Re-electing CMA as an IOSCO board member and Arabic is an official language at the organization
29/05/2016

​During the 41st IOSCO annual meeting, The Capital Market Authority announced that it was re-elected as a member of the Board of the International Organization of Securities Commissions (IOSCO). The meeting was held in Lima, Peru during the period between 8 – 12 May 2016. H.E. Mr. Mohammed Abdullah Aljadaan, Chairman of the Capital Market Authority attended the meeting along with several CMA officials. A number of decisions were taken such as: the agreement to increase the role of emerging market countries in the decisions and actions of the organization by leveraging the leadership role in the board of the Organization's management and policy committees as well as accepting CMA and the United Arab Emirates, with the support of both Gulf and Arab countries,  suggestion to adopt the Arabic language as the fifth official language for the organization besides English, French, Spanish and Portuguese and amend the IOSCO By-laws accordingly.

The members reviewed what is done to increase the personnel performance level of the authorities regulating the financial markets through specialized training programs with well-known academic entities such as Harvard University in addition to regional workshops,  distance training which actually began by the organization launching a knowledge portal for research and training .

They also discussed how to activate liquidity in bond markets, the international collaboration between  regulatory entities by sharing information to facilitate applying the national rules and regulations as part of the terms of the "Enhanced"  multilateral Memorandum Of Understanding relating to consultation, cooperation and exchanging the organization's information. Furthermore, the projects on the current policies to regulate the capital markets in collaboration with the Financial Stability Board and have special attention from the G20 such as the basic principles related to the infrastructure of capital markets and aims to maintain the integrity and efficiency of financial systems, and to contribute to strengthening financial stability and economic growth. In addition to discussing the risks on the capital markets, specify and handle its various types and especially the risks arising from using the technology in capital market dealings.

The chairman held two bilateral meetings with the delegation of Qatar Financial Markets Authority and the delegation of the Capital Markets Authority of Kuwait during which they discussed issues of common interest, including those related to regulation of the financial markets and common challenges, such as the strengthening the leadership role of the Gulf states in the organization and pave the obstacles to the Gulf Co-operation in relevant fields.

Mr. Aljadaan also held a bilateral meeting with representatives of the International Forum of Independent Audit Regulators, during which they discussed the different views on regulating markets with regard to accounting standards and improve the level of transparency and strengthening the role of regulatory bodies in raising the investor's awareness and confidence in listed companies. They also discussed the aspects of joint cooperation in this field. Another bilateral meeting was held with one of the world's largest asset management companies which discussed aspects of investment in Saudi Arabia after the opening of the stock market to foreign investment.
The Capital Market Authority joined the IOSCO during its 35th annual meeting on June 2010 and was held in Montreal, Canada. Last March, the members of the IOSCO's Africa/ Middle East Regional Committee re-elected the Saudi Capital Market Authority as the committee representative at the IOSCO Board for the period between 2016 and 2018.

The IOSCO Board consists of 34 members and is responsible for managing the organization, forming its policies, approving its projects and issuing the necessary decisions especially under the growing responsibilities and role of the IOSCO on the international level, its relationship to the G20 and the Financial Stability Board and the tasks assigned to it by them.

The Capital Market Authority effectively participates in many of the IOSCO's Board committees. It is a member in the Growth and Emerging Market Committee and its steering committee as well. In addition, the CMA is a member of five different committees of the eight policy committees of the organization's Board; the Committee on Regulation of Secondary Markets,  Regulation of Market Intermediaries Committee, Investment Management Committee, Commodity Derivatives Markets Committee, and the Committee on Retail Investors. and it has a membership as an observer in the Committee on Emerging Risks.