The Committee of Presidents of GCC Securities Commissions held an extraordinary meeting to discuss the efforts of the GCC stock market regulators to support the markets during the outbreak of the novel coronavirus (COVID-19).
The meeting, which took place on April 5, reviewed developments in the GCC stock markets and the impact of the pandemic. Abdullah Salim al Salmi (pictured), Executive President of the Capital Market Authority (CMA), represented the Sultanate during the meeting.
The meeting comes as part of the role of the GCC securities regulators to enhance financial stability, financial diversity and protection of investors and stakeholders in securities from manipulation of markets based on the available tools of the regulators and preventive measures.
The committee reviewed the methods adopted by the GCC capital markets regulators to ensure the continuation of the business of the markets through regulatory facilities, electronic transformation, remote work and coordination of each regulator with the monetary institutions and central banks in the GCC states to support the market through economic and financial packages launched by GCC governments and instructions to government funds to increase their investments in the stock exchanges and other stimulus packages adopted by GCC states to mitigate the economic and financial impact resulted from the outbreak on the listed companies in the GCC states.
The committee affirmed efforts to monitor and follow up the developments in the local and global markets and continuous communication between the stock exchanges to assess and monitor the development of the crisis and take the required precautionary action to hedge the risks and support the operational structure and infrastructure of the financial market and supervising general meetings through technology.
The presidents of the GCC securities commissions emphasized the strength of GCC financial markets and their ability to face the challenges and crisis and that they are closely monitoring the potential impact to fend off the risks and take the required measures.