Title: Press Release: The Capital Markets Authority Participates in the 29th Meeting of Heads of Capital Markets Authorities Committee (or their equivalent) in GCC Countries

Kuwait, November 10, 2024- The Capital Markets Authority (CMA) participated in the 29th meeting of the Heads of Capital Markets Authorities Committee (or their equivalent) in GCC countries. The meeting was held remotely, and the CMA was represented by Prof. Ahmad A. AlMelhem - Chairman of CMA Board of Commissioners and Managing Director.

This periodic meeting takes place among the member states to monitor developments and updates between the regulatory bodies of capital markets. The meeting was chaired by, His Excellency Dr. Tamy Ahmad Ali Al-Tamy Al Binali - CEO of the Qatar Financial Markets Authority (Charing State- State of Qatar),  with the participation of Dr. Waleed Alhosani – Head of the Economic Affairs Sector, on behalf of  the Assistant Secretary General for Economic and Development Affairs at the  General Secretariat of the GCC, and their Excellencies, the Heads of the Boards of Directors and the GCC General Secretariat, His Excellency Mr. Youssef Bin Hamad Al-Bilihid, Vice Chairman of the Capital Market Authority Board – Kingdom of Saudi Arabia, 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 / Abdullah Bin Salem Al-Salmi - CEO of the Capital Market Authority - Sultanate of Oman.

The meeting commenced by reviewing the implementation of decisions made during the 28^th meeting held last April, and the achievements made during this period. The Secretariat memo regarding passporting of financial products among the regulatory authorities in the GCC capital markets was reviewed, approved and submitted to the Ministerial Committee. The Committee also approved the meeting minutes of the working teams that are derived from the Committee.

The Committee also discussed activating the regulatory framework, adopting the passporting regulation, and activating work between the States that completed the regulatory procedures (the United Arab Emirates, the Kingdom of Bahrain, the Kingdom of Saudi Arabia, the Sultanate of Oman, and the State of Kuwait), commencing in 2025. The Capital Markets Authority - Kuwait will publish the passporting regulation for investment funds through Module 18 of the Executive Bylaws of Law No. 7 of 2010.

The Capital Markets Authority of the State of Kuwait presented a visual presentation on the Information Portal for Gulf Financial Markets and proposals to update it, with the objective of increasing the benefits for all member states.

Finally, it was agreed to hold the next meeting  of the GCC Heads of Capital Markets Authorities Committee (or their equivalents) in April 2025 in the State of Kuwait.

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: 1888898
Email: pr-media@cma.gov.kw