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Preparing for a joint meeting between the Committee of the Governors of Monetary Agencies and Central banks and Ministerial Committee of Boards of Directors of the Capital Markets Regulators.
Pursuant to the instructions of H.E. Eng. Sultan bin Saeed Al Mansoori, Minister of Economy and Chairman of the Board of the Securities and Commodities Authority (SCA),SCA participated in the 17th Meeting of the Committee of Heads of the GCC Capital Market Regulators (or their equivalent), which was held in Kuwait. During the meeting, the SCA delegation was chaired by H.E. Dr. Obaid Al Zaabi, CEO of SCA. The meeting brought together the heads of capital market regulators in the GCC states, in the presence of H.E. Khalifa Bin Saeed Al Abri, Assistant Secretary-General for Economic and Development Affairs at the GCC Secretariat.
Dr. Obaid Al Zaabi stated that the Committee was briefed during the meeting on the actions taken to implement the decisions of the Committee of Heads of the GCC Capital Markets Regulators in their 16th Meeting, including a briefing to working team of supervision and control over the GCC capital markets on the Committee's resolution concerning the electronic control system, and taking the option of a completely separate system for each state because it is in line with the needs and requirements of the current era. Furthermore, the Committee discussed the standardization of the trading period as well as considering the proposals and views of the exchange markets on the strategies and mechanisms to help bring about the required integration between the heads of the committees of the capital markets and the exchanges.
He added the Committee was updated on the developments relating to the MoU signed among the GCC capital markets' regulators. Moreover, a proposal to set up a working team between the GCC Secretariat and regulators for the purpose of assessing and reviewing the joint action and cooperation initiatives among the regulators of GCC Capital Markets under the MOU.
As regards considering the strategy and mechanisms to achieve integration among the GCC capital markets' regulators, the meeting discussed the invitation of an expert in the area of capital markets' integration to the upcoming meeting of the Committee to contribute to the debate on this subject.
With respect to the joint meeting between the Committee of Governors of Monetary Agencies and Central Banks and the Ministerial Committee of Boards of Directors the GCC Capital Markets, a discussion took place on how to assign the working team of the Ministerial Committee of Boards of Directors the GCC Capital Markets to hold a joint meeting with the Supervision and Control Committee in the Committee of Governors of Monetary Agencies and Central Banks to address specific topics and submit recommendations to the two ministerial committees. The discussions also included setting the date and determining the venue for the annual workshop on trading control, which is to be held for the exchange of expertise among the member states and to agree on the proposed topics of discussion in the joint meeting between the Committee of Heads of the GCC Capital Markets Regulators (or their equivalent) and the Heads of the GCC Exchanges, as well as being acquainted with updates and latest developments in GCC capital markets in general.
