KUWAIT CITY, April 21: Chairman of the Board of Commissioners of Capital Market Authorities Emad Taifuni has affirmed that significant strides have been made in the realm of collaborative economic endeavors among the Gulf states since the establishment of the Gulf Cooperation Council (GCC) in the early 1980s.
In his speech while presiding over the 30th meeting of the Committee of Heads of Capital Market Authorities or their equivalent in the Gulf states hosted by Kuwait, Taifuni pointed out that the council has played a pivotal role in advancing the economies of the GCC states and enhancing their standing and competitiveness, both individually and as a unified economic entity capable of achieving sustainable development, ensuring economic and social stability, and addressing the escalating cross-border challenges and unrest prevalent in various locales.
He said the integration process within the securities and capital markets of the GCC countries has progressed substantially and yielded noteworthy accomplishments.
He elaborated that despite this progress, further concerted efforts are imperative to build upon these achievements and expedite integration among the GCC capital markets.
“The objective is to attain the highest level of excellence in their regulatory and supervisory frameworks, culminating in the establishment of electronic connectivity between these markets in order to maximize the advantages of the prevailing digital revolution, especially since market integration is one of the pillars of the requisite comprehensive economic integration,” he explained.
Participants at the 30th meeting of the Committee of Heads of Capital Market Authorities or their equivalent in the Gulf Cooperation Council (GCC) countries, under the chairmanship of Kuwait, specifi cally the chairman of the Board of Commissioners of the Capital Markets Authority include Assistant Secretary General for Economic and Development Affairs at the Secretariat General of the GCC Khalid Ali Al-Sunaidi, Chief Executive Offi cer of the Securities and Commodities Authority (United Arab Emirates) Waleed Saeed Al-Awadhi, Director of the Financial Markets Supervision Department at the Central Bank of Bahrain Ali Haroon Al-Amer who represented the Kingdom of Bahrain, Vice Chairman of the Board of Directors of the Capital Market Authority of Saudi Arabia Yousef bin Hamad Al-Blehed, Chief Executive Offi cer of the Qatar Financial Markets Authority (Qatar) Dr. Tami bin Ahmed Al-Binali, Chief Executive Offi cer of the Capital Market Authority of the Sultanate of Oman Abdullah bin Salem Al-Salmi, and Deputy Chairman of the Board of Commissioners of the Capital Markets Authority of the State of Kuwait Rayan Mohammed Al-Zaid.
The committee deliberated on the Secretariat General’s memorandum concerning advancements in the implementation of the Inter-Registration Regulations and methods to expedite the enactment of these regulations and activate the regulatory framework.
It also reviewed the execution of its resolutions from the 29th meeting, in addition to the executive plan devised by the Secretariat to realize initiatives that will augment coordination among fi nancial market regulators within the GCC countries.
It is pertinent to note that the Capital Markets Authority in Kuwait was established under Law No. 7/2010, pertaining to the Establishment of the Capital Markets Authority and the Regulation of Securities Activities and its amendments, which was ratifi ed by the National Assembly in February 2010.
Pursuant to this law, the Authority is mandated to regulate and supervise securities activities, ensure adherence to the principles of transparency, fairness, and effi ciency, and compel listed companies to uphold corporate governance principles and safeguard investors from unethical practices that contravene the Authority’s law.
Furthermore, the law stipulates the supervision of mergers, acquisitions, and disclosures. The Authority also endeavors to provide educational programs on securities activities.