UAE suggests GCC stocks regulation improvements
The UAE has made a proposal on the restructuring of financial control systems and other proposals on integration of GCC member states' securities markets and unifying their capital market policies and regulations in a meeting of the heads of securities regulators of member states of the GCC held in Kuwait.
The meeting discussed a number of issues including a UAE proposal on restructuring of financial market supervision systems.
The proposal, which was prepared in line with the directives of Sultan bin Saeed Al Mansoori, Minister of Economy and the Emirates Securities and Commodities Authority Chairman, calls for setting up of a team to study the operation of securities regulators of GCC member states.
It will monitor the changes taking place on the international scene in the area of market supervision, study the proposed structures and see if they will be compatible with the special characteristics of GCC member states, suggest an appropriate organisational structure which matches with the current local and international developments, and take into consideration the ongoing changes and developments in legislation at the international level to better organise the supervision of financial sectors battered by the negative impacts of the global financial crisis.
The committee recommended that the UAE presents a detailed paper on the issue which shall be tabled for discussion during the next meeting of the committee scheduled for April next year in the UAE, the statement added.
The meeting also reviewed another proposal by the Kuwait Stock Exchange calling for the setting up of a monitoring centre for securities markets of GCC member countries and mechanism for the establishment of such a centre, which must take into serious consideration the interest of GCC investors.
The meeting also discussed another proposal from Qatar Financial Market Authority on draft MoU among GCC securities regulators to further strengthen relations among them, provide a unified framework of cooperation, uplift the standards of common understanding and break barriers in the area of securities investment among securities markets of member countries.