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FRA’s Chairman: Enhancing Transparency and Combating Corruption are the most important goals of the Non-banking Financial Services Strategy

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• Dr. Omran: World-class training programs based on simulations of global markets
• Dr. Omran: Strengthening the technical experience of national cadres through benefiting from the international knowledge and expertise in corresponding bodies
• Studying the reduction of fees borne by the investor at Investor Protection Fund to 50%

Dr. Mohammed Omran – FRA’s Chairman announced that the Authority has prepared a study to expand the scope of coverage of the Investor Protection Fund using its strong financial solvency so that the mistakes conducted by the listed companies will be covered.   In this respect, it has been agreed with the Investor Protection Fund to reduce the fees borne by the dealers at 50% of the current cost.

This came during the opening remarks – this morning – in the international workshop organized by the Authority under the title “Methodologies used in regulating capital  markets” with the participation of persons  in charge of managing systems that regulate the largest international capital  markets which are characterized by the multiplicity of derivatives and stock exchanges.  Participants came for the first time in Cairo, including one of Senior United States District Judge   – U.S. District Court for the Southern District of New York
and foreign experts from the US Securities and Exchange Commission SEC, the Commodity Futures Trading Commission CFTC, Bloomberg and National Organization of Investment Professionals and The Financial Services Volunteer Corps (FSVC).

FRA’s Chairman  explained that the training course represents the first of training  programs series  held for  FRA’s employees to enhance levels of transparency and combat  corruption, achieve  better risk management and stability of the financial system – which are the main goals of the non-banking financial services strategy –  adding that FRA is  preparing  for the implementation of the National Strategy for Non-banking Financial Services in its final version (2018-2022) following the publication  of its final  version  at the next meeting  of FRA’s Board of Directors.

Dr. Omran added that the sessions would include a review of enforcement standards applied by of the U.S. Commodity Futures Trading Commission (CFTC) in both derivatives market and Cryptocurrency market. This besides discussing current issues facing financial regulators, as well as trading irregularities, market manipulation, cryptocurrency-related fraud and cyber attacks.  In addition, participants in the workshop will try to find tools to address these challenges as well as standards applied by of the U.S. Commodity Futures Trading Commission (CFTC) in both derivatives market and Crypto currency market. This besides discussing current issues facing financial regulators, as well as trading irregularities, market manipulation, crypto currency-related fraud and cyber attacks.  In addition, participants in the workshop will try to find tools to address this challenge and market oversight techniques to identify potential violations.

The workshop will also discuss the best practices in derivatives market and short selling. Participants in the workshop will receive a detailed presentation on short selling and the securities lending market, as well as introducing the benefits of short selling. Also, the workshop presents common concerns regarding using short selling.  On the other hand, the workshop will introduce different types of derivatives (options, futures, swaps), the role of derivatives in the market and its advantages. The speaker will present the difference between unlisted derivatives and   listed derivatives and provide examples for each.

The workshop will discuss the history of alternative trading systems in the United States, including the difference between the stock exchange and the secondary market, said Judge Khalid Al Nashar, FRA’s Deputy Chairman. Speakers will also present examples of other systems worldwide in the EU and Japan. Experts will discuss the differences between alternative trading venues and Exchanges. Speakers will share information about types of alternative trading venues, their advantages and regulatory approach in this regard. Also, Jed Rakoff – Senior United States District Judge presents the pros and cons of specialized courts. In addition, the workshop will discuss various types of sanctions and remedies used to remediate and deter those who would undermine securities markets and harm investors.

 Moreover, participants will focus on the US approach in regulating cyber security for exchanges, clearing houses and intermediaries.   Also, cyber security simulation will be conducted where a cyber event is played out with participants actively discussing what should be done during the event from the standpoint of the exchanges, clearing houses, intermediaries and most importantly the regulator.

The workshop will shed light on regulatory technology and its vital and influential role for intermediaries and investors. The experts will present the use of Regtech and how to reduce manipulation by using artificial intelligence program.

 FRA’s Chairman also invited media representatives who are interested in economic affairs to participate in the workshop , as discussions will be opened on the last day of the workshop with the speakers and in  the presence of  FRA’s and  the Egyptian Stock Exchange leaders and a number of public figures related to the capital market society.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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