Kuwait Major Contributor To International Markets Cyber Security Debate

Kuwait has contributed to the international efforts to set international standards for cybersecurity resilience in the financial sector, said a Kuwait Capital Markets Authority official.

"Kuwait is among the .ding countries In offering useful information and suggestions for the international standards for cybersecurity", Vice  Chairman and Chief Executive Officer of Capital Market Authority Board of Commissioners Mishaal Abilsairni told KUNA Tuesday on the sidelines of his participation in the preparatory meetings of the 43rd annual conference of the International Organization of Securities Commissions (IOSCO) in the Hungarian capital Budapest.

He pointed out that Kuwait had participated In the IOSCO Groth and Emerging Market Committee meeting on Monday.

The meeting tackled the various key issues related to the role of technology in financial markets and cryptocurrencies such as Bitcoin, he said.

Al-Usaimi added that the committee had thoroughly studied the challenges presented by the use of technology and artificial Intelligence In capital markets and financial institutions, notably cybersecurity.

He stated that the Kuwaiti delegation also partook in the Africa/Middle East Regional Committee on Monday.

Kuwait's representative had been elected deputy chairperson of the committee. He unveiled that Kuwait had proposed hosting the next committee meeting in January 2019.

The Capital market official underlined the importance of Kuwait participation In the IOSCO conference.

The event was held in a delicate time as Kuwait is embarking on major reforms to the capital market, he said.

He pointed out that the IOSCO was holding this meeting with the new lineup which included a representative of Kuwait and representatives of 34 major world economies.

The International Organization of Securities Commissions (IOSCO) is the International body that brings together the world's aecuri0es regulators and is recognised as the global standard setter for the securities sector.

The IOSCO develops, Implements and promotes adherence to internationally recognized standards for securities regulation.

It works intensively with the G20 and the Financial Stability Board (FSB) on the global regulatory reform agenda. IOSCO members meet every year at the Annual Conference to discuss important issues related to world securities and futures markets.

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