Gulf Securities Authorities Heads Committee Discusses Kuwait's Proposal to Enhance the Use of Modern Regulatory Technologies and Artificial Intelligence
The Committee of Heads of Financial Market Authorities (or their equivalents) of the Gulf Cooperation Council (GCC) countries held its 32nd meeting yesterday via video conferencing, with the participation of the heads and representatives of the financial market regulatory authorities in GCC member states, as well as the General Secretariat of the Gulf Cooperation Council.
The meeting was chaired by Nora Abdulghani, Executive Director of Supervision at the Central Bank of Bahrain (Kingdom of Bahrain – Presidency State). Also participating were Khaled bin Salem Al-Sanadi, Assistant Secretary-General for Economic and Development Affairs at the General Secretariat of the GCC; Yusuf Al-Bulaihi, Vice Chairman of the Capital Market Authority (Kingdom of Saudi Arabia); Walid Al-Awadi, Chief Executive Officer of the Securities and Commodities Authority (United Arab Emirates); Tami bin Ali Al-Benali, Chief Executive Officer of the Qatar Financial Markets Authority (State of Qatar); Ahmed Al-Mamary, Deputy Chief Executive Officer of the Financial Services Authority (Sultanate of Oman); and Ali Al-amer, Director of the Financial Market Supervision Department at the Central Bank of Bahrain (Kingdom of Bahrain). Representing the State of Kuwait in this meeting was Emad Tifouni, Chairman of the Board of Commissioners and Chief Executive Officer of the Capital Markets Authority.
The meeting opened with welcoming remarks, during which participants expressed their appreciation for the joint Gulf efforts to address turbulent regional conditions and mitigate their repercussions across various fields, particularly economic ones, specifically concerning securities activities and financial market operations.
The meeting addressed several topics and initiatives aimed at enhancing integration and coordination among the financial markets of GCC member states, developing regulatory and supervisory cooperation frameworks, keeping pace with developments in financial markets, and exploring ways to leverage modern technologies and artificial intelligence to enhance the efficiency of supervisory and oversight activities.
In the context of strengthening integration among Gulf financial markets, the Committee discussed updates on the implementation of initiatives referred to the Gulf Financial Markets (Stock Exchanges) Committee. These include initiatives encouraging the listing and trading of bonds and sukuk in GCC financial markets, promoting dual listing for companies and funds in Gulf markets, and studying the electronic linkage of deposit and clearing companies and institutions, thereby contributing to enhanced market interconnectivity and facilitating investment flows among them.
The Committee was briefed on a proposal to hold a Gulf workshop on trading supervision, aimed at strengthening the exchange of expertise and supervisory practices among relevant authorities.
In line with keeping pace with technological transformation and developing supervisory tools, the Committee discussed a proposal by the Capital Markets Authority of Kuwait regarding the enhanced use of modern supervisory technologies (SupTech) and artificial intelligence in the supervision and oversight of financial markets in GCC member states. The proposal included several mechanisms to strengthen Gulf supervisory cooperation, such as the exchange of supervisory indicators and early warnings, studying the preparation of a Gulf guide for using artificial intelligence technologies in trading supervision, enhancing the exchange of practical expertise among supervisory and oversight departments, and building a Gulf knowledge base on violations and financial crimes, thereby supporting the efficiency of regulatory authorities and contributing to enhanced investor protection.
