RIYADH, 25 December 2002 —The Shoura Council endorsed 55 clauses of the stock market bill and the remaining 12 clauses will be taken up in its next session before the bill is submitted to Custodian of the Two Holy Mosques King Fahd, Al-Eqtisadiah reported yesterday.
Dr. Abdulrahman Al-Jaafary, chairman of the finance committee of the council, presented a report at the meeting and fielded questions raised by members. He said the committee introduced some amendments to certain provisions in the bill.
One of the provisions called for the establishment of a stock market commission with judicial powers and reporting to the Council of Ministers. Those working at the stock market would be governed by the labor law.
Another provision stipulated that there would an executive authority at the commission responsible for issuing orders and instructions. This authority would run the market and money exchange besides issuing regulations and protecting citizens from wrong practices.
There was also a provision approving the powers of the commission which included formulation of policies and plans and suspending the activities of the stock market for one day when necessity arose.
It was also proposed that the commission should have a council comprising seven members working for five-year term.
The Shoura Council members endorsed by 83 votes the 20th provision which calls for the establishment of shareholding company at the stock market to ensure justice and operational transparency. Provision No. 25 calls for the establishment of an arbitration committee to settle disputes at the stock exchange.
