Dubai: A proposal to integrate the Gulf securities markets and restructure the region's financial control systems was discussed at a recent meeting of Gulf capital market regulators in Kuwait recently.
The meeting discussed a UAE proposal "Unified GCC Regulation for Listing of Stocks on Securities Market" on restructuring of financial market supervision systems.
The proposal calls for setting up of a team to study the operations of securities regulators of Gulf members, monitor the changes taking place on the international scene in the area of market supervision, study the proposed structures and see if they will be compatible with the special characteristics of member states, suggest the appropriate organisation structure which matches current local and international developments.
It suggests to better organise the supervision of financial sectors impacted by the global financial crisis.
The committee recommended that the UAE presents a detailed paper on the issue which shall be tabled for discussion during the next meeting of the committee scheduled for April next year in the UAE.
A committee of the heads of GCC Securities Regulators will make recommendations on the proposals it has approved and refer them to the Ministerial Committee of the heads of boards of directors of GCC market regulators.
Abdullah Salim Al Turaifi, chief executive officer of the Emirates Securities and Commodities Authority, headed the delegation.
"The meeting discussed the latest developments on Gulf securities markets, proposals on setting up a centre to monitor the securities markets, signing of memorandum of understanding among Gulf regulators and organising of annual forum under the sponsorship of member states of the GCC securities regulators," a statement said.
