Aggregated News From Investment Management Regulators

EFSA Participates in the “IOSCO” Annual Conference


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• Sherif Samy: Successful participation of Egypt in the “IOSCO” Annual Conference
• Securities regulators discuss in their annual conference cooperation in combating money laundering and financial crime
• Sherif Samy: The “IOSCO” discusses the electronic risks and cooperation in combating money laundering and financial crime

A delegation from EFSA headed by Sherif Samy participated in the 42nd Annual Conference of the (IOSCO) and the Board of Directors meetings which were held this year in Jamaica for four days.

 Sherif Samy emphasized that the meetings discussed electronic risks faced by the financial markets and how to adapt information technology to support trading supervision and dealers’ protection.  Also, the meetings discuss liquidity risks of investment funds and how to strengthen the markets’ infrastructure.

He added that the IOSCO’s board discussed global trends on green finance and financial disclosures related to companies’ climate impacts and the challenges of financing infrastructure projects in emerging markets. Also, it discussed mechanisms of international cooperation in combating transnational financial crimes.

Sherif Samy pointed out that in the meetings, the Authority presented the latest legislative and regulatory measures issued in Egypt to enhance protection of dealers’ accounts in capital market, identification of the final beneficiary, the rules set for the acquisition of securities companies in addition to  the issuance of the Egyptian financial valuation standards .

He pointed out that the Egyptian delegation participated on the sidelines of the events in the meetings of the most promising and emerging markets committee. He added that side meetings were held with representatives of a number of Arab securities bodies.

 Also, EFSA’s Chairman added that Egypt welcomed the new skills development programs that were introduced by the IOSCO and which included training courses for distance education through the Internet, as well as a program held annually at Harvard University.

Sherif Samy  noted  that the IOSCO  is the most important international organization in setting the bases and rules of financial markets and the standards that each country seeks to adhere to in order to ensure the fairness, transparency and efficiency of the markets and manage risks associated with them. Its membership includes about 95% of the world’s financial markets, represented by about 120 supervisory bodies as well as a number of international and regional financial organizations.

Sherif Samy was elected as the first Egyptian to become a member of the IOSCO’s board of directors in 2014 and was re-elected in 2016.

Egypt is one of the countries which signed the Multilateral Memorandum of Understanding that was adopted by the IOSCO since 2013 and which serves as a framework for international cooperation in the exchange of information related to combating securities laws violations and how to consult, cooperate and exchange information in order to tighten controls on stock markets. He pointed out that the Capital Markets Authority of Kuwait and Qatar Financial Centre (QFC) Authority and the Abu Dhabi Financial Center signed the agreement this year.

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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