FINANCE - SCA signs MoU with Turkey on joint listing

ABU DHABI -- The Securities and Commodities Authority or SCA has signed a Memorandum of Understanding (MoU) with the Capital Markets Board of Turkey (CMB) that would lay the foundation for joint listing in the future and greater cooperation between the two corporate regulators and stock exchanges.  
The MoU, which is a comprehensive document, covers enforcement of rules and regulations, and matters relating to stock market operations including transactions and settlements of deals.

Abdullah Al-Turifi, SCA Chief Executive Officer, who is attending the IOSCO-sponsored Emerging Market Committee (EMC) meeting in Istanbul, signed the MoU.
 
Prof. Dr. A. Vedat Akgiray, CMB Board Chairman, represented his organisation in a ceremony attended by Saif Al-Shamsi, UAE Consul General in Istanbul, officials from the two sides and a number of officials of regulatory authorities attending the Conference.

In order to build a framework for sound regulatory work in the securities industry, the CMB, upon the SCA's request, shall provide training and technical assistance or vice versa.

Commenting on the development, Al-Turifi said, the SCA seeks to achieve cooperation in the areas of training, sharing of experience and information related to supervision of securities markets and their listed companies and brokers.

He pointed out that the agreement aims at providing better protection for investors and ensuring more efficient securities markets by putting in place a sound framework which will promote joint cooperation.

By Haseeb Haider
© Khaleej Times 2010 

Source : http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/business/2010/October/business_October218.xml&section=business- Oct 13, 2010