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Tue 19 Feb 2008 06:50 PM

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CBB agrees cooperation with IOSCO

Central Bank of Bahrain joins information sharing network with other exchange regulators.

The Central Bank of Bahrain (CBB) has become the first national capital market regulator in the GCC to join the information sharing network of global securities regulators, the Bahrain news agency announced on Tuesday.

The CBB has been accepted as a member of the International Organisation of Securities Commissions' (IOSCO's) information sharing network, which aims to raise the standards of cross-border cooperation among securities regulators and fight cross-border violations.

IOSCO has 200 members worldwide, but only 44 have been accepted as signatories to the IOSCO Memorandum of Understanding.

Ali Salman Thamer, director, capital markets supervision, CBB, said: "IOSCO's acknowledgement marks a major milestone in strengthening CBB's regulatory, supervisory and enforcement efforts in the Kingdom's capital market.

"Such international acknowledgements encourage us to continue our established policy of adhering to and applying international best practice."

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