CmaBoardReleases
Title: Press Release: The Capital Markets Authority Participates in the Tenth Meeting of the Ministerial Committee of the Board of Directors’ Heads of the Regulatory Entities of GCC Capital Markets
Kuwait – November 16, 2022, The Capital Markets Authority (CMA), represented by Prof. Ahmad Al-Melhem- Chairman of the CMA Board of Commissioners, Managing Director- participated in the tenth meeting of the Ministerial Committee of the Board of Directors’ Heads of the Regulatory Entities of GCC Capital Markets through the visual communication technology.
This periodic meeting of the member states aims to follow up on the latest developments of the regulators of the capital markets. The meeting was chaired by His Highness/ Mohammed bin Abdullah Al-Kuwaiz – Chairman of the Capital Markets Authority Board - Kingdom of Saudi Arabia (the chairing country) with the participation of their excellencies chairmen of the boards and the GCC Secretariat who are: His Highness/ Khalifa Bin Said Al-Abri - Assistant Secretary General for Economic and Development Affairs at the Secretariat General of the Gulf Cooperation Council, Her Excellency Dr. Maryam Buti AL-Suwaidi - CEO of the Securities and Commodities Authority of the United Arab Emirates, His Excellency/ Rasheed Mohammed Al-Maraj – Governor of the Central Bank of Bahrain and Chairman of the Board of Directors of Bahrain Stock Exchange – Kingdom of Bahrain, His Excellency/ Abdullah Al-Salmi - CEO of the Capital Markets Authority - Sultanate of Oman, and His Excellency/ Yahya Saeed Al-Jafaly Al-Nuaimi - Vice-Chairman of the Board of Directors of Qatar Financial Markets Authority – State of Qatar.
The meeting opened with following up on the implementation of the Committee’s resolutions taken in its latest meeting in September 2020. The Committee reviewed and approved the final version of the regulatory framework of Passporting of financial products among the regulators of the GCC capital markets. The Committee also approved the Know Your Client (KYC) form and using the requirements of opening an account as a guideline, in addition to the approval of the executive plan of applying the initiative of facilitating the requirements of opening investment accounts and using the (KYC) form.
The Committee approved holding an annual conference hosted by the chairing country which includes the components of GCC capital market, provided that its time and subject is determined later in coordination with the GCC Secretariat. Furthermore, the KSA Capital Markets Authority has presented a brief presentation concerning the Gulf Investment Awareness Program (Mulem), which included the main achievements and the latest developments of the GCC Smart Investor Award. The Committee has also viewed the report of the statistical center concerning the performance of the GCC securities markets and the most prominent developments during the first half of 2022.
At the end, October 2023 was determined to be the date of the coming meeting of the Ministerial Committee of the Board of Directors’ Heads of the Regulatory Entities of GCC Capital Markets.
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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