Gulf Securities Authorities Heads Committee Discusses Kuwait's Proposal to Enhance the Use of Modern Regulatory Technologies and Artificial Intelligence
Kuwait City, 7 Sept (KUNA) – The Kuwait Capital Markets Authority (CMA) said that the Committee of Heads of Financial Market Regulatory Authorities (or their equivalents) in the Gulf Cooperation Council (GCC) countries discussed the Authority’s proposal to enhance the use of modern regulatory technologies and artificial intelligence in the supervision and oversight of financial markets in GCC member states.
In a press statement following the 32nd meeting of the committee, held on Monday via video conferencing and attended by the heads and representatives of the financial market regulatory authorities in GCC countries and the GCC Secretariat General, the CMA added that the proposal included a number of mechanisms aimed at strengthening GCC regulatory cooperation.
It clarified that among these mechanisms were the exchange of regulatory indicators and early warnings, studying the preparation of a GCC guide for the use of artificial intelligence technologies in trading oversight, enhancing the exchange of practical expertise between regulatory and supervisory departments, and building a GCC knowledge base on violations and financial crimes.
The Authority noted that participants in the meeting expressed appreciation for the joint GCC 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 CMA stated that the committee discussed updates on the implementation of initiatives referred to the GCC Capital Markets Committee (Exchanges), including those related to encouraging the listing and trading of bonds and sukuk in GCC financial markets, and promoting dual listing for companies and funds in GCC markets.
It added that the committee reviewed the results of the work of the task force on the strategy for the integration of financial markets in GCC countries, including the initiative to exchange expertise and experiences among financial market regulatory authorities, as well as the results of the study on the model for investment account opening requirements.
The Saudi Capital Market Authority presented a summary of the Smart GCC Investor Award in its fourth season, which recently concluded, and joint awareness campaigns aimed at raising awareness of investors’ rights and obligations were also presented.
The Chairman of the Board of Commissioners and the Chief Executive Officer of the Kuwait Capital Markets Authority, Emad Tifouni, represented Kuwait at this meeting.
The Kuwait Capital Markets Authority was established in accordance with Law No. 7 of 2010 concerning the establishment of the Capital Markets Authority and the regulation of securities activities and its amendments, which was approved by the Kuwaiti National Assembly in February 2010.
Under the law, the Authority regulates and monitors securities activities, ensures the principles of transparency, fairness, and efficiency, obligates listed companies to implement corporate governance principles, and protects investors from unfair practices and violations of the Authority’s law. (End) M.K.A./K.A.H.
