UAE Plans to Coordinate Securities Rules, Markets, WAM Reports

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The United Arab Emirates proposed a creating a panel of regulators from the six member states of the Gulf Cooperation Council as a first step toward integrating their securities markets, WAM reported,

Better coordination was needed between member states, which include Saudi Arabia and Qatar, as other companies, countries and blocs were forming their own alliances, the news service cited Sultan bin Saeed al-Mansouri, the UAE’s minister of the economy, as saying in a speech to the council in Riyadh.

The committee would meet at least three times a year and devise laws and policies that would be implemented across the region, WAM added.

The panel’s first task will be to unify licensing and listing rules for companies that want to publicly trade their shares. At a later stage, member states would adopt a common database network for their securities markets and devise rules for derivatives and short-selling, WAM said.END