Ministry of Commerce and Capital Markets Authority: Coordination on 'Beneficial Owner'

As part of the ongoing cooperation and coordination between the Ministry of Commerce and Industry and the Capital Markets Authority, and in continuation of the Memorandum of Understanding (MoU) on coordinating cooperation between the two entities, signed on February 18, 2024, the Ministry and the Authority signed Annex No. (1) to amend the MoU concerning “Beneficial Ownership Data” on October 19, 2026. This step extends the cooperation frameworks established by the MoU and develops them in light of recent developments relevant to the fields of work of both entities. The MoU signed in 2024 was part of both entities’ efforts to enhance integration and coordination in their operational mechanisms, facilitate the exchange of necessary data and information between them, and thereby support the efficiency and clarity of procedures in areas of mutual interest. Annex No. (1) aims to strengthen cooperation between the Ministry and the Authority in the field of beneficial ownership data by establishing a clearer framework for exchanging available relevant information, thereby contributing to supporting the accuracy, completeness, and updating of beneficial ownership information, while affirming that each entity exercises its role within its prescribed competencies and in accordance with prevailing legislation and decisions. The signing of the Annex also reflects both entities’ commitment to continuing the development of cooperation, coordination, and information-sharing frameworks, enhancing the integration of their respective competencies, and leveraging the available information held by each entity. This contributes to raising institutional work efficiency and supporting the effectiveness of the transparency system related to beneficial ownership information, in line with relevant standards and practices.