Kuwait proposes enhancing the use of artificial intelligence in monitoring Gulf financial markets
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 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.
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 several mechanisms aimed at strengthening GCC regulatory cooperation.
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It clarified that among the mechanisms are the exchange of regulatory indicators and early warnings, studying the preparation of a GCC guide for using artificial intelligence technologies in trading supervision, 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 joint GCC efforts in light of turbulent regional conditions and mitigating their repercussions across various fields, particularly economic ones, specifically concerning securities activities and financial market sectors.
The Authority said the committee discussed updates on the implementation of initiatives referred to the GCC Financial Markets (Stock Exchanges) Committee, including initiatives 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 pointed out that the committee reviewed the results of the work of the GCC Financial Market Integration Strategy Working Group, including the initiative for exchanging expertise and experiences among financial market regulatory authorities, as well as the results of the study concerning 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 responsibilities were also presented.
The head of the Board of Commissioners and CEO of the Kuwait Capital Markets Authority, Emad Tifouni, represented Kuwait at this meeting.
The Authority was established in Kuwait pursuant to 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 National Assembly in February 2010.
Under the law, the Authority regulates and monitors securities activities, achieves 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.
