CmaBoardReleases
Title: Press Release: The 24th Meeting of the Committee of Heads of Capital Markets Authorities (or their equivalent) in the GCC Countries, and the 4th Joint Meeting of the Committee of Heads of Capital Markets Authorities (or their equivalent) in the GCC Countries with Heads of Markets (Securities Exchanges)
Kuwait, March 14, 2022 - The Capital Markets Authority (CMA) has participated in the 24th meeting of the Committee of Heads of Capital Markets Authorities (or their equivalent) in the GCC countries, and the 4th Joint Meeting of the Committee of Heads of Capital Markets Authorities(or their equivalent) with the Heads of Markets (Securities Exchanges), on Monday, March 14, 2022, represented by Prof. Ahmad A. AlMelhem - Chairman of CMA Board of Commissioners and Managing Director, through visual communication technology.
This periodic meeting among the member states aimed to follow up developments of the bodies regulating capital markets. The meeting was chaired by His Excellency Mr. Youssef Bin Hamad Al-Bilihid - Vice Chairman of the Capital Market Authority Board (Chairing State - Kingdom of Saudi Arabia) with the participation of the Assistant Secretary General for Economic and Development Affairs of GCC General Secretariat Mr. Khalifa Bin Saeed Al-Abri and their Excellencies, the heads of the boards of directors and the GCC General Secretariat, and they are: Her Excellency / Dr. Maryam Al Suwaidi, Securities & Commodities Authority (UAE), Her Excellency / Abeer Sheikh Ibrahim Al Saad – Director of Capital Markets Supervision Directorate - Central Bank of Bahrain - Kingdom of Bahrain, His Excellency / Abdullah Al-Salmi - CEO of the Capital Market Authority - Sultanate of Oman, His Excellency / Nasser bin Ahmed Al Shaibi - CEO of the Qatar Financial Markets Authority - State of Qatar.
The meeting commenced by mentioning the follow-up of implementing the decisions of the Committee in its meeting last September and the accomplishments during that period, where inter-licensing of financial products between the regulatory authorities in the GCC capital markets was preliminary approved. It is a regulatory framework of inter-licensing of financial products between the regulatory authorities in the GCC capital markets. It was returned to the concerned authorities to review its legal construction through the Financial Markets Integration Strategy and legal team of the regulatory parties, in addition to agreeing on the account opening requirements and the Know Your Client (KYC) principle. Moreover, the committee approved the preparing a unified Gulf program to raise awareness of investment in the financial markets and a training program for the media and awareness specialists in the regulatory bodies.
In conclusion, it was agreed to set September, as the date of the 25th Meeting of the Committee of Heads of Capital Markets Authorities.
Ends-
Notes to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance regulations, and protect investors from unfair practices which violate the CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw