Approval of the SCA’s proposal to hold an annual forum that includes the components of the capital markets in the GCC countries

SCA participated in the twenty-fifth meeting of the Committee of Chairmen of Financial Market Authorities (or their equivalents) in the GCC countries. The SCA was represented in the meeting - which was held via visual communication techniques - by a delegation headed by H.E. Dr. Maryam Al-Suwaidi, CEO of the SCA. The meeting included the chairmen of the regulatory authorities of financial markets in GCC countries, as well as H.E. Khalifa bin Saeed Al-Abri, Assistant Secretary-General for Economic and Development Affairs at the GCC General Secretariat, and representatives from member states and the General Secretariat.

"The meeting approved the activation of the initiative to facilitate the requirements for opening investment accounts and the activation of the Know Your Customer (KYC) model. Also, it addressed a number of topics, including the adoption of the regulatory framework for the inter-registration of financial products between the regulatory authorities of financial markets in the GCC countries, as well as reviewed effects and results of the awareness campaigns launched within the framework of the Gulf Awareness Program "Mulim", a report on "the financial performance of companies listed in the GCC Capital Markets", the developments and updates in the GCC financial markets" H.E. Dr. Maryam Al-Suwaidi stated.

The members of the committee discussed the results of the 13^th and 14^th meeting of the teamwork of the strategy for the integration of financial markets in the GCC countries, as well as the meetings of the teamwork of specialists in communication and educating investors at the regulatory authorities of financial markets in the GCC countries, and the teamwork of those responsible for training at the regulatory authorities of financial markets in the member states.

During the meeting, the members approved the executive plan to activate the initiative to facilitate the requirements for opening investment accounts, and they agreed to work with the Know Your Customer (KYC) model in a guiding manner, after reviewing the paper prepared in this regard.

Investors Awareness Program and the knowledge gateway to the GCC Capital Markets

With regard to the Investors Awareness Program of the GCC Financial Markets Regulatory Authorities "Mulim", the committee listened to a brief presentation on the latest updates of the program and the most important achievements of the awareness campaigns and indicators, in addition to what was achieved during the Gulf Investor Week. The committee urged the intensification of the promotional and marketing campaigns for the Smart Gulf Investor Award.

During the meeting, the committee discussed the proposals and visions about the electronic training portal "GCC Capital Markets Knowledge Portal" and its development plan, in addition to the action plan related to achieving cooperation and integration mechanisms in the areas of training and studies among member states in the field of studies, information and data. It approved the reactivation of the teamwork of those responsible for training in the financial markets regulatory Authorities in the GCC countries. It also approved the SCA’s proposal to hold an annual forum that includes the components of the capital markets in the GCC countries, coinciding with the meetings of the Ministerial Committee or the Committee of Chairmen of Financial Markets Authorities (or their equivalents) in the GCC countries.

Financial markets integration initiatives in the GCC countries

The meeting reviewed a brief presentation of the latest findings of the GCC Capital Markets (Exchanges) Committee regarding the timetable for implementing the initiative to unify the investor number, the executive plan, proposals and visions for implementing the initiatives aimed at achieving the integration of the financial markets in the GCC countries. The members of the Committee also thanked the GCC Capital Markets (Exchanges) Committee for the exerted efforts, which contribute to deepening the coordination among the capital markets authorities in the GCC countries. They urged it to complete its work through initiatives that would develop the Gulf markets. They also decided to support the committee by highlighting and publishing its efforts and achievements in joint works in the local and international media.

The committee discussed the latest updates related to the financial markets in the GCC countries, and reviewed two reports prepared by the GCC Statistical Center; the first was on the performance of the GCC financial markets and the developments that took place therein; and the other was on the "financial performance of companies listed in the GCC Capital markets", which mainly aims to provide a complete financial and informational database on all the listed institutions whose shares are traded in the GCC markets. The Committee was informed of proposals to enhance cooperation and facilitate the GCC Statistical Center's access to the financial data contained in the financial statements by the GCC Capital Markets (exchanges), in order to make continuous updates to the financial statements of the companies that are listed in the GCC capital markets.