His Excellency Abdulla bin Touq:
Improving the performance of financial markets and underpinning their legislative structure are a top priority for the board.
New controls are to be introduced to maintain the rights of shareholders and create a professional and competitive environment.
A new mechanism is discussed whereby the SCA oversees the distribution of dividends unclaimed by shareholders in listed companies.
Using remote technology, the board of the Securities and Commodities Authority (SCA) held its fifth meeting under the chairmanship of His Excellency Abdulla bin Touq Al Marri, Chairman of the SCA and Minister of Economy. The meeting discussed initiatives aimed at improving the financial services and activities associated with the securities sector and bringing them in line with the best international standards and practices.
It addressed key topics and matters related to the securities sector and examined a number of draft decisions, most notably the completion of the procedures related to the dividends unclaimed by shareholders of locally listed public joint stock companies and a proposal to transfer the funds of brokerage firm clients from their dormant accounts to other accounts directly overseen by the SCA.
“The meeting’s topics aimed to enhance the performance of the country’s financial markets at different levels, reinforce the investment environment and underpin the legislative infrastructure to bring them in line with the best international standards, and continue to improve the securities sector in line with the National Agenda goals and the country’s vision for the next fifty years,” Al Marri said.
“The meeting explored ways to enhance investor protection mechanisms and create a professional and competitive environment for financial services companies to ensure the highest standards of excellence and achieve standard levels of corporate maturity similar to those of their counterparts in advanced markets,” he concluded.
