Capital Market Authority issues a resolution to restructure Palestine Securities Exchange
2010-02-24
Ramallah- Al Quds Newspaper- the Palestinian Capital Market Authority issued yesterday a resolution to restructure Palestine Securities Exchange. The Authority stated in a press release that this decision seeks to apply the international standards that are related to organize the market and the governance of Clearing, Depository and Settlement Centre (CDS), and came after long negotiations with the stock market in order to attain a leadership for Palestine Securities Exchange among the region. Under this resolution, two companies will be established; the first will handle the missions of the regular market while the other will handle depositing and settling the securities, in which to accomplish the separation between the market and the CDS Centre in legal and administrative terms. The resolution also specify the general basics for the governance of CDS centre through the supervision of the related parties in the board of directors in addition to appointing two independent members in the board. The resolution demanded the market to set a plan for listing its shares for trading, in light to the National Economy Minister’s approval to convert the PSE into a public shareholding company. The authority assured that this resolution will contribute heavily in enhancing the confidence of the local and foreign investor in the securities sector and investment in Palestine.
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