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39 Int'l Law. 373 (2005)
International Securities and Capital Markets

handle is hein.journals/intlyr39 and id is 387 raw text is: International Securities and Capital Markets PAUL A. MACKEY, WALTER DOUGLAS STUBER, ADRIANA M. GODEL STUBER, JEFFREY KERBEL, KEN KIYOHARA, KAREN BERG, BERT CHANETSA; MICHAEL HARTMANN, HAKK1 GEDIK, KAYRA C ER, DANIEL BUSHNER, AND ALLEN & OVERY LLP* I. Developments in the Arab Middle East A. REGIONAL 1. The Unified Arab Bourse The Union of Arab Bourses agreed to establish a unified Middle East stock exchange. The Unified Arab Bourse (the Exchange) will be located in Cairo, Egypt, and led by the soon to be established Arab Stock Exchange Board. The Exchange will be independent from the individual country securities markets and their respective securities regulators. The Exchange will have its own rules, including those covering stock listings, broker/deal- ers, disclosures, and trading settlements. It is not clear at this time whether or to what extent foreigners will be afforded access to the market. Trading on the Exchange is planned to begin in early 2005 and is projected to further economic unity within the region. 2. IOSCO Islamic Capital Market Report The International Organization of Securities Commissions (IOSCO) formed a task force to study and report on the development and regulatory issues relating to the Islamic capital market. The Islamic Capital Market Task Force issued its report, the Islamic Capital Market *Section I, Developments in the Arab Middle East, was contributed by Paul A. Mackey; Section II, Devel- opments in Brazil, was contributed by Walter Douglas Stuber and Adriana M. Gtdel Stuber, Stuber-Advo- gados Associados, S~o Paulo, Brazil; Section III, Developments in Canada, was contributed byJeffrey Kerbel, Bennett Jones LLP, Toronto; Section IV, Developments in Japan, was contributed by Ken Kiyohara, a parmer at Ashurst, Tokyo; Section V, Developments in the Netherlands, was contributed by Karen Berg, an advocate at De Brauw Blackstone Westbroek P.C. in New York; Section VI, Developments in South Africa, was con- tributed by Bert Chanetsa; Section VII, Developments in Switzerland, was contributed by Michael Hartmann, Rinderknecht Klein & Stadelhofer, Zurich, Switzerland; Section VIII, Developments in Turkey, was contrib- uted by Hakki Gedik and Kayra Uq;er, Hergiiner Bilgen Ozeke, Istanbul, Turkey; Section IX, Developments in the United Kingdom, was contributed by Daniel Bushner, a parmer at Ashurst, London; Section X, Devel- opments in the United States, was contributed by members of Allen & Overy LLP, New York and London. 373

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