JEDDAH: Custodian of the Two Holy Mosques King Abdullah yesterday reshuffled the board of Capital Market Authority (CMA). Abdul Rahman Al-Tuwaijri will continue as its chairman, the Saudi Press Agency said quoting a Royal Decree.
Abdul Rahman Al-Rashid is the new vice chairman of the board while Mohammed bin Moghnem Al-Shamrani, Mazin bin Abdul Razaq Al-Romaih and Abdul Rahman bin Mohammed Al-Barrak are its members.
King Abdullah also appointed Saud bin Saleh bin Hamad Al-Saleh, secretary-general of the Supreme Economic Council, with the rank of a minister, a job hitherto carried out by Al-Tuwaijri along with his position as CMA chairman.
Analysts said the reshuffling of the board would strengthen the Kingdom's capital market. Ibrahim bin Mohammed Al-Romaih, former vice chairman, Abdul Rahman Al-Kalaf, and Abdullah bin Hassan Al-Abdul-Qader, former members, have been replaced by new faces. Only Al-Shamrani retained his position.
The Capital Market Authority was established under the Capital Market Law, issued through a Royal Decree No. (M/30) dated 2/6/1424H. The CMA is a government organization that enjoys financial, legal and administrative independence. It reports directly to the prime minister, who is the king.
In addition to regulating and developing the Saudi Arabian Capital Market, the CMA issues the required rules and regulations for the implementation of the provisions of Capital Market Law, aimed at creating an appropriate investment environment.
The CMA protects investors and the general public from unfair and unsound practices involving fraud, deceit, cheating, manipulation and insider trading. It also works to ensure fairness, efficiency and transparency in securities transactions.
© Arab News 2009
