The Capital Market Authority (CMA) and the General Commission for the Guardianship of Trust Funds for Minors and their Counterparts (Wilayah) signed a crucial cooperation and coordination agreement during the Capital Market Institutions Forum in Riyadh. This landmark agreement aligns with the Law of the General Commission for the Guardianship of Trust Funds for Minors and their Counterparts, ensuring collaborative efforts in overseeing funds and securities within Wilayah's jurisdiction. The signing ceremony, attended by key figures including CMA Chairman Mohammed bin Abdullah Elkuwaiz and Wilayah Chairman Mohammed bin Abdullah Al-Aqla, solidifies the commitment to streamline procedures related to anonymous owners of funds and securities. The agreement outlines comprehensive steps, including inventorying, categorizing, transferring, and managing investments in stages, with a focus on joint stock companies whose owners are unidentified. The CMA Deputy for Market Institutions, Raed Ibrahim Al-Humaid, and Wilayah Vice Chairman for Investment and Fund Development, Ahmed bin Abdulmohsen Al-Rumaih, represented their respective authorities in the agreement. Both entities agreed on roles and responsibilities, emphasizing the collaborative effort to safeguard investor interests. The CMA highlighted its dedication to protecting the investments of all investor categories, fostering confidence through a fair and transparent investment environment. The collaboration supports Wilayah's powers outlined in its Articles of Association, managing the funds of individuals without legitimate heirs, absentees, missing persons, or anonymous persons. Wilayah underscored the agreement's alignment with its objectives to preserve, manage, and grow assets under its guardianship, adhering to an approved investment strategy. The collaboration between CMA and Wilayah signifies a milestone in bolstering oversight mechanisms and promoting investor trust within the capital market.
