Title: The Capital Markets Authority Participates in the 23rd Meeting of the Heads of GCC Capital Markets Authorities Committee (or their equivalents)
Kuwait, September 13, 2021 - The Capital Markets Authority (CMA) has participated in the 23rd meeting of the Committee of Heads of Capital Markets Authorities (or their equivalent) in the GCC countries, on Monday, September 13, 2021, represented by Prof. Ahmad A. AlMelhem - Chairman of CMA Board of Commissioners and Managing Director, through visual communication technology.
This periodic meeting among the member states aimed to follow up developments of the bodies regulating capital markets. The meeting was chaired by His Excellency Mr. Rasheed M. Al Maraj - Governor of the Central Bank of Bahrain (Chairing State - Kingdom of Bahrain) with the participation of the Assistant Secretary General for Economic and Development Affairs of GCC General Secretariat Mr. Khalifa Bin Saeed Al-Abri, and their Excellencies, the heads of the boards of directors and the GCC General Secretariat, and they are: Her Excellency / Dr. Maryam Al Suwaidi, Securities & Commodities Authority (UAE), Her Excellency / Abeer Sheikh Ibrahim Al Saad – Director of Capital Markets Supervision Directorate - Central Bank of Bahrain - Kingdom of Bahrain, His Excellency / Youssef Bin Hamad Al-Bilihid - Vice Chairman of the Capital Market Authority Board - Kingdom of Saudi Arabia, His Excellency / Abdullah Al-Salmi - CEO of the Capital Market Authority - Sultanate of Oman, His Excellency / Nasser bin Ahmed Al Shaibi - CEO of the Qatar Financial Markets Authority - State of Qatar.
The meeting commenced by mentioning the follow-up of the decisions of the Ministerial Committee in its meeting last April and what was accomplished during that time in addition to shedding light on the regulatory framework of inter-licensing of financial products between the regulatory authorities in the GCC capital markets, in which it was agreed to be approveed after its adoption by the countries in accordance with the legislations, procedures and time periods of each country, after concluding the draft of the regulatory framework, in addition to the account opening requirements and unifying procedures for the Know Your Client (KYC) principle. The CMA Kuwait submitted the final unified form for (KYC) of opening trading accounts for the GCC Countries’ citizens and residents prepared by it.
In addition, the committee reviewed the minutes of the meeting of the GCC Financial Markets Regulators Working Group Concerning Communication and Investor Awareness, which in turn discussed the preparation of a unified Gulf program to raise awareness of investment in the financial markets according to specific goals, means and budget. The working group recommended implementing the unified Gulf program by the Secretariat through opening an account for the program and financing it equally by the member states. The minutes of the group’s meeting also included a study of the proposed options for preparing a television recording for the specialists in the financial market regulators on “Mulem” campaign, in addition to proposing a training program for the media and awareness specialists in the regulatory bodies to coordinate holding it in 2022 to be hosted by one of the member states. Moreover, the Committee of Heads of Capital Markets Authorities reviewed the report on the results and effects of the Gulf awareness campaigns, and the detailed plan of the Capital Markets Authority in the Sultanate of Oman on the awareness campaign related to educating school and university students, women and youth in everything related to investment in the financial markets.
In conclusion, it was agreed to set the date of March 14, 2022, as the date of the 24th Meeting of the Committee of Heads of Capital Markets Authorities.
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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