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Abu Dhabi Securities Market (ADSM) in coordination with Securities and Commodities Authority (SCA) hosted Today high-level delegation representing the New York Stock Exchange (NYSE) and the U.S. Securities & Exchange Commission (SEC), whom are currently visiting UAE. Mr. Saif Sayah Al Mansouri, Manager of Finance & Management Affairs in ADSM, welcomed the visiting delegation in the presence of Mr. Ghannam Al Mazrouie Manager of Market Operation & Surveillance, Mr. Hamad Al Ali Manager of Clearing, Settlement & Depository, Mr. Saeed khouri Acting Manager of Market Awareness, in addition to other officials in ADSM. During the meeting several matters were discussed to open channels for the exchange of expertise, as well as encouraging and facilitating co-operation between ADSM and NYSE & SEC. Also, they highlighted the most important topics in the economic arena where they discussed the mechanism of coordination and collaboration between both parties.
The visiting delegation was updated on ADSM’s major developments and the mechanism of job rotation procedures applied through a tour in ADSM departments, where they have been given a detailed explanation about the nature of work in listed companies’ shares. The tour also included ADSM trading hall that shows the most modern techniques, in addition to the departments visit which gives sufficient clarification of the applied procedures as well rules and regulations in ADSM. The visiting delegation expressed their appreciation of the development level shown by ADSM, through using the latest and most modern techniques and systems technology, as well as the procedures and mechanisms.
For its part, the visiting delegation gave a detailed presentation to the brokers registered in ADSM, where they highlighted the topics of ETF’s Vs. Mutual Funds, the Depository Receipts, and the Compliance. The aim of this presentation was to take advantage of their experience in this field. Mr. Anthony Cavallaro, Vice President, Division of Enforcement, NYSE Regulation, is responsible for managing one of five departments within the Enforcement division of NYSE. As part of his responsibilities, Mr. Cavallaro manages a unit that investigates and prosecutes violations of SEC and NYSE rules and regulations. He is also responsible for managing the Enforcement division’s preliminary investigations unit and case management unit.
Mr. Robert Strahota, Attorney-Fellow in SEC, has worked on international securities law matter in the office of General Counsel’s international group and as an Assistant Director in the Office of International Affairs. His most significant accomplishments include: (i) development of the SEC’s technical assistance program for emerging markets from a largely adhoc arrangement into an integral OIA-managed program that currently delivers over $ 1 million of US AID-Funded assistance annually; and (ii) service as an on-site SEC advisor to the Polish Securities Commission, currently regarded as the best model for securities regulation in the former Soviet Union and Central Eastern Europe.
