The Financial Regulatory Authority (FRA) has maintained its membership with the International Organization of Money Market Authorities (IOSCO) for the fourth consecutive session, which will extend from 2020 to 2022.
The membership renewal comes after the FRA won elections as a representative of the Greater Middle East (GEM) region, the largest organisation in terms of number and geographical distribution of members.
FRA Chairperson Mohamed Omran expressed his pleasure at the election results announced by the IOSCO General Secretariat.
He noted that it reflects the sizeable international appreciation of the FRA’s watchdog role in Egypt by the international organisation concerned with setting standards for regulating and supervising financial markets in various countries.
It also reflects confidence in several other areas. This includes the FRA’s efforts in Egypt to build a stable financial system capable of reducing and absorbing any systemic financial weakness in non-banking financial services.
It also reflects appreciation of the supervisory measures to improve minority rights protection, which gives more confidence in the trading environment in the Egyptian market.
Omran added that the FRA will continue its usual activities in the organisation and defend the interests of the countries it represents. This is especially in the hopes and aspirations of Committee of Developing and Emerging Markets members, the largest and most important of IOSCO’s committees.
Omran noted that IOSCO is most significant globally for laying the foundations and rules for financial markets and the standards that each country seeks to adhere to. These standards ensure market fairness, transparency, and efficiency.
The organisation covers about 95% of the world’s financial markets, representing about 115 supervisory and regulatory bodies.
Egypt is one of the signatories to the multi-party Memorandum of Understanding (MoU) adopted by IOSCO. It is a framework for international cooperation in information exchange related to combating securities laws violations, and how to consult, cooperate and exchange information to tighten supervision on stock exchanges.