Title: Press Release: The Capital Markets Authority Participates in the 26th Meeting of the Heads of GCC Capital Markets Authorities Committee (or their equivalent)

Kuwait, March 14, 2023- The Capital Markets Authority (CMA) has participated in the 26th meeting of the Heads of GCC Capital Markets Authorities Committee (or their equivalent), represented by Prof. Ahmad A. AlMelhem - Chairman of CMA Board of Commissioners and Managing Director, held in Muscat - Sultanate of Oman.

This periodic meeting of the member states aimed to follow up developments of the bodies regulating capital markets. The meeting was chaired by His Excellency / Abdullah Al-Salmi - CEO of the Capital Market Authority - (Chairing State - Sultanate of Oman) with the participation of the Assistant Secretary General for Economic and Development Affairs of GCC General Secretariat Mr. Khaled Bin Ali Bin Salim Al-Sunaidi and their Excellencies, the Heads of the Boards of Directors and the GCC General Secretariat, and they are: Her Excellency / Dr. Maryam Al Suwaidi, CEO of Securities & Commodities Authority (UAE), Ms. Abeer Sheikh Ibrahim Al Saad – Director of Capital Markets Supervision Directorate - Central Bank of Bahrain - Kingdom of Bahrain, His Excellency / Mr. Youssef Bin Hamad Al-Bilihid – Vice Chairman of the Capital Market Authority Board – Kingdom of Saudi Arabia, His Excellency / Tamy Ahmad Ali Al-Tamy Al Binali - CEO of the Qatar Financial Markets Authority - State of Qatar.

The meeting commenced with a welcoming speech by His Excellency/ Mr. Abdullah Al-Salmi and Mr. Khaled Al-Sunaidi, welcoming the attendees in the Sultanate of Oman, and emphasizing on the importance and role of the committee and the working teams in achieving outstanding achievements during the past year and their confidence that it will undoubtedly benefit the economy of the GCC countries, and providing the services that serve the citizens of the GCC states and the business sector, in order to achieve the visions of their Majesties and Highnesses, the leaders of the GCC states in bringing the Gulf region to a higher, more developed and advanced ranks.

The State of Kuwait proposed adding an item for discussion which is financial fraud, and it was agreed to be added to the agenda. The meeting covered following up on the implementation of the decisions of the Ministerial Committee at its last meeting in November 2022, the decisions of the Heads of GCC Capital Markets Authorities Committee at the 25^th meeting last October, and what was implemented during this period. During the meeting, the committee also discussed the memorandum of the General Secretariat regarding the draft regulation of passporting of investment funds and what was agreed upon by the working team of the GCC financial markets integration strategy, , where the opinions and instructions of the committee were taken for adoption by the technical working teams in preparation for approval either by passing or at the next meeting scheduled for next October. In addition, the committee was presented with the minutes of the meeting of the working group of the markets integration strategy, which included the implementation plan and the timetable for activating the Know Your Client (KYC) model, as the committee approved the plan.

In a related context, the committee discussed the work of the team of specialists in communication and investors awareness on the regulators of financial markets, and reviewed the teams’ perception of the (Mulem) 2023 program, which includes a plan for campaigns on a quarterly basis, and the sustainability of the GCC Smart Investor Award with its development, diversification of its paths within categories, and increasing the number of winners, in addition to issuing the Mulem Program materials in the electronic publications of the member states. In conclusion, the discussion covered financial fraud and how to deal with these increasing crimes.

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.
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