CMA, Wilayah sign cooperation agreement to maintain investors’ funds

The Capital Market Authority (CMA) and the General Commission for the Guardianship of Trust Funds for Minors and their Counterparts (Wilayah) signed a cooperation and coordination agreement today, Nov. 30, regarding the funds and securities in the capital market that fall under the jurisdiction of Wilayah authority as per Law of the General Commission for the Guardianship of Trust Funds for Minors and their Counterparts, according to a statement.
 

The agreement aims to complete the procedures for counting all funds and securities owned by anonymous persons, and any new relevant securities provided that the same shall be followed by working on what concerns other classes within the duly competencies of Wilayah, by virtue of the Law of Wilayah and enabling Wilayah to practice its duly competencies towards the shares of the joint stock companies prepared for offering, whose owners have not been identified, located, or reached.

The process will involve inventorying, categorizing, transferring, and managing the investment of funds and securities in several stages. Both authorities have agreed on the roles and responsibilities assigned to each party in the agreement, the statement added.
 

“This collaboration stems from CMA's commitment to fulfilling its role in protecting the investments of all investor categories.", confirming that CMA is continuously working on enhancing the investors' confidence by creating a fair and transparent investment environment based on procedures and rights that are clear for all capital market investors and participants," said the regulator.
 

Meanwhile, Wilayah emphasized that the agreement aligns with its powers stipulated in Article (2) of its Articles of Association which set out Wilayah competences in managing the funds of those have no legitimate heirs, absentees, missing persons or anonymous persons. Also, the Agreement comes in line with Wilayah objectives to preserve, manage, and grow the assets under its guardianship, following an approved investment strategy.