Title: Press Release: The Capital Markets Authority Participates in the 27th Meeting of Heads of Capital Markets Authorities Committee (or their equivalent) in GCC Countries
Kuwait, November 5, 2023- This morning, the Capital Markets Authority (CMA) participated in the 27th 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 Mr. Abdullah Al-Salmi, the CEO of the Capital Market Authority (Chairing State - Sultanate of Oman) with the participation of the Assistant Secretary General for Economic and Development Affairs at the General Secretariat of the GCC, Mr. Khaled Bin Ali Al-Sunaidi and their Excellencies, the Heads of the Boards of Directors and the GCC General Secretariat, namely 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 Mr. Youssef Bin Hamad Al-Bilihid, Vice Chairman of the Capital Market Authority Board – Kingdom of Saudi Arabia, His Excellency Mr. Ahmad Bin Ali Al-Muamari, Vice Chairman of the Capital Market Authority - Sultanate of Oman, His Excellency Dr. Tamy Ahmad Ali Al-Tamy Al Binali - CEO of the Qatar Financial Markets Authority - State of Qatar.
The meeting commenced by reviewing the implementation of decisions made during the 26th meeting held in March of the last year and the achievements made during this period. The Committee then discussed the progress of completing internal procedures to activate the regulatory framework. Furthermore, the Committee reviewed the General Secretariat memorandum regarding the regulation of passporting of investment funds, as well as the minutes of the meeting of the team responsible for the capital markets integration strategy in GCC countries.
The committee was also briefed on the progress of the team responsible for communication and investor awareness, which included the teams’ perception of the Investor Awareness (Mulim) 2023 program, consisting of quarterly campaigns and the dissemination of Mulim program materials in the electronic magazines of member states. Additionally, the Committee discussed the progress of the GCC Smart Investor Award, and the proposed initiatives to combat financial fraud. The committee also approved the work plan for training officials to achieve integration in the studies field.
Finally, the Committee agreed to determine the date for the next 28th meeting in coordination with the chairing state.
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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