Jun 02 2012
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SCA Participates in 3rd Meeting of Ministerial Committee of Board Chairpersons of GCC Market Regulators
ABU DHABI: The Securities and Commodities Authority ( SCA ) has participated in the 3rd Meeting of the Ministerial Committee of Board Chairpersons of GCC Market Regulators. H.E. Eng. Sultan bin Saeed Al-Mansoori, Minister of Economy and SCA Board Chairman was represented by SCA Chief Executive Officer Abdullah Salim Al-Turifi to the meeting which was held at the Conference Palace in Riyadh.A number of draft rules and legal principles of GCC financial markets were approved at the meeting which also discussed latest developments on GCC financial markets and share views on those issues. In a post meeting comment, Al-Turifi said the projects discussed during the meeting are an important step forward and of great value addition to the efforts to achieve integration of GCC financial markets through the unifying of market policies and regulations in GCC states, adding that the meeting has underscored the need to boost communication and interactions among the various market regulators of GCC member countries. He pointed out that the committee looked into five points on the meeting agenda, focusing on issues in support of cooperation among the markets. It discussed all issues under the recommendations made earlier during the 6th Committee Meeting of Heads of GCC Market Regulators, held in Riyadh early May. In his opening address, Dr. Abdul Rahman Al-Tuwaijri, Chairman and CEO of Capital Market Authority of the Kingdom of Saudi Arabia, praised the UAE, the outgoing chairman of the Ministerial Committee, for the significant role it played during its tenure. He said UAE’s concerted efforts and outstanding leadership during its chairmanship has contributed immensely to the committee’s achievements last year. Al-Tuwaijri’s address was followed by a keynote address by Abdullah bin Juma Al-Shebli, GCC Assistant Secretary General for Economic Affairs. During the meeting the ministerial committee reviewed the recommendations of the Committee of Heads of GCC Market Regulators which were made at the end of the latter’s 5th and 6thmeetings, including recommendations concerning draft unified rules for offering of shares on GCC markets, the draft unified rules for disclosure of securities listed on GCC markets and draft unified principles for corporate governance of companies listed on GCC markets. The committee approved and referred all the three items to the Supreme Council for endorsement and implementation on advisory basis for two years to be followed by a review and implementation on compulsory basis. The ministerial Committee also endorsed in this regard a recommendation concerning awareness campaign on corporate governance. The recommendation also urges market regulators to prepare programs and events (forums, workshops and conferences) at the GCC level to achieve that objective. The committee reviewed during the meeting the GCC Secretariat’s report on unified rules for listing of securities (stocks, bonds, sukuk and mutual fund units) on GCC markets. The rules had been approved earlier by the Supreme Council during its 32nd meeting. The report focused on the progress made in the implementation of the unified rule for listing of securities and suggestions for improving and developing the rules. The GCC Secretariat receives biannually in this regard regular reports from member countries, then classifies and categorizes those reports according to subjects of the rules. The meeting endorsed the minutes of the two previous meetings of the Committee of Heads of GCC Market Regulators and the recommendations contained in the minutes. UAE delegation to the meeting include Saif Al-Tunaiji, Director of Department of Issuance, and disclosure and Abdul Lateef Al-Shamsi, Director of Department of Legal Affairs at the SCA .
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