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The Development of Securities Regulations in the Gulf Countries

In: Accounting, Finance, and Taxation in the Gulf Countries

Author

Listed:
  • Sivakumar Velayutham
  • Thoraya Al-Hajj

Abstract

While capital markets have been established in GCC (Gulf Cooperation Council) countries since 1977 (Kuwait Stock Exchange was established in December 1977) the enactment of codified securities regulation and establishment of independent securities regulators is rather a new phenomenon. In Oman, the Capital Market Law establishing the Capital Market Authority was enacted in 1998. This was followed by the establishment of the Emirates Securities and Commodities Authority in the United Arab Emirates (UAE) in 2000. The Securities and Exchange Commission in Saudi Arabia was inaugurated in 2003 and the Qatar Financial Markets Authority (QFMA) in 2005 through Law No. 33 of year 2005. This is an indication of tremendous interest in securities regulation in the last seven years although stock markets have been in existence in GCC countries for more than 20 years. Recent studies also suggest that the GCC stock markets are strongly co-integrated (Hammoudeh, Al-Eisa, and Al-Nsour 2003).

Suggested Citation

  • Sivakumar Velayutham & Thoraya Al-Hajj, 2008. "The Development of Securities Regulations in the Gulf Countries," Palgrave Macmillan Books, in: Accounting, Finance, and Taxation in the Gulf Countries, chapter 10, pages 217-238, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-0-230-61454-3_10
    DOI: 10.1057/9780230614543_10
    as

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