CBB becomes first national regulator in GCC to sign IOSCO Multilateral MoU

The CBB is the first national capital market regulator in the GCC to be accepted as a signatory to the International Organization of Securities Commissions (IOSCO) Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (IOSCO MoU).

The MoU was signed on behalf of the CBB by Mr. Rasheed Al Maraj, Governor of the CBB.

Spain-based IOSCO is the world's standard-setting body for securities regulations. The IOSCO MoU is aimed at raising the standards of cross-border cooperation among securities regulators and to fight cross-border violations.

"The CBB is delighted to be accepted as a signatory to the IOSCO MoU," said Mr. Ali Salman Thamer, Director, Capital Markets Supervision, at the CBB.

"It is an acknowledgement of CBB's status as a credible regulator with strong enforcement capability."

Acceptance as an IOSCO MoU signatory is preceded by a rigorous assessment of the applicant's legislative and regulatory regime, he pointed out. Of IOSCO's current total membership of approximately 200 international securities regulators, only 44 have so far been accepted as signatories to the IOSCO MoU.

"IOSCO's acknowledgement marks a major milestone in strengthening CBB's regulatory, supervisory and enforcement efforts in the Kingdom's capital market," said Mr. Thamer.

The acknowledgement follows the Bahrain Financial Sector Assessment Programme (FSAP) report issued by the International Monetary Fund (IMF), which confirmed that the standard of securities market regulation and supervision in the Kingdom is generally high and is compliant with most of the IOSCO principles of securities regulation.

"Such international acknowledgements encourage us to continue our established policy of adhering to and applying international best practice," said Mr. Thamer.

The CBB is committed to the development of Bahrain's financial sector in general and the capital market in particular, by continuing to enhance the confidence of the local, regional and international investors.