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CMA participated in the meeting of the Board of Directors of the International Organization of Securities Commissions (IOSCO) held on 25-26 of Jumada II, 1438 H. corresponding to 22-23 of February, 2017, in Milan, Italy. Additionally, CMA also participated in the meeting of the Steering Committee of the Developing Markets Commission emerging from IOSCO, which was held on the sidelines of the IOSCO Board meeting. CMA's delegation in the two meetings was headed by H.E. Dr. Abdulrahman M. Albarrak, CMA's Board member.
During these two meetings, a number of topics were discussed relating to regulating financial markets, common challenges and potential risks in these markets, particularly with regard to the security of information.
In the meeting, IOSCO Board discussed global economic developments and their impact on financial markets. The meeting also discussed developments in the financial services technologies (Fintech) and the challenges facing authorities supervising financial markets in this regard, as well as surveillance mechanisms to limit their risks to investors.
The meeting gave representatives of member states the floor to provide their expertise in this regard. In addition to that, IOSCO presented and discussed the projects that will be engaged in during the coming time period, according to the priorities set by the Board. IOSCO Board also discussed developments relating to international cooperation in terms of exchange of information between the regulators of financial markets, and its impact on the laws and regulations relating to enforcement to strengthen the protection of investors in these markets.
As for the meeting of the Steering Committee of Developing Markets, ways to strengthen cooperation between member states and facilitate the provision of information on financial markets were discussed, in addition to projects that the Committee will be working on during the coming time period.
It is worth mentioning that IOSCO is comprised of (214) members from agencies and authorities regulating the financial markets. IOSCO enjoys an active presence in the fields of organization and development of standards and principles organizing financial markets. IOSCO has a Board of Directors of (34) members. CMA has been re-elected for membership in IOSCO Board of Directors for the 2016-2018 term.
In addition to its membership in the IOSCO Board, CMA is actively involved in many of IOSCO's committees; it is a member in the Developing Markets Commission and in its Steering Committee; and a member of the Regional Commission for Africa and the Middle East; in addition to CMA's membership in (6) various commissions of the eight policies commissions of IOSCO, as well as CMA's membership in the Emerging Risks Committee.
