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In the Hungarian capital Budapest and during his participation in the IOSCO annual conferences, FRA’s Chairman stressed on the importance of sustainable finance and the need for information exchange among regulatory bodies

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Dr. Mohammed Omran, FRA’s Chairman participated in the IOSCO annual conference, the meetings of Africa/Middle-East Regional Committee (AMERC) and the Growth and Emerging Markets (GEM) Committee as well as the meetings of the new Board of Directors after its reformation and re-electing FRA as a Board member for the period from 2018 to 2020.

The meetings tackled challenges facing the global financial markets and the attendees stressed on the importance of the role played by regulatory bodies in achieving financial stability, markets integrity  and investors protection . During the meetings, Dr. Mohammed Omran stressed on the importance of sustainable finance as the world needs between $ 5-7 trillion annually until 2030 to achieve the goals of sustainable development. The world needs to provide between $ 1.5-2 trillion annually to meet the requirements of the Paris Convention on Climate Change. In addition, these funds can not be mobilized   unless there are sophisticated financial markets and mechanisms to support these goals.  Also, FRA’s Chairman emphasized that the IOSCO must have a significant role in this field.

Moreover, the meeting discussed the importance of information exchange among regulatory bodies. In addition, FRA’s Chairman stressed on the need to strengthen information exchange without prejudice to the protection of data privacy in the light of the tendency of some countries to put some restrictions to protect data privacy. The meetings dealt with many other important issues such as enhancing financial culture, raising awareness and protecting dealers as well as developing the technological structure of financial markets and the role of regulators in financial innovations that is besides other issues related to financial markets.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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