The Legal System of Capital Markets Authority and its Effectiveness in Achieving its Objectives A Comparative Study: Kuwait – Egypt – France
Prof. Yousry Mohammad Al-Assar
Associate Dean for Academic Affairs – Professor of Public Law – KILAW
This is a comparative study of the legal system of the Capital Markets Authority in Kuwait, the legal system of the General Authority for Financial Supervision in Egypt and the Capital Markets Authority in France. It aims to demonstrate the effectiveness of legal norms prescribed by the legal system of the Authority and their suitability for the task entrusted to it by the law. The main elements of the legal system include the legal nature of the Capital Markets Authority and its legal status between the public and private laws, as well as the characteristics of the legal personality granted to it by law. These also include the nature of public utility it undertakes, the jurisdiction it exercises, and whether the career-based system applied to its staff is the one that is applied to public servants. In addition, it deals with the nature of the budget and funds of the Authority and public authority by which the law grantedit the right to use in exercising its activity to achieve its mandated objectives.
The paper includes four sections, as follows:
Section I: the legal nature of the Capital Markets Authority and its administrative organization.
Section II: terms of reference of the Capital Markets Authority.
Section III: career-based system for the Authority›s staff and its budget.
Section IV: The public authority exercised by the Capital Markets Authority.