The evolution of legislation regulating the stock markets. A comparative study (France, Kuwait, Tunisia and Qatar)

Chaker Mzoughi

Private Law Dept. - College of Law - University of Qatar


Today, the stock exchange offers investors a wide range of securities, each with special objectives, according to the degree of risk, the desired outcome, or the required liquidity. This diversification aims to generalize investment in the financial markets and achieve real investment opportunities for small investors and attract foreign investors. The French, Kuwaiti, Tunisian and Qatari legislation for financial markets has witnessed a great development in order to attract more investors, mainly by strengthening the rules of governance and integrity and applying the highest international standards and best practices in this field. However, the various of these legislations, although collected by this common goal, the implementation of this purpose and the mechanisms for achieving it have differed from country to other. To what extent have the new legislations contributed to stimulating and encouraging investment in the mentioned financial markets? The study tries to answer this question by assessing the legislative structure of these countries in order to present practical proposals aimed at developing existing legislation. The study will be based first on the analytical approach through studying the current legislations related to the financial markets in the mentioned countries and addressing the extent of their effectiveness in attracting foreign and national investment to the financial markets.  The research is of great importance in legal and economic terms. As for legally, it represents an analytical study of the development of the legislations related to the rules of listing, disclosure and circulation of securities, as well as legislation related to resolving disputes arising within the financial markets. As for the economic aspect, the study will examine the economic feasibility of these legislations in relation to attracting national and foreign investment. Taking into consideration the provision of safe and efficient investment through technological tools remotely to avoid any conditions that may arise in the region. All of the above will be addressed in accordance with the theory of economic efficiency and methodologies for analyzing the economic effects of legislation. The importance of using the comparative approach is not hidden in this study. The comparison study aims not to lose the differences and similarities between the legal rules, but rather the comparison should be understood as a study of the legal rule in more than one law, so that the content of the rule is addressed in each law, the reasons for the difference and its economic effects and its implications for investment, and up to the evaluation of the solutions provided From every law and ending with the comparison between them, and this is very important, in light of the development of financial markets, and in light of the competition that these markets are witnessing in the region.


stock exchange law, foreign investors, comparative study