Dr. Mohammed Omran – FRA’s Chairman left for Sydney, Australia to participate in the IOSCO Annual Meeting on May 13-17, 2019. This annual meeting is considered as an important platform for sharing ideas and strengthening cooperation between regulators from around the world.
Dr. Mohammed Omran explained that the meetings are scheduled to discuss the current conditions of the global capital markets, the expected risks related to the capital markets during the current period and how to deal with them in addition to discussing some organizational matters related to the IOSCO.
Dr. Omran said that the Authority would coordinate with developing countries and African countries to cooperate in developing securities markets, achieving stability and increasing their effectiveness. That is besides discussing developments occurred in the markets such as Fintech, Regtech, sustainable finance, green finance and other topics.
The meeting’s agenda includes the participation of FRA’s Chairman in various committees, including the Presidents Committee, which includes all heads of the member states of the Organization and Growth and Emerging Markets Committee, Which is the largest committee in terms of number and geographical distribution of members 2020. Also, FRA’s Chairman will participate in the IOSCO African-Middle East Regional Committee (AMERC) represented by the Authority’s membership in the IOSCO’s BOD 2018-2020.
Dr. Omran pointed out that the IOSCO is the most important international organization in setting the basis and rules of the financial markets and the standards that each country seeks to adhere to in order to ensure the fairness, transparency and efficiency of the markets and managing risks associated with them. Its membership includes 95% of the world’s capital markets, represented by about 115 regulatory bodies as well as membership of a number of international and regional financial organizations. He added that Egypt is a signatory to the multilateral memorandum of understanding adopted by the IOSCO, which serves as a framework for international cooperation in exchanging information related to combating securities law violations, and how to consult, cooperate and exchange information in order to tighten controls on Stock Markets.
It is worth noting that Egypt holds its seat for the third consecutive term (2020-2018) after winning the election as representative of the IOSCO African-Middle East Regional Committee (AMERC) since April 2018.