The Securities and Commodities Authority (SCA) has signed a Memorandum of Understanding (MoU) with the the Gulf Cooperation Council (GCC) securities market regulators.
The document was sealed on the sidelines of the sixth meeting of the Permanent Ministerial Committee of Board Chairpersons of the Gulf Cooperation Council (GCC) Securities Market Regulators held in Doha under the presence of the six chairpersons, as well as Abdullah Al Shibli, Assistant Secretary-General for Economic Affairs at the GCC General Secretariat.
H.E. Abdullah Al Turifi, CEO of SCA, signed the document on behalf of the UAE.
The main purpose of the MoU is to establish a framework for joint cooperation and facilitating the exchange of information among securities market regulators. The MoU also seeks to promote investor protection and strengthen market soundness through exchanging information and providing assistance in conducting investigations.
The committee agreed to form a working group of the GCC securities market regulators and the GCC General Secretariat to set five strategic objectives, launch a number of initiatives that constitute a framework for the work of the Committee of Heads of the GCC Securities Market Regulators, and propose preparing a study for the GCC securities market integration strategy and mechanisms.
To view the official press release on the Memorandum of Understanding, click here.