The Saudi Capital Market Authority (CMA) hosted in Riyadh on Sunday 27th of Safar 1438 H., corresponding to 27th of November 2016, the seventh meeting of the Ministerial Committee of Heads of Board of Regulators of Capital Markets in the Gulf Cooperation Council (GCC). The meeting was chaired by H.E. Mr. Mohammed Elkuwaiz, vice chairman of the CMA, as well as their excellency heads of boards of regulatory authorities of capital markets in the GCC states.

The Committee opened its work sessions with a speech presented by Mr. Elkuwaiz, welcoming their excellency and delegates participating in the meeting. After the greeting, he stressed on the importance of this meeting to enhance communication and exchange of views between regulators of capital markets in the GCC countries in order to achieve integration of capital markets under the guidance of GCC state leaders. He added that this will be achieved through the topics presented here, which will contribute in reaching the desired integration, which was confirmed by the vision of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz in terms of strengthening the integration among the GCC states, as well as the 2030 Vision of the Kingdom of Saudi Arabia that gave high importance to continuing the GCC joint cooperation.

The meeting sessions started by reviewing a summary of the economic decisions of the Supreme Council at its sixth term, which included the adoption of Unified Rules of Acquisition in Capital Markets within the GCC states and working on applying them as guidelines until fully completing the Consolidated Rules and Principles for Integration of Capital Markets in the GCC states, and making sure that they are in harmony and compatible with each other.

The Committee also discussed a number of subjects related to the field of integration of capital markets in the GCC states, including the project study of strategy and mechanisms for achieving integration of capital markets. The meeting also discussed the recommendations of the heads of capital markets authorities (or their equivalents) in the GCC states. In addition to that, the latest developments and updates in financial markets of member states were also discussed.