The Investment Studies Center (ISC), the training arm of Union of Investment Companies (UIC) held a training program on “Provisions Regulating Collective Investment Schemes according to the Law and the Executive Regulations of the Capital Markets Authority Law and the Provisions of the Disciplinary Board” on 23rd November 2023 at UIC premises. The program was presented by the legal advisor MR. Amr Mohamed Hafez – Senior Vice President - Head of the Legal Department at Kuwait Financial Centre (MARKAZ), and a member of UIC Legal Committee.
In this context, Mrs. Fadwa Darwish – UIC Secretary General, stated that the implementation of this program came within a series of training programs that were developed in the training plan of ISC, aiming to spreading awareness and knowledge among employees of investment companies and all those concerned regarding the administrative, legal and technical aspects related to the work of companies in accordance with the Capital Markets Authority law and its executive regulations.
The training program addressed several topics, including discussing the forms of collective investment systems established by the Capital Markets Authority, the providers of these services and their fees, and the legal relationships regulating their dealings and limits. It also touched on the provisions regulating the vacancy of service provider positions and the difference between those provisions and the provisions regulating replacement, as well as position restrictions and conflicts of interest, in addition to the restrictions imposed on investment funds, investment controls, provisions regulating the unit holders’ association, provisions for liquidating funds, controls for promotional and marketing advertisements for investment funds, and other important topics related to collective investment systems.
During the training program, participants were able to familiarize themselves with the provisions of the Disciplinary Board of the Capital Markets Authority, with regard to the provisions regulating collective investment systems. The program delved into the practical challenges that participants may face and provided them with insights into the proposed solutions to those challenges to ensure compliance with the laws and achieve sustainable success in the future.
Mrs. Fadwa Darwish concluded her statement by emphasizing that UIC harnesses all its capabilities to contribute to raising the level of human resources in the investment sector, supporting and qualifying cadres in various specializations in investment companies and providing them with the knowledge and skills required to perform their tasks with high efficiency by providing services and training programs designed according to the latest methods, in keeping with the latest global developments, based on our belief in UIC in the necessity of investing in the human element as an essential step to achieve sustainable economic development.