Heads of Gulf financial markets discuss discussing the implications of "Corona"

The Securities and Commodities Authority participated in the extraordinary meeting of the Committee of Chairmen of Financial Markets in the Countries of the Cooperation Council for the Arab States of the Gulf, which was chaired by the Chief Executive of the Authority, Dr. Obaid Al-Zaabi, through visual communication technology, to study the financial markets in the GCC countries, in light of the implications of the Corona virus epidemic The newcomer «Covid-19».

The meeting, which was held on the proposal of the Emirates in its capacity as the presidency, was devoted to discussing the efforts of the regulators of the financial markets in the GCC countries in supporting financial markets.

During the meeting, the focus was on the steps and measures taken by the financial market regulators in the Cooperation Council regarding the emerging corona virus.

The Securities and Commodities Authority reviewed, according to a statement issued yesterday, the measures that it had taken, based on the directives of the Council of Ministers, to ensure business continuity in the securities sector and contain the repercussions of the Corona pandemic, and the most important mechanisms that it activated to support the financial markets, most notably adjusting the amount of the stock’s movement down to 5% During a single session, while maintaining its rate of increase as it is without changing it, and developing a mechanism to repurchase companies for their shares in a manner that facilitates the process of repurchasing, and eases some conditions, as well as extending the annual disclosure period for the audited financial statements for an additional 45 days, and postponing the disclosure of PIA The first quarter of this year came to a time until the disclosure of the data for the second quarter on June 30, and confirmation that the short selling mechanism is not activated in the financial markets in the country.

During the meeting, a set of recommendations was presented, most notably activating the work of market makers, noting that the Abu Dhabi Executive Council allocated one billion dirhams to establish a market maker in the financial market in the country, whose task is to maintain balance in the markets, activate the system of companies buying their shares, and encourage the qualitative listing of companies , Especially government companies to increase the depth of the markets.