In a new appreciation of the role played by the Financial Regulatory Authority and its activity within the International Organization of Securities Commissions (IOSCO),Egypt won the membership of the IOSCOBoard- represented in the Financial Regulatory Authority – where it retains its seat for the third consecutive session (2020 – 2018) after winning the elections as a representative of Africa / Middle-East Regional Committee (AMERC).
Dr. Mohammed Omran, FRA’s Chairmanemphasized that the result of the elections announced by the IOSCO General Secretariatreflects the appreciation and praise of the efforts exerted by the Regulator on non-banking financial services in Egypt to ensure a sound and stable financial system capable of reducing and absorbing any financial weakness in the non-banking financial system, and its ability to carry out regulatory reforms and related policy reforms. He added that retaining a seat in theIOSCO Board – for the third time in a row- shows the international appreciation given to the Regulator in Egypt by the International Organization concerned with setting international standards which regulates and monitors the financial markets.
He added that FRA is continuing its traditional core activity within the organization and defending the interests of the countries it represents.
Dr. Omran asserted that the IOSCO is the most important international organization in setting the foundations and rules of the financial markets as well as the standards that each country seeks to adhere to in order to ensure the fairness, transparency and efficiency of the markets and the management of the risks associated with them. The IOSCO includes in its membership about 95% of the world’s financial markets, represented by about 115 regulatory and supervisory bodies as well as membership of a number of international and regional financial organizations. In addition, Egyptis one of the countries which signed the multilateral memorandum of understanding adopted by the IOSCO which serves as a framework for international cooperation in the exchange of information related to combating violations of Securities Laws and how to consult, cooperate and exchange information in order to tighten controls on Stock Markets.
It is worth mentioning that for the first timeEgypt was elected for the membership of the IOSCO Board (2014-2016).