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The Securities and Commodities Authority (SCA) has entered into a memorandum of understanding with the Bangladesh Securities and Exchange Commission of the People's Republic of Bangladesh (BSEC). The memorandum was signed - at the authority's headquarters in Dubai – by H.E Dr. Maryam Butti Al-Suwaidi, CEO of SCA, and Prof. Shibli Rubayat-Ul-Islam, Chairman of BSEC, in the presence of H.E. Mohammed Al Hadari, Deputy CEO for Supporting Services Sector.
The memorandum comes within the framework of the two parties’ efforts to enhance ways of cooperation and mutual understanding in order to protect investors and ensure the efficiency of securities markets by setting up a regulatory framework that allows the exchange of information, assistance in inspection, and the advancement of bilateral cooperation in several fields in accordance with the limits permitted by laws and regulations in both countries.
The memorandum sets out the scope of cooperation between the two sides, including helping to detect and take measures against fraud cases and transactions in which inside information is exploited and any other irregularities in the markets, in addition to enforcing laws, rules and regulations related to dealing in securities, forward and future contracts, options and collective investments, regulating and managing them and advising on them.
In accordance with the clauses of the memorandum, the two parties agreed to cooperate in the field of supervision and control of securities markets, as well as clearing and settlement operations, and to follow up their compliance with the laws and regulations issued in this regard, in addition to enhancing the qualification of authorized persons to ensure the integrity of transactions that take place in the financial markets and the efficiency of their professional performance.
Furthermore, the memorandum seeks to enhance the efficiency of disclosures and ensure that issuers of securities offerings, members of boards of directors, heads of companies, shareholders, and professional advisors of listed or wishing companies comply with all the obligations stipulated in the laws and regulations applicable in both sides, enforce laws and regulations related to mergers, acquisitions and consultancy with regard to securities and investment products, and provide assistance in matters related to provisions applicable to Islamic finance or any developments and other matters agreed upon by the two parties in the future.
The clauses of the memorandum state the exchange of experiences, studies and technical support, especially with regard to investment management systems, disclosures, and the process of listing issuances, in addition to regulating the securities markets and futures contracts, provided that it will be done through mutual training, capabilities building, exchange of delegations and visits for the purposes of field study in this field, as well as organizing joint specialized conferences.
