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Egypt was elected as the President of Mediterranean Partnership of Securities Regulators for the Next Two Years

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• Dr. Omran: We are aiming at greater regional cooperation in the field of disclosure, investment funds and market protection
• Dr. Omran: We are seeking to achieve close control on the financial markets and legislative frameworks governing these markets.

In an international appreciation of the regulator’s role in Egypt, the Egyptian Financial Regulatory Authority (FRA) was elected as the president of Mediterranean Partnership of Securities Regulators for the next two years, succeeding Italy for the next 2018-2020 session.

Dr. Mohammed Omran- FRA’s Chairman stated that Egypt’s participation in this event comes within FRA’s efforts to highlight the regional role of the capital market in Egypt and confirm its position in the international financial forums. He added that it was agreed that Cairo will host the next meeting of the Mediterranean Partnership 2019 in Sharm Sheikh and this was a strong indication that the Egyptian economy left a positive impression on Member States.

During his participation in the annual meetings of the Mediterranean Partnership of Securities Regulators, FRA’s Chairman affirmed that the regulator in Egypt has developed a strategic vision for economic development as part of Egypt Vision 2030. He added that the strategy seeks to build a market economy characterized by total stability, sustainable growth, competitiveness, diversity, a market that depends on knowledge and innovation, opening up to the global economy and adapting to the volatility of capital flows in Emerging Markets.

The Mediterranean Partnership is a consortium of financial market regulators of the Mediterranean countries that are members of the Mediterranean Partnership Agreement, which includes Egypt, Algeria, Tunisia and Morocco from the countries of the Mediterranean, as well as Spain, Portugal, Greece, Italy, France, Turkey and Cyprus

Dr. Omran pointed out that these annual meetings are great opportunity to discuss numbers of organizational differences among the member countries’. Moreover, he introduced the measures taken to increase the harmonization of the control systems on the financial markets in the member countries on the three axes of the partnership, namely regulating investment funds, availability of information on financial markets and anti-market manipulation.

 On the other hand, Judge Khalid El-Nashar- FRA’s Deputy Chairman presented the Egyptian experience in protecting investors. He introduced the procedures and controls adopted to protect shareholders’ rights. In addition, he presented the latest developments in the Egyptian capital market which is characterized by the existence of many of controls governing disclosure, allowing the provision of information at the same time to all investors on the same security.

El-Nashar added that member countries of the Mediterranean partnership exchanged their experiences and introduced the latest developments in the field of financial stability. Also, the meetings shed lights on the efforts exerted by international organizations -led by the IOSCO- to activate controls on financial markets and implement the G20 and the Financial Stability Board (FSB) recommendations in this regard.

It is worth mentioning that this partnership was established in March 2009 with the aim of supporting the member countries of the Mediterranean Partnership Agreement. It aims at achieving tangible progress in the level of regulatory convergence on non-banking financial markets and the legislative frameworks governing these markets, in order to increase the volume of mutual financial investments in the north and south of the Mediterranean region. Also, it is worth mentioning that Cairo hosted the annual meetings in May 2015.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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