In a new appreciation of the active role played by the Financial Regulatory Authority (FRA) within the International Organization of Securities Commissions (IOSCO), FRA won the membership of the IOSCO Board where it retains its seat for the fourth consecutive session (2020-2022) after winning the elections as a representative of the Growth and Emerging Markets Committee (GEMC). It is worth mentioning that the Growth and Emerging Markets Committee (GEMC) is the largest committee within IOSCO in terms of number and geographical distribution of members.
Dr. Mohammed Omran – FRA’s Chairman expressed his happiness with the result of the elections declared by the IOSCO’s General Secretariat, adding that this reflects the international appreciation of the Egyptian regulator by an international organization concerned with setting the control standards that regulate and monitor the financial markets all over the world. He emphasizes that it is a sign of trust in the efforts exerted by the Authority to create a sound and stable financial system capable to reduce and absorb any financial weakness in the non-banking financial services system. Also, this shows that the IOSCO appreciates the regulatory measures taken to enhance protection of minority rights, which gives more confidence in trading climate in the Egyptian market.
Dr. Omran adds that FRA is continuing its mandated areas of activity within the Organization and defending the interests of the countries it represents, in particular the hopes and aspirations of the (GEMC) member countries.
Dr. Omran asserts that the IOSCO is the most important international organization in setting the foundations and rules of the financial markets as well as the standards that each country seeks to adhere to in order to ensure the fairness, transparency and efficiency of the markets and the management of the risks associated with them. The IOSCO includes in its membership about 95% of the world’s financial markets, represented by about 115 regulatory and supervisory bodies as well as membership of a number of international and regional financial organizations. In addition, Egypt is one of the countries which signed the multilateral memorandum of understanding adopted by the IOSCO which serves as a framework for international cooperation in the exchange 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 for the first time Egypt was elected for the membership of the IOSCO Board (2014-2016).