Title: Press Release: The 31st Meeting of Heads of Capital Markets Authorities Committee (or their equivalent) in GCC Countries

Kuwait, October 20, 2015- The 31^st Meeting of Heads of Capital Markets Authorities Committee (or their equivalent) in GCC Countries was held remotely, chaired by His Excellency Mr. Emad Ahmed Tifouni- Chairman of CMA Board of Commissioners - Managing Director (Charing State- State of Kuwait) with the participation of His Excellency Mr. Khaled Bin Ali Al-Sunaidi, Assistant Secretary General for Economic and Development Affairs at the General Secretariat of the GCC, and their Excellencies Heads of the Boards of Directors (or their equivalent), His Excellency Mr. Youssef Bin Hamad Al-Bilihid, Vice Chairman of the Capital Market Authority Board (Kingdom of Saudi Arabia), His Excellency Mr. Waleed Saeed Al Awadhi, CEO of Securities & Commodities Authority (UAE), Mr. Ali Haroon Alaamer, Director of Capital Markets Supervision Directorate - Central Bank of Bahrain (Kingdom of Bahrain), His Excellency Dr. Tamy Ahmad Ali Al-Tamy Al Binali - CEO of the Qatar Financial Markets Authority (State of Qatar), His Excellency Mr. Abdullah Bin Salem Al-Salmi - CEO of the Capital Market Authority (Sultanate of Oman), and Ms. Rayan Mohammad Alzaid- Vice Chairman of CMA Board of Commissioners – The State of Kuwait.

The meeting addressed several executive topics listed on the agenda, most notably reviewing the developments of implementing passporting regulations and completing its regulatory requirements in the member States. The meeting also discussed the initiative to promote cross listing and trading of bonds and sukuks in Gulf financial markets, in addition to examining the electronic linkage project for depository and clearing institutions. It also reviewed the developments related to joint investment awareness programs and followed up on the implementation of the fourth edition of the Gulf Smart Investor Award.

Moreover, the meeting discussed the progress in the initiative of unifying the investor number and the proposed implementation mechanism, along with the initiatives to enhance legislative and regulatory supervision and integration among Gulf financial markets. It also addressed the developments and updates of financial markets of the GCC countries and the efforts of the General Secretariat to support the path of Gulf financial cooperation and integration.

The Participants commended the efforts made by the GCC Secretariat General and the fruitful cooperation between the regulatory bodies of the Gulf financial markets, stressing the importance of continuing coordination to accelerate the completion of joint projects included in the unified strategy for financial market integration.

His Excellency Mr. Emad Ahmed Tifouni concluded the meeting by thanking the participants for their valuable contributions, and commended their efforts in fostering joint cooperation and developing the Gulf financial markets, wishing everyone continued success.

This virtual meeting is held within the framework of the commitment of the Gulf financial market regulators to expand financial integration and unify regulatory and legislative standards. This will contribute to enhancing the efficiency of the Gulf financial markets and strengthening their regional and international standing as a favorable investment destination.

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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