Assessing the environment, regulation, and selected problems of securities markets : a comparison of the United Kingdom with the Kingdom of Saudi Arabia and the United Arab Emirates

• Main Author: Alsuwaidi, Maryam Buti Mohamad Sultan
• Other Authors: Campbell, Andrew ; McCormack, Gerard
• Published: University of Leeds 2015
• Subjects: 340
• Online Access: http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.680544

The main objective of this thesis is to review, contrast and compare some of the key equity market regulations emanating from the United Kingdom, Kingdom of Saudi Arabia and the United Arab Emirates. The thesis has researched several key themes in each of these markets in an attempt to pinpoint the key regulatory frameworks that are either lacking or under-represented with specific relevance to KSA and the UAE. The thesis has studied disclosure & transparency issues in the three chosen jurisdictions as well as the role played by the capital market regulator in each of them. This study intends to provide a regulatory analysis to influence those regulations that should be implemented to adjust market practices as they affect the Saudi and the UAE capital markets. The capital market regulations and rules passed by the governments in these countries are instrumental in the overall direction that a market takes. The thesis examines the role of the United Kingdom's Financial Conduct Authority (FCA) compared to that of Saudi Arabia's Capital Market Authority (CMA) and the United Arab Emirates Securities and Commodities Authority (SCA). The research has found that key financial regulations such as those relating to market abuse, market conduct, transparency and corporate governance must be cognizant of the norms of the nation in which they apply. Furthermore, Saudi Arabia and to a larger extent, the UAE, have successfully emulated some of the key rules and regulations enacted in the UK to boost and build investor confidence. Having researched the rules and regulations in both Saudi and the UAE, the thesis finds that any perceived or actual lack of prevention of violations may be related to the financial authorities lack of intervention. Regulators in the GCC do not appear to move as swiftly nor take the necessary preventative measures as the UK's FCA does. With this in mind, the thesis concludes with recommendations including the reforms of capital market regulations in Kingdom of Saudi Arabia and the United Arab Emirates and with particular emphasis on transparency and disclosure, corporate governance and market abuse practices as well as the eventual adoption of the Twin Peaks model of regulatory reform which was recently championed by the Financial Conduct Authority in the UK.