Friday, December 3, 2010

SC strengthens ties with Qatar Financial Markets Authority

KUALA LUMPUR: The Securities Commission Malaysia (SC) has entered into a Memorandum of Understanding (MoU) with the Qatar Financial Markets Authority (QFMA)'' to strengthen the relationship between Malaysia and Qatar and foster closer regulatory ties and cooperation.

The MoU was signed here on Friday, Dec 3 by the SC Chairman, Tan Sri Zarinah Anwar and QFMA chief executive officer Nasser Ahmad Al-Shaibi.

In a statement, the SC said the MOU sought to strengthen cooperation and develop deeper ties between the capital market regulators of Qatar and Malaysia, and reiterates their commitment to strengthen cross-border enforcement and enhance overall investor protection.

Zarinah said that in an increasingly complex financial environment, it was important for regulators to continue to strengthen their cooperative networks through greater information-sharing and collaboration in capacity building.

Al-Shaibi said the MOU clarified the importance of the exchange of technical support between the Authorities in matters relating to the regulation of the securities industries.'' "The Authorities will also work together to determine the training and technical needs for the development of the stock markets for both countries, subject to the availability the appropriate expertise and resources,' he said.

The MoU establishes a framework for assistance and mutual cooperation to facilitate the supervision and enforcement of the respective capital markets in Malaysia and Qatar, the exchange of technical knowledge as well as collaboration in areas of mutual interest between the two regulators.

The SC has signed 29 MoUs with regulatory counterparts since 1994 as part of its commitment to strengthen international cooperation in securities regulation.

The SC is also a signatory to the International Organisation of Securities Commission's Multilateral Memorandum of Understanding, a global information-sharing arrangement among securities regulators.

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