CmaBoardReleases
Title: Capital Markets Authority Participates in the 7th Meeting of the Ministerial Committee of GCC Capital Markets Regulatory Authorities
Kuwait- November 27, 2016 – CMA’s delegation to the 7th Meeting of the Ministerial Committee was headed by Dr. Nayef Al- Hajraf - Chairman of CMA Board of Commissioners & Managing Director, accompanied by Mr. Zaid Khaldoon Alnaqeeb - Director of Strategies Office, and Mr. Moayed Adnan Al-Shakhes - Director of the Managing Director’s Office. The meeting was held in the capital of Saudi Arabia (Riyadh). Participants included their excellencies heads of boards of GCC capital markets regulatory authorities.
The opening speech was given by H.E. Mr. Mohammed Elkuwaiz - vice chairman of Saudi Arabia. After welcoming their excellencies and delegates, Mr. Mohammed stressed on the importance of this meeting in enhancing communication and exchange of views between regulators of the capital markets in the GCC states in order to achieve integration of capital markets. He was followed by Mr. Abdullah bin Juma Al-Shibli – GCC Assistant Secretary General for Economic Affairs, who explained in his speech that the goals of the GCC states can be fulfilled by collaboration to reach the ultimate integration.
The meeting sessions started by reviewing a summary of the economic decisions of the Supreme Council in its 36th term, which were affirmed by the vision of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz in terms of strengthening the integration among the GCC states. The vision included various clauses that gave high importance to continuing the GCC joint cooperation in various fields in a program that takes less than one year. It also includes the adoption of Unified Rules of Acquisition in Capital Markets within the GCC states and using them as guidelines until the Consolidated Rules and Principles for Integration of Capital Markets in the GCC states are complete.
The meeting also reviewed and approved the recommendations mentioned in the 14th and 15th meetings of the Regulatory Authorities Committee and their equivalent. On top of these recommendations was Kuwait’s suggestion for developing and hosting a website, which presents the training courses and any worksheets prepared by the regulatory bodies, to be launched in January 2017.
It should be noted, that the GCC Financial Regulators has signed a memorandum of understanding in the past 6th meeting which was held in Doha in September 2015. The memorandum aims to provide a unified framework for cooperation, overcome complications of dealing in securities, and reach the highest level of transparency in the Regulated Markets. This would protect investors’ funds and individuals’ savings. It would also contribute in economic prosperity and stability, and enhance unity in the legislative structure of regulatory authorities in the GCC states.
Clarification to Editors
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010, and amended by Law No. 108/2014. Pursuant to the Law, the Authority 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 Authority's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The Authority also aims to provide awareness programs related to securities activities.
For more information, kindly contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw
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