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FRA’s Chairman introduces the amendments to the Capital Market Law in front of the IOSCO Board

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Dr. Mohammed Omran – FRA’s Chairman and his Deputy participated in the meetings of the IOSCO Board   over two days in the Spanish capital Madrid.

The meetings covered many topics related to the IOSCO’s term of references, many of which are related to the emerging markets. The list of topics discussed included a comparison between the private and public offerings at the international and emerging market levels, as well as proposals submitted by the IOSCO’s specialized committees on developing the standards of international auditing and sustainable development in emerging markets.

Dr. Omran noted that the technology has occupied a big part of the meetings. He added that regarding technology,  the meeting focused on updates in  digital finance and  applications of artificial intelligence (AI)  in the areas of finance, market control, transaction analysis, that is besides giving a great attention to computerization and  all that are associated with privacy policy that is applied in non-banking  financial markets  and seeking electronic flexibility.

 Also, the meeting reviewed the mechanisms used for providing services in Capital Markets and the risks associated with them.   In addition, the meeting stressed on challenges faced by these parties regarding data confidentiality and taking all measures to protect personal data when connected to the network.

On the other hand, “Consumer Protection” took a big part of meetings and great attention from the Board members, particularly the so-called World Consumer Protection Week (WIW). Also, the meeting discussed how to deal with challenges facing – non-qualified investors- with low financial culture and who are not able to make prudent investment decisions. The meeting presented the risks of dealing with unlisted financial instruments and conflicts of interest in capital increase process and mechanisms to reduce them.

During the meeting, Dr. Mohammed Omran presented the Egyptian experience in the field of obtaining the independency of a regulatory body under the Egyptian constitution of 2014, its independency from the executive bodies and its impact on the Egyptian Capital Market.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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