MUSCAT: Oman and other Gulf states have signed a multilateral memorandum of understanding (MoU) to achieve uniformity in laws and regulations in GCC stock markets. This will also help to enhance economic integration among GCC countries.
GCC Securities Commissions have signed a multilateral memorandum of understanding, which would act as regulatory framework in a move to enhance the relations among such bodies to facilitate exchange of information. The MoU was signed on the sidelines of the sixth Ministerial Committee meeting of the chairmen of GCC securities commissions.
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.
The ministerial committee reviewed several issues including the briefing of the Secretariat General on the economic decision of the Supreme Council in its 35th 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.
The Sultanate’s delegation to the meeting was chaired by Yahya Said Al Jabri, chairman of Duqm Special Economic Zone Authority. He is also the chairman of the Capital Market Authority. The delegation comprised 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.
The Standing Ministerial Committee of the chairmen of the GCC securities commission is 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.
It will also include 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.
