Securities Authority establishment approved

The Supreme Committee to establish the stock market approved Monday a proposal for forming a board of directors for the Securities Authority, consisting of a chairman and four full-time members.

The committee, chaired by Finance Minister Nu’aman al-Suhaybi, also approved referring the final draft decision on the establishment of the Securities Authority to the Council of Ministers for discussion and approval at its next weekly meeting.
 
Also the committee approved a plan submitted by Jordanian experts to set up the stock market in Yemen and its financial cost, completing the existing deficiencies in the plan according to the memorandum of understanding signed between the two sides.
 
Moreover, the committee endorsed the determination of salaries and incentives for those who fill the jobs at the Securities Authority with a decision by the Council of Ministers.

In the meeting, al-Suhaybi pointed out the importance of setting up the Securities Authority, as it would adopt the completion of necessary steps to establish the stock market. He noted the need to avail from the experience of Jordanian experts and to expedite in determining job descriptions for the chairman and members of the Securities Authority and adherence to the terms of the memorandum.
 
Al-Suhaybi alluded to the role of the executive unit of the stock market in developing proposals relating to the transitional phase that would follow the authority establishment.
 
Ministers of Industry and trade, and Communications and Information Technology, the Central Bank of Yemen (CBY)’s Governor, and representatives of Ministry of Legal Affairs and the Yemeni Banks Association attended the committee’s meeting.

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