Arab Securities Authority meeting draws up recommendations

Abu Dhabi : Chief Executive of the Emirates Security and Commodities Authority (SCA) and Secretary-General of the Union of Arab Securities Authorities (UASA) Abdullah Al Turaifi recently attended the UASA's fourth annual meeting.

The event, which was inaugurated by Syrian Minister of Finance, Mohammad Al Hussain, was attended by the heads of Securities Authorities from 12 Arab member countries, as well as the host country, Syria.

Dr Mohammad Al Imadi, Chairman of the Syrian Commission on Financial Markets and Securities (SCSMS), took over the UASA presidency from the Dr. Abdul Rahman Al Tuwaijri, the Chairman of the Saudi Capital Markets Authority.

At the meeting, the members studied the report submitted by the General Secretariat of the UASA on the general framework of the financial market regulators and dealers.

They also looked at the report on developing common control, monitoring and supervision systems and the report on restructuring the financial sector in the member countries.

They recommended that member countries should submit the regulations and legislations applicable in their respective countries, with detailed features and standards.

Consultation

This will enable the General Secretariat to study these regulations and, in consultation with members, select the one that best complies with modern international standards.

During the event, a suggestion was made to hold a meeting for the regulatory bodies (central banks, ministries of finance and regulatory authorities on financial markets) under the umbrella of the Arab Monetary Fund. The General Secretariat was tasked with this initiative.

The members also expressed renewed confidence in Al Turaifi as Secretary-General. Al Turaifi will continue to handle the position for a period of three months as the substantial duties and responsibilities accompanying the position require a person who is not engaged in any other occupation.

In his speech during the opening session, Al Turaifi said that the meeting is a renewal of confidence in the UASA and in the role it plays in bridging the gaps among the regulatory bodies.

Two regulatory bodies sign cooperation deal

The Securities and Commodities Authority (SCA) and the Palestine Capital Market Authority signed a Memorandum of Understanding (MoU) on promoting cooperation, facilitating the exchange of data, joint listing of companies and protecting investors in securities markets.

The agreement was signed here by CEO of SCA Abdullah Al Tarifi and Chairman of the Board of Palestine Capital Market Authority Maher Al Masri on the sidelines of a conference held in Damascus, Syria by the Union of Arab Stock Exchanges.

SCA will provide the Palestine Capital Market Authority with training and expertise to increase the inflow of two-way investments, according to Al Tarifi in statements following the signing ceremony.

The two sides will make maximum efforts to hold annual meetings to review and assess joint work and cooperation initiatives.