2002 News Story

Shura Council approves most of proposed stock market system

At its regular meeting today, the Consultative Council (Majlis Al-Shura) endorsed 55 of the proposed 67 items in the bill relating to the system of the financial market with the other 12 items to be endorsed at the next session before the entire project is submitted to Custodian of the Two Holy Mosques King Fahd bin Abdulaziz for final approval. The Shura Council's finance committee has introduced some amendments, such as that the stock market commission be controlled by the labor system rather than as a legal entity linked to the Council of Ministers. Other provisions advise that the commission have a council comprising seven members appointed for a five-year period; and the establishment of a shareholder company at the stock market to ensure justice and transparency.