DOHA: The ministerial committee of the Board of Chairmen of GCC Financial Markets Regulators met here discussed a series of key issues related to the region’s capital market.
The meeting was chaired by H E Sheikh Abdullah bin Saud Al Thani, Governor of Qatar Central Bank (QCB).
In his opening address, Sheikh Abdullah, who is also the chairman of Qatar Financial Markets Authority (QFMA) said that the financial markets have a key role in supporting the economy and promoting the economic development in the GCC countries. For that, efforts are continuing to activate the regulators role in the GCC countries to be reflected on the capital markets.
The QCB Governor stressed the need to develop appropriate mechanisms that contribute in promoting the development and economic integration among GCC markets as well as seeking to align the applicable laws and regulations in the GCC financial markets.
He also emphasized on the necessity of improving the legislative and regulatory level of such markets in order to make the system efficient and bring in more transparency.
There is a need to develop suitable mechanisms for the exchange of information and experiences among the GCC market and to develop the standards regulations. Steps should also be taken to encourage the listings and trading in the GCC markets.
The Ministerial Committee of the Board Chairmen of GCC Financial Markets Regulators concluded by signing a joint memorandum of understanding among GCC financial markets regulators.
The Peninsula
