| 22 Nov 2009 |
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SCA signs Memorandum of Understanding with Lebanon Central Bank
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Agreement aims to support collaborative monitoring work
The Securities and Commodities Authority (SCA)Securities and Commodities Authority (SCA)
has signed a Memorandum of Understanding (MoU) with the Banking Control Commission of Lebanon (BCCL), Lebanon Central BankLebanon Central Bank, aimed at facilitating and promoting collaborative monitoring work.
The agreement was signed by SCASCA CEO H.E. Abdullah Al Turaifi and Lebanon Central BankLebanon Central Bank President H.E. Ryiadh Salam during the Arab Annual Banking Conference 2009, organized by Arab Bank Union. Also in attendance were H.E. Rahma Hussein Al Zuabi, UAE Ambassador in Lebanon and Waleed Alam Al Deen, Head of BCCL.
The MoU covers the setting up of a framework that guarantees collaborative teamwork and information exchange so that each entity can accomplish their tasks while making sure laws and legislation related to capital markets and companies are adhered to.
Speaking after the signing ceremony, H.E. Abdullah Al Turaifi stressed the importance of cooperation with monetary and control authorities in order to maintain the UAE's capital system, noting that the agreement with the Lebanon Central BankLebanon Central Bank
adds an official aspect to the previous collaboration between the two control commissions, and that the agreement ensures future collaboration and initiatives continue through strict control and supervisory standards. Al Turaifi said that he expected the agreement to have a positive impact on the indexing of Lebanese joint-stock companies in UAE capital markets and the indexing of UAE joint-stock companies in the Lebanese capital markets. According to the MoU, SCASCA and Lebanon Central BankLebanon Central Bank are to work collaboratively with regard to legislation concerning capital establishments' activities in capital markets, the licensing and monitoring of said activities, and the exchange of monitoring information by registration and stock market authorities within the confines of the laws and legislation.
In addition, the agreement specifies the nature of cooperation between the two entities regarding the control role of each entity and, in the case of investigations, within the allowed borderline given by laws and practices in effect. SCASCA
and Lebanon Central BankLebanon Central Bank are to exchange any information or facts that would be uncovered through the course of a monitoring campaign and/or an investigation. Furthermore, SCASCA and Lebanon Central BankLebanon Central Bank are to work collaboratively in the monitoring field, within the confines of the laws and practices in effect; and are to exchange any information or facts that would be uncovered through the course of a monitory campaign and through investigations.
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For further information, please contact:
Mustafa Al Khafaf
SAHARA Communications
Tel: +971 4 3298996
E-mail: mustafa@saharagcc.com
© Press Release 2009
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