A delegation headed by Dr. Mohamed Omran- EFSA’s Chairman participated in the IOSCO Board Meetings which was held at the headquarters of the IOSCO General Secretariat in Madrid, Spain. The meetings dealt with the current situation of the international financial markets and an overview of the expected risks related to the Capital Markets during 2018 and how to face it.
Dr. Omran pointed out that the two-day meeting discussed the obstacles facing the exchange of personal data between the member countries after applying Exchange of Information Act in the EU member states by May 2018. Also, the meetings discussed signing an administrative agreement governing the exchange of personal data between the EU countries and other Member States.
Also, discussions included e-risks and how to enhance the e-readiness in capital markets to counter cyber security threats and how to promote exchange of information between the regulatory bodies, regulator and markets’ dealers.
Judge Khaled Elnashar – EFSA’s Deputy Chairman asserted that the schedule of the IOSCO’s Board was keen to present the determinants of risk disclosure related to climate or environmental change and the sustainability reports through which companies and institutions disclose the economic, environmental and social impacts of their daily activities. He added that these reports show the link between the companies’ strategy and its commitment to a sustainable global economy.
He added that ISOCO – established in 1983 – is the most important global organization in laying the foundations and rules of the financial markets and standards that each country seeks to adhere to in order to ensure the fairness, transparency and efficiency of markets and risk management associated with them. Its membership includes about 95% of the world’s financial markets, represented by about 120 regulatory bodies as well as membership of a number of international and regional financial organizations. Egypt is one of the countries that sign a multilateral memorandum of understanding adopted by the IOSCO which serves as a framework for international cooperation in exchanging of information related to combating violations of securities laws and how to consult, cooperate and exchange information in order to tighten controls on Stock Markets.
It is worth mentioning that Egypt had first elected to the membership of the IOSCO for 2014 – 2016 and was re-elected in May for a new session.