The Capital Market Authority (CMA) is consulting with all concerned parties in the market to introduce a new bill for upgrading the authorities work to the National Assembly, CMA Deputy Chairman of the Board of Commissioners Mahdi Al-Jazzaf said.
Speaking at the opening of a workshop on securities and financial markets regulations, Al-Jazzaf unveiled the CMA is contacting with listed and licensed investment and brokerage companies to get their proposals and feedback over a new bill for the authority.
He noted that after three years of the current CMA’s law enforcement, necessity emerged for amendments to deal with the loopholes discovered during that period and to cope with the latest developments on the market.
Achieving public interest goals and state strategy will be the criteria for any introduced amendments, he stressed.
Meanwhile, Al-Jazzaf expected the market will be classified as a “nascent” one after two years, noting that this requires exerting more efforts to qualify national cadres and prepare the market for new position.
In this regard, Al-Jazzaf expressed hopes the workshop, held in cooperation with the US Securities and Exchange Commission, will help educate national cadres about the latest market regulation and audit approaches and tools.
He pointed out that 14 trainees from the Gulf Cooperation Council states are partaking in the three-day workshop.