(MENAFN- Arab Times) Kuwait's Capital Markets Authority signed on Tuesday a Memorandum of Understanding (MoU) among regulators of financial markets of the Gulf Cooperation Council (GCC) countries.
The signing ceremony took place on the sidelines of the sixth meeting of the Ministerial Committee of boards of directors and organizers of the financial markets of the GCC countries, currently being held in Doha.
President of the Board of Commissioners and Executive Director of Capital Markets Authority in Kuwait Dr Nayef Al-Hajraf told KUNA, that the signing of the memorandum comes as a continuation to promote the path toward cooperation among GCC countries in various fields.
Al-Hajraf added that the move comes in an effort to achieve integration in financial markets and in line with the common goals, like GCC market requirements, including the ability for citizens of the GCC and whole entities to invest in all GCC financial markets.
Al-Hajraf noted the move also to smoothly and easily develop and connect financial instruments which have an important role to play in promoting the process of economic growth the GCC markets.
He stated that the signing is also designed to support enhancing relations between the six regulators, provide a unified framework for cooperation, remove obstacles of investment in GCC countries, and to facilitate the flow of money, information and expertise between financial markets.
The Financial markets play key role in supporting the Gulf Cooperation Council (GCC) countries' economies, and push the development wheel, Qatar Central Bank's Governor and Chairman of Qatar's Financial Markets Authority Sheikh Abduallah Bin Saud Al-Thani said here on Tuesday.
He added, in his speech on the opening of the 6th meeting of the Ministerial Committee of the Heads of boards of directors of the organizers of financial markets in the GCC held here on Tuesday, that "such markets became a vital issue and an urgent need in our modern life as well as an important base of our economies."
As s result he said, efforts are consolidated to serve the activation of the role of monitoring authorities in the GCC to positively affect the function of financial markets, besides enhancing development and economic integration among GCC counties.
He stressed the importance of seeking compatibility between laws and systems applied in the GCC financial markets, along with upgrading the regulating and legislative level of such markets to achieve justice sufficiency, governance and transparency.
The meeting will also look into means of exchanging information and expertise among member countries and developing standards of financial markets' censorship, besides maintaining efficiency and safety of the markets trading, he said.
It will also tackle ways of reaching further cooperation in the organisation of the issuance of securities, beside encouraging listing and trading in GCC financial markets to boost the mutual investments and spread awareness on that matter, he added.
GCC's Assistant Secretary-General for Economic and Development Affairs Abdullah Bin Juma Al-Shibli said in his speech that signing the memorandum of understanding today between the organizing bodies of the financial markets reflects the leading role of the committee in achieving economic integration between member countries and guaranteeing the safety and integrity of the financial markets.
This comes in accordance with the instructions of the leaders of the GCC countries to serve the demand of launching the joint GCC market, Al-Shibli affirmed.
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