The GCC ministerial committee, comprising board of chairpersons of GCC market regulators, has approved draft rules on initial public offering (IPO) and unified rules for listing of securities (stocks, bonds, sukuk and mutual fund units) on the GCC markets and has referred them to the Supreme Council for endorsement and implementation. A statement issued by the Securities and Commodities Authority, said the officials, at the committee's meeting in Riyadh, referred the draft rules to the Supreme Council for endorsement and implementation on advisory basis for two years to be followed by a review and implementation on compulsory basis. The GCC panel endorsed a recommendation concerning awareness campaign on corporate governance. The recommendation also urged market regulators to prepare programs and organize forums, workshops and conferences. The report focused on the progress made in the implementation of the unified rule for listing of securities and suggestions for improving and developing the rules. The GCC Secretariat receives regular reports in this regard biannually from member countries, then classifies and categorizes it according to subjects of the rules. "A number of draft rules and legal principles of the GCC financial markets were approved at the meeting, which also discussed latest developments on the GCC financial markets and share views on those issues," said Abdullah Salim Al Turifi, Chief Executive Officer of SCA. He said the projects discussed during the meeting are an important step forward and of great value addition to the efforts to achieve integration of the GCC financial markets through the unifying of market policies and regulations in the GCC states, adding that the meeting has underscored the need to boost communication and interactions among the various market regulators of the GCC member countries. He pointed out that the committee looked into five points on the meeting agenda, focusing on issues in support of cooperation among the markets. It discussed all issues under the recommendations made earlier during the sixth committee meeting of heads of GCC Market regulators, held in Riyadh early May.
