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Electing the Head of Financial Supervision as Chairman of the Developing and Emerging Markets Committee and Vice President of IOSCO


In a new international appreciation for the Egyptian state, the achievements being achieved at all levels, and the role it plays at the regional and international levels under the leadership of President Abdel Fattah El-Sisi, Dr. Mohamed Omran, Chairman of the Financial Supervisory Authority, was elected Chairman of the Growth and Emerging Markets Committee- GEMC, which is affiliated with the International Organization of Financial Market Supervisory Authorities - IOSCO - after competing with the candidate of Brazil in the elections in which 91 member states of the committee voted with the right to vote.

 

By assuming this new position, Egypt becomes Vice-Chairman of the Board of Directors of the International Organization of Securities Commissions (IOSCO) for the first time in the history of the Egyptian capital market since its inception, which is more than 130 years ago. IOSCO in the plenary sessions of the Financial Stability Board (FSB). Dr. Omran has two deputies, one of whom is the First Deputy Governor of the Russian Central Bank, and the second deputy is a member of the Board of Directors of the Turkish Capital Markets Board.

 

Dr. Mohamed Omran said that he pledges to continue the activity of the Financial Supervision Authority, as usual within IOSCO, and to raise its performance to the level that achieves the aspirations of the Egyptian state in leadership at the regional and international level, as well as to achieve the hopes and aspirations of the member states of the Developing and Emerging Markets Committee, the most important and largest committee of the International Organization of Financial Markets Hints. IOSCO.

 

In a press release today, Sunday, Omran stressed that this achievement could only be achieved for the position that the Egyptian state occupies at the regional and international levels, and the election of the Egyptian watchdog - for the first time in the history of the capital market - represents a strong tribute and an international appreciation for the role played by the Egyptian state. With its contributions to support developing and emerging countries, it reflects the international appreciation for reform and development measures, especially in developing the non-banking financial sector and developing its markets.

 

Imran noted that the Developing and Emerging Markets Committee is one of the largest committees of the IOSCO organization, and its members are more than 75% of the regular members of the IOSCO, as the number of its members is 112, among whom 91 have the right to vote, in addition to 21 participating members who are not They have the right to vote, including the fastest growing economies in the world and 10 members of the G20.

 

 He pointed out that the committee aims to promote the development of emerging stock markets and futures contracts and increase their effectiveness by setting basic principles and standards, providing training programs and technical assistance to members and facilitating information exchange and transfer of technology and expertise. The IOSCO principles for regulating supervision over securities represent the technical basis and evaluation criteria. The securities sector on which the financial sector evaluation programs of the International Monetary Fund (IMF) and the World Bank depend, after those standards were adopted by the Group of Twenty and the Financial Stability Board.

 

Omran explained that the IOSCO plays a major role in shaping the global financial regulatory framework, as it occupies a seat in the plenary session of the Financial Stability Board (FSB), in addition to a seat on the supervisory board of the institution specialized in the International Financial Reporting Standards (IFRS). The financial standards and standards that each country seeks to adhere to in order to ensure fairness, transparency, and efficiency of markets and manage the risks associated with them. The membership of the organization includes about 95% of stock market observers in the world, and the number of its members currently stands at 229 members.

 

Egypt is one of the signatories to the multilateral memorandum of understanding adopted by IOSCO, which is a framework for international cooperation in the field of exchanging information related to combating violations of securities laws, and how to consult, cooperate and exchange information for the purpose of tightening control over stock markets.

 

Egypt had retained membership in the organization’s board of directors for four consecutive terms, as it was elected for the first time in the organization’s history to membership in the board of directors for the 2014-2016 session.

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