Kuwait's stock market regulator, touted as the saviour of an exchange plagued by a lack of transparency, has created disarray with new rules and management missteps that have pushed the share index to seven-year lows and prompted staff of the bourse to threaten a strike.
The Capital Markets Authority (CMA) was formally launched in March, more than 30 years after the Kuwait Stock Exchange was established. It is meant to provide a steadying hand for the Gulf's third largest stock market in terms of capitalisation, after Saudi Arabia and Qatar.
Instead, it has been beset with problems, including controversy over reports in Kuwaiti newspapers last month saying three of its five original commissioners had been removed, allegedly for holding other jobs in violation of CMA regulations.
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