

The CMA stressed that the signing of the annex reflects both entities’ commitment to continuing the development of cooperation, coordination, and information-sharing frameworks, enhancing the integration of their respective competencies, and leveraging the information available to each party. These efforts aim to improve institutional efficiency and support the effectiveness of the transparency system related to beneficial ownership information, in line with relevant standards and practices.