Chairperson of Egypt’s Financial Regulatory Authority (FRA), Mohamed Omran, has been elected Chairperson of the Growth and Emerging Markets Committee (GEMC) at the International Organization of Securities Commissions (IOSCO).
The other candidate in the election to the role, in which 91 member states voted for the committee, was a Brazilian.
By assuming this new position, the Egyptian representative becomes Vice-Chairperson of IOSCO for the first time in the 130-year history of the Egyptian capital market. Omran also represents IOSCO in the plenary sessions of the Financial Stability Board (FSB).
He has two deputies, the first being Sergey Shvetsov, a First Deputy Governor of the Russian Central Bank, whilst the second is Yusuf Kaya, a member of the Board of Directors at the Turkish Capital Markets Board.
Omran said that he pledges to continue the FRA’s activity as usual within the IOSCO, and to raise its performance.
This aims to achieve the aspirations of the Egyptian state in leadership at the regional and international levels, whilst also aiming to achieve the hopes and aspirations of the member states of the GEMC.
He stressed that the FRA’s election underlines international appreciation for the role the Egyptian state plays in its contributions to supporting developing and emerging countries.
It also reflects the international appreciation for reform and development measures, especially in developing the non-banking financial sector and developing its markets.
He noted that the GEMC is one of the largest committees of the IOSCO, with over 75% of its members from among securities controllers being regular members of the organisation.
The committee has 112 members, including 91 members with the right to vote, in addition to 21 participating members who do not have the right to vote.
The IOSCO plays a major role in shaping the global financial regulatory framework, and occupies a seat on the plenary session of the FSB. This is in addition to the organisation holding a seat on the supervisory board of the International Financial Reporting Standards (IFRS).
Countries seek to adhere to the IFRS with the aim of ensuring fairness, transparency, and efficiency of markets, as well as managing the risks associated with them. The membership to the organisation, which currently stands at 229 members, includes about 95% of the world’s stock market observers.