The CMA participated in the International Organization of Securities Commissions (IOSCO) Board’s meeting held during 21-20 October 2016 in Hong Kong. The CMA’s delegation was headed by H.E. Mr. Mohammed Bin Abdullah Al-Jadaan, Chairman of the Board of the CMA. During the meeting, several issues related to the financial markets regulation and common challenges were discussed by the member states.
The Board discussed the global financial markets developments as well as their various emerging risks. The Board also viewed a report on corporate governance of emerging countries along with the latest developments of the regional training hub, to be launched in Malaysia under the sponsorship of IOSCO. Furthermore, the meeting highlighted raising the performance level of regulators’ member staff by developing the IOSCO’s online research and training portal.
The members discussed the importance of international cooperation in information exchange among the regulators of financial markets given its major role in facilitating the enforcement of laws and regulations and promoting investor protection. The members also discussed IOSCO’s current projects as to the regulation of financial markets in cooperation with the Financial Stability Board (FSB) which particularly form a high concern to the G20. Those projects included asset management and market conduct regulation. Strengthening the role of IOSCO in the IFRS Monitoring Board was also discussed.
Among the topics that were brought up to the surface was the re-organization of the IOSCO Board’s tasks and prioritizing what to be focused on in the upcoming stage and how the Board handles the tasks of IOSCO’s committees in order to contribute to increasing the Board’s efficiency.
IOSCO has 214 members of the authorities and regulators of financial markets and enjoys an active presence in the areas of regulation and development of standards and principles governing financial markets.
Apart from its role in the Board of IOSCO, the CMA is actively involved in many committees of the Board, such as the Growth and Emerging Markets Committee (GEMC) and its steering committee, in addition to being a member in both the Committee for Emerging Risks (CER) and the Africa Middle East Regional Committee (AMERC) as well as (6) different committees of the IOSCO Board’s eight policy committees.
The CMA continues to strengthen its regional and international relations with the organizations, authorities and institutions operating in the area of capital market regulation and surveillance. It also seeks to benefit from the latest international experiences and practices in relevant fields through its membership in a number of regional and international organizations such as IOSCO, the Union of Arab Securities Authorities (UASA) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The CMA believes that this has positive implications which will hopefully bring in benefits for the Saudi capital market in line with the Kingdom’s Vision 2030.
