Gulf Capital Market Authorities Heads Committee Discusses Kuwait's Proposal to Enhance the Use of Modern Regulatory Technologies and Artificial Intelligence - Sarmad
(KUNA) – The Kuwait Capital Markets Authority (CMA) stated that the Committee of Heads of Financial Market Regulatory Authorities (or their equivalents) in the Gulf Cooperation Council (GCC) countries discussed the CMA’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.
The Authority added in a press statement following the 32nd meeting of the committee, held on Monday via video conferencing, with the participation of heads and representatives of financial market regulatory bodies in GCC countries and the GCC Secretariat General, that the proposal included a number of mechanisms aimed at strengthening GCC regulatory cooperation.
It clarified that among these mechanisms are 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 their appreciation for the joint GCC efforts in addressing turbulent regional conditions and mitigating their repercussions across various fields, particularly economic ones, specifically concerning securities activities and financial market operations.
The Authority stated that the committee discussed updates on the implementation of initiatives referred to the GCC Capital Markets Committee (Exchanges), including initiatives aimed at encouraging the listing and trading of bonds and sukuk in the financial markets of GCC countries, and promoting dual listing for companies and funds in GCC markets.
It further noted that the committee reviewed the results of the work of the task force on the strategy for financial market integration in GCC countries, including the initiative for exchanging 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 CEO 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.
