Title: The 14th Meeting of the Committee of Securities Authorities Chairmen (or the equivalent) in the GCC

Kuwait, April 3, 2016 – Committee of Securities Authorities Chairmen (or the equivalent) in the GCC has held its 14th meeting today in Riyadh the capital. CMA delegation was headed by Dr. Nayef Falah AlHajraf – Chairman of CMA Board of Commissioners & Managing Director, and accompanied by Mr. Zaid Al-Naqeeb – Director of Strategies Office, Mr. Moayed Al-Shakhes – Director of the Managing Director’s Office, and Mr. Abdulrahman Mahmoud – Director of International Relations Office. 
The meeting started with the opening speech of Mr. Najim Bin Abdullah Al-Zaid – member of the Saudi Capital Market Authority, in which he greeted the Chairmen of the authorities and emphasized the importance of such meetings. They would surely enhance the communication and exchange of opinions among regulatory bodies among members. He thanked Mr. Nasser Ahmed Al-Shaibi – CEO of Qatar Financial Markets Authority for his efforts in the course of the joint work among the regulatory bodies of the financial markets when he headed the previous meeting. Al-Shaibi also congratulated H.E. Dr. Obaid Al-Za’abi for occupying the position of the Acting CEO of the Securities and Commodities Authority (SCA) in U.A.E. He also commended the efforts of H.E. Abdullah Bin Salem Al-Turaifi – the former CEO in promoting the collaboration among members.
He pointed that the economic atmosphere is constantly changing and requires continuous efforts in developing and protecting GCC markets. Additionally, cooperation between the GCC must be maintained in order to complete the regulatory framework and enhance the status of such countries regionally and internationally. 
Furthermore, H.E. Abdullah Bin Jumaa Al-Shibli – Assisstant Secretary General of Economic Affairs emphasized the Committee’s role in supporting GCC leaders’ approach through an integrated program for financial markets. By 2014, the number of listed companies in the GCC reach a total of 690 companies. The shares of 653 companies are permitted to be traded by GCC citizens in a capital that reaches $256 billion. The number of shareholders reached 516,000 by 2014.
At the beginning of the session, the Committee reviewed a summary of the Supreme Council’s economic decisions taken in the 36th meeting which took place last December in K.S.A. The most important decision was on the adoption of guidelines for Unified Acquisition Rules in GCC financial markets, before completing the preparation of unified rules. This step aims to achieve integration and consistency among GCC financial markets. The Committee also reviewed a proposal submitted by the Saudi Capital Market Authority on establishing a central agency in the Gulf for joint work. It is a legislative and legal agency to regulate the financial markets, and it is legally and administratively independent. It aims to promote the levels of efficiency, transparency and corporate governance. It would also develop GCC financial markets, unify the trading and clearing systems, identify and monitor systemic risks, and establish a common database. 
The Committee discussed the recommendations mentioned in the minutes of the first meeting of the GCC markets’ integration strategy team, and the minutes of the 4th meeting of the training departments in the GCC regulatory bodies. 

Clarification to Editors
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010, and amended by Law No. 108/2014. Pursuant to the Law, the Authority shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance Regulations, and protect investors from unfair practices which violate the Authority's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The Authority also aims to provide awareness programs related to securities activities.
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