Aggregated News From Investment Management Regulators

Judge Khaled El Nashar: We are studying the adoption of risk based supervision strategy


Please complete the required fields.

Judge Khaled ElNashar,  FRA’s Deputy Chairman revealed that the Authority  is keen to build its own capacities in order to interact with global changes and challenges faced by the regulatory bodies, this was through his participation and Mrs. Maha Kanz – General Manager of Financial Markets Development in a training program at Harvard Law School.  Judge Khaled ElNashar emphasized that the regulator can transform from setting rules and regulations governing non- banking financial activities and verifying compliance with these rules to a qualitative transfer of risk based supervision mechanism and evaluating different types of risks.

FRA’s  Deputy Chairman said that financial markets  all around the world are witnessing – now – the widespread use of information technology in financial services activities, whether by the parties operating in the market or by the regulators, this thing prompted securities brokers to use high technology to meet the regulatory requirements , either for what is related to reports needed to be submitted or for producing data that is to be kept, in addition to the urgent need for Information Technology to enable the Authority to perform its functions more efficiently to address the vast amount of required information related to different entities under FRA’s  supervision and control.

 He added that in the current decade, the world is looking to develop AI programs to detect transactions that are criminalized by trading rules in the markets, that is after a step that is taken by the National Stock Exchange of India Limited (NSE) to set rules that facilitate the process of knowing your customer through the E-KYC. He noted that this will reduce the burden of completing long paper documents by the client and reduce the time taken for this process. Therefore, this will have a positive impact represented in opening new accounts for clients and accordingly this will raise trading volume.

ElNashar noted that the program is designed exclusively for IOSCO members in cooperation with the Harvard Law School Program on International Financial Systems (PIFS -HLS) where participants received online training as well as 90 hours of education and training focused on current and future regulatory challenges and related issues, such as cross-border transactions whether in terms of setting rules, monitoring and compliance. The program also discussed the importance of cooperation and coordination to strengthen regulatory capabilities among regulators.

Professors of Law and Economics from Harvard Law School, Hong Kong, Oxford and Georgetown Universities delivered lectures in the program.  That is besides number of representatives of regulatory entities related to financial services’ industry and IOSCO’s experts who attended the program.

Source link

Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

Recent Articles

SEC Charges Former Pharmaceutical Global IT Manager in $8 Million Insider Trading Scheme

Washington D.C., Sept. 17, 2021 — The Securities and Exchange Commission today announced insider trading charges against Dayakar R.

SEC Awards $11.5 Million to Two Whistleblowers

Washington D.C., Sept. 17, 2021 — The Securities and Exchange Commission today announced awards of approximately $11.

Issuance of Executive Order Imposing Sanctions on Certain Persons with Respect to the Humanitarian and Human Rights Crisis in Ethiopia; Ethiopia General Licenses and...

The President has signed a new Executive Order Imposing Sanctions on Certain Persons with Respect to the Humanitarian and Human Rights Crisis in Ethiopia.  OFAC has...

CVM suspends registration of 3 subsidized companies

This post was translated by Regulatory.News for informational purposes only; the content below is not an official translation from the regulator. See the content...

CFPB Report: Renters at Risk as COVID-19 Safety Net Ends

Stimulus Checks and Other Payment Relief Linked to Renters’ Financial Stability WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a report warning...

Get the latest from Regulatory.News in your inbox!