26^th Meeting of the Committee of the Presidents of GCC Capital Markets Commissions Held on March 14, 2022

HE Sheikh Abdullah Salim Al Salmi, Executive President of the Capital Market Authority, President over the current session of the Committee of the Presidents of the GCC Capital Markets Commissions, emphasized the importance of local capacity building regarding sustainable green financing and the relevant accounting standards. He pointed out to the importance of creating common institutional mechanisms assisting in the interpretation of such standards on implementation and aligning with the GCC local economic and environmental conditions in the GCC states and exchange of expertise thereon.

HE commended the investment awareness program “MULIM” which proved success in its first year and the key roles played by the Capital Market Authority of the Kingdom of Saudi Arabia in supporting the program and the accompanying GCC Smart Investor Award, which had great impact on the success of the program thanks to the united efforts of the GCC commissions.

The comments were made in the 26^th meeting of the Committee, which is a subcommittee of the Ministerial Committee of the Chairpersons of the boards of directors of GCC capital markets regulators. The meeting discussed a number of issues including the draft regulation for cross boarder passporting of investment funds.

The meeting was briefed on the decisions of the Ministerial Committee of the Chairpersons of GCC capital markets regulators in its 10^th meeting held in November 2022.

The committee was also briefed on the outcome of the work team on GCC markets integration strategy about the executive plan and implementation timeline for Know Your Customer (KYC). The Saudi Capital Market Authority made a presentation on the GCC Smart Investor Award ceremony. The committee approved the sustainability mechanism for the GCC investment awareness program submitted by the communication and investor awareness work team.

The committee reviewed the report prepared by the GCC Statistical Centre on the performance and development of GCC capital markets for the year 2002.