KUWAIT: Chairperson of the Audit Bureau Faisal Al-Shayea, during the parliament follow-up session on Wednesday, presented the MPs with the bureau report for examining budgets of government, affiliate and independent departments and issues related to the 2021-2022 fiscal year. Al-Shayea briefed the legislators about the bureau operations namely advance oversight, analyses of financial data of departments of affiliate and independent budgets. His presentation touched on the effects of the bureau supervision with records of financial irregularities, submission cases to penal courts and various supervisory topics.

CMA urges accuracy

In another development, Kuwait's Capital Market Authority (CMA) on Wednesday called on all dealers in securities activities to seek accuracy regarding regulations, counseling, and analyses published in media and social media for investing, purchasing or selling securities and investment products. In a press statement, CMA stressed the importance of seeking reliable sources and only dealing with those having licences for working in securities activities by checking the CMA website, and chatting with investment advisors.

The authority is taking all required legal measures against all those practicing securities activities without having relevant permits, it added. It called on all dealers to check the authentic accreditation of providers of investment services continuously by finding the website's list of authorized companies that entails all the data regarding authorized and unauthorized bodies, and types of activities offered to consumers.

Established under Law 7/2010, which was passed by parliament in February 2010, the CMA is committed to setting supervisory and controlling regulations which support an attractive and competitive investment environment in Kuwait; based on the principles of fairness, transparency, and integrity according to the best international practice. - KUNA