CmaBoardReleases
Title: 12th GCC Capital Markets Authorities'Meeting
Kuwait, 4th May 2015 - 12th GCC Capital Markets Authorities' meeting started in Doha, Qatar, today. Kuwait Capital Markets Authority delegation was headed by CMA Chairman and Managing Director Dr Nayef Falah Al-Hajraf, accompanied by the Director of PR and Media Office Mr Moayad Al-Shakhs and the Director of International Relations Office Mr Khalid Al-Ghais.
In his opening statement, the Chief Executive Officer of Qatar Financial Markets Authority Mr Nasser Al-Shaibi praised the concrete development and progress witnessed by the regional Capital Markets Authorities. Then the Assistant Secretary General for Economic Affairs His Excellency Mr Abdullah Al-Shabli spoke on the important role of the committee in achieving the aspiration of GCC by approving a number of projects to create unified rules and principals in order to achieve integration of GCC capital markets as approved by the GCC higher committee which is an implementation of the provisions of the economic agreement and the GCC's joint market.
The committee has perused the economic decisions of the Higher Council in its 35th rotation meeting held in Doha Qatar last December. The most important of which was the approval of continuing the work of all unified principals and rules in the GCC until the completion of the unified organizational rules in order to achieve full market integration in the GCC markets. The committee has also reviewed the meeting minutes of the special teams regarding Initial Issuances. It has also reviewed the work of the team responsible of supervising and monitoring securities markets in the GCC, the team of training in the regulating bodies of the capital markets, along with the team responsible for putting the referral framework of the committee's strategic study and its mechanism to achieve the GCC capital markets integration. The committee has reviewed the Secretariat General report on the workshop regarding the electronic disclosure XBRL. The committee has also reviewed UAE Securities and Commodities Authority suggestions which included several topics such as the controls of offering and listing recently incorporated companies, and the UAE securities and commodities Authority experiences in the fields of specialized training and brokers examinations.
It is worth mentioning that the committee has discussed the preparation for holding the first conference on the components of capital markets in the GCC and the new developments regarding the MOU between the financial markets regulating entities, and the issues that have been suggested for the upcoming joint meeting between monetary agencies, central banks, and the Ministerial Committee of the board of directors regulators.
The meeting was attended by all heads of markets authorities of the GCC and the representative of GCC Secretariat General.
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, oblige the listed companies to execute the Corporate Governance Principles, and protect the investors from the unfair practices which violate the Authority's Law.
Furthermore, the Law's provisions stipulate the supervision of the merger, acquisition, and disclosure operations. The Authority also aims at providing awareness programmes related to securities activities.
For more information kindly contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22410169
Email: pr-media@kuwaitcma.org