New IPO regulations across GCC will apply after 2-year amnesty
Draft rules and principles were approved by a Ministerial Committee of Board Chairpersons of GCC Market Regulators at a meeting held in Riyadh. Speaking after the meeting H.E. Abdullah Salim Al-Turifi, Emirates Securities and Commodities Authority (SCA) Chief Executive Officer, said the projects discussed during the meeting were an important step forward and of great value addition to the efforts to achieve integration of the GCC financial markets.
The ministerial committee reviewed recommendations concerning draft unified rules for the offering of shares on GCC markets, draft unified rules for disclosure of securities listed on GCC markets and draft unified principles for corporate governance of companies listed on GCC markets. The committee approved and referred all the three items to the Supreme Council for endorsement and implementation on an advisory basis for two years to be followed by a review and implementation on compulsory basis.
The ministerial committee also endorsed a recommendation concerning an awareness campaign on corporate governance. The recommendation also urged market regulators to prepare programs and events (forums, workshops and conferences) across the GCC to achieve thi objective.
A report on unified rules for listing of securities (stocks, bonds, sukuk and mutual fund units) was also discussed. The rules had been approved earlier by the Supreme Council during its 32nd meeting. 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.
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