In the context of the SCA’s endeavor to develop and improve the supervisory and control system and the system of financial activities and services related to the State's securities sector in order to match the best international standards and practices, the Authority’s Board of Directors held its sixth meeting (of the seventh session of the Board) headed by H.E Abdullah bin Touq Al Marri, Minister of Economy/ Chairman of the Board of Directors, and in presence of H.E. Mohammed Ali Al Shorafa Al Hammadi, Dr. Ali Mohammed Bakhit Madawi Al-Rumaithi, Dr. Abdullah Abdulrahman Al-Khateeb, H.E Faisal Youssef Solitin, H.E/ Dr. Al-Yazia Ali Saleh Al-Kuwaiti, and H.E Maitha Ali Al-Gergawi. The meeting was also attended by Dr. Maryam Al-Suwaidi, CEO of the Authority. During the meeting, which took place via remote electronic communication techniques, the Board discussed a number of important topics and issues related to the securities sector.
The Board of Directors reviewed a number of developments related to the securities sector and discussed a number of recommendations and projects, including the measures taken by the Authority regarding the plan to raise the level of the Authority’s digital services. During the meeting, a comprehensive review of some legislations related to services provided to customers was discussed, as well as accelerating the process of issuing legislations that would develop work in the financial markets in line with the State's plans and directions in the future and its vision for the next fifty years.
The Authority’s Board of Directors reviewed a report on the measures taken by the Authority regarding the plan to raise the level of digital services in the Authority. The Board of Directors reviewed the report containing the phases of the plan and directed the completion of its implementation in accordance with the program prepared for it, in order to ensure the improvement of the services provided by the Authority to customers.
Companies licensed under the fifth category
In the context of continuous monitoring of the status of licensed companies and ensuring the financial stability of these companies and their support, the Board of Directors reviewed a proposal submitted by the Authority’s management, which aims to take into account the licensed companies within the fifth category that includes the activities of financial consultations, financial consultant, and listing, promotion and introduction consultant.
It requires a review of the legal form of the fifth category, along with the determination of a capital that will enable it to continue its activities without fundamentally affecting its business model, through a legislative amendment to the guide of rules for financial activities recently issued by the Authority, which included a classification of the categories of licenses issued by it, where a number of financial activities fall under each category in accordance with the best practices applicable in the various regulatory authorities.
Investment Funds
Based on the role entrusted to the Authority in regulating and developing the work of the financial markets in the State, the Board of Directors reviewed the Authority’s efforts in developing the legislative structure of investment funds in general, and in particular real estate Investment trusts (REITs), as well as promoting foreign investment funds. In addition, it directed towards developing such legislations in accordance with international best practices in a way that enhances the state’s position as an economic center and ensures the application of governance standards and transparency for the investment fund sector in general.
On the other hand, H.E. the Chairman of the Board of Directors directed towards conducting a comprehensive review of some legislations related to services provided to customers, as well as accelerating the process of issuing legislations that would develop the work in the financial markets, including the regulation of crowdfunding platforms operators regulation, the regulation of companies established for Special Purpose Acquisition Copany (SPAC) and the rules guide for activities Finance.
