GCC Capital Markets Sign Multilateral Memorandum of Understanding for Mutual Cooperation

Al Salmi The MOU Enhances the Economic Integration of GCC Markets

GCC Securities Commissions have signed a multilateral memorandum of understanding  which would act as regulatory framework among the regulators in a move to enhance the relations among such bodies to facilitate exchange of information. The MOU was signed on the sidelines of the 6^th meeting of the Ministerial Committee of the Chairmen of the Boards of Directors of GCC securities commissions.

The Sultanate’s delegation to the meeting was chaired by HE Yahya Said Al Jabri, Chairman of Daqum Special Economic Zone Authority, Chairman of the Capital Market Authority. The delegation comprised HE Abdullah Salim Al Salmi, Executive President of the CMA, Ahmed Ali Al Mukhaini, Economic Expert at the Office of the Executive President and Ahmed Rashid Al Sooti, Specialist at the Department of International Cooperation.

HE the Executive President said the MOU comes within the endeavors to enhance economic integration between GCC markets and to achieve uniformity of the laws and regulations in the GCC markets.

He added the MOU aims to create a framework to mutual cooperation, facilitating exchange of information among regulators and to ensure compliance with the  securities laws and any other regulatory requirements as well as any commons areas contributing to investor protection and the integrity of the stock markets through exchange of information, assisting in investigations to the permitted extent further to enhancing cooperation in training and exchange of expertise.

On the other hand the meeting Ministerial Committee reviewed  a number of issues including the briefing of the Secretariat General on the economic decision  of the Supreme Council in its 35^th session and the recommendation on the standard rules for acquisition  in the GCC markets as well as submitting the final amendments for offering of shares in the GCC stock markets for approval as guidance rules.

It is noteworthy that the Standing Ministerial Committee of the Chairmen of the GCC securities commission is assuming setting out plans and practical measures to address the obstacles facing the integration of the markets in implementation of the economic agreement between the member states and the decisions of the Supreme Council in this respect, in addition to the requirements of common market and the treatment of the citizens equally whether natural or juristic persons without discrimination in economic matters including trading of shares and establishment of companies.