Jan 29 2012 |
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Saudi Central Bank Signs Accord With Markets Regulator
Sunday, Jan 29, 2012
RIYADH (Zawya Dow Jones)-- Saudi Arabia's central bank has signed an agreement to improve coordination with the country's capital markets regulator, and to give the central bank more more oversight of securities and of mergers and acquisitions, the state news agency said Sunday.
The deal, signed by the heads of the Saudi Arabian Monetary Agency and the Capital Markets Authority, comes as Saudi Arabia moves to further open its stock market, the Gulf's largest, to foreign participation.
Last week, the Capital Markets Authority announced it had changed its regulations to allow select foreign firms to cross-list on the Saudi stock market.
The agreement announced Sunday also said the two agencies will coordinate before setting new rules and regulations. The state Saudi Press Agency didn't provide further details.
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
29-01-12 1544GMT
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