CMA Participates in the GCC Regulators Meeting in Qatar

Multilateral Memorandum of Understanding to be signed today

The Sultanate of Oman represented by the Capital Market Authority participated in the 13^th meeting of the Presidents of GCC securities commissions which was held on Monday 14^th September 2015 in the State of Qatar

The Sultanate’s delegation was chaired by HE Sheikh Abdullah Salim Al Salmi, Executive President of CMA and comprised Ahmed Ali Al Makhaini, Economic  Expert at the office of the executive President and Ahmed Rashid Al Sooti, Specialist at the Department of International Cooperation.

The meeting discussed the key issues and development in the regional and global markets and minutes of the working teams and their recommendations.

The meeting reviewed the minutes of the Working Team on Supervision and Regulation of GCC  Stock Markets which included the draft standard rules for collection of information on suspicious transactions in the markets of the member states and follow up of the standard rules for supervision and regulation of trading in the GCC stock markets.

On the promotion of electronic surveillance systems in the GCC markets the meeting discussed the recommendation of the concerned team which recommended the SMART software as the best available system to be used as unified surveillance software among the members.

The meeting also discussed the results of the Issues and IPO’s work team and the results of the supervision and regulation work team beside the key developments on the multilateral memorandum of understanding between the regulators of the GCC stock markets.

Then the meeting discussed the memo of the Secretariat General on the proposed topics for discussion in the joint meeting of the committee of Central Banks and the Ministerial Committee of the  Chairmen of the Securities Commissions as well as reviewing the arrangement for the annual conference of the GCC stock markets.

The meeting reviewed the executive position of the study on the strategy and mechanism for GCC market’s integration which would provide for enabling  the GCC nationals to trade and invest without any discrimination in treatment and opening the markets for new products.

The meeting of 6^th meeting of the Ministerial Committee for the Chairpersons of the GCC Securities  Commissions will be held today and  a multilateral memorandum of understanding will be signed as regulatory framework for the regulators of the GCC markets.