Union of Arab Securities Authorities.

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The Emirates Securities and Commodities Authority (ESCA) and the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) entered into an MOU to enhance cooperation and to foster financial innovation, thus meeting the needs of UAE-based capital markets.

This partnership was formed following close discussions and continuous coordination between the two parties to support the country's economic development and push up its growth levels.
The MOU provides a framework for SCA and FSRA to exchange and share information pertinent to innovation, regulatory approaches to financial innovation, and economic and commercial developments that impact their jurisdictions. It enables the two sides to support and facilitate financial and fintech-related activities with a view to serving the UAE financial services industry.

 

The Securities and Commodities Authority (SCA) entered into an agreement with Xerox to build a new system that facilitates the provision of its core services. The system covers all services provided by SCA's technical departments, specifically those provided by the Supervision, Licensing, Issuance, and Enforcement departments.

In creating this system, Xerox engages the services of OpenText, a major global company specialized in the development of such similar systems.

The purpose of the agreement is to develop a user-friendly and comprehensive system that aims at expediting procedures and connecting all of SCA's technical and non-technical departments through a single platform.

 

The Capital Market Authority (CMA) and the Saudi Arabian General Investment Authority (SAGIA) have signed a Memorandum of Cooperation (the Memorandum) to set up a collaborative framework to be followed by the CMA and SAGIA when preparing the regulatory directives for allowing non-resident strategic foreign investors to own strategic stakes in listed companies’ share capital, a step that comes into play in light of the continuous coordination between the two bodies while taking into consideration the importance of achieving the highest level of cooperation that will serve to contribute to ensuring protection and fairness to capital market participants, and supporting the Kingdom’s investment environment in general.
Pursuant to the Memorandum, the CMA has undertook the mandate to prepare the regulatory directives for allowing non-resident foreign investors to own strategic stakes in listed companies’ share capital while coordinating with SAGIA in this regard. These directives will serve to set up an agreed upon regulatory framework, through which strategic foreign partners who enjoy the required experience and expertise, and who will contribute to transferring knowledge and technical know-how are attracted; thereby opening up new markets for companies listed on the exchange, and allowing them to realize their full potential.
Represented by the Capital Markets Authority, has been nominated to head the market development team during the annual forum meeting held in Istanbul in 2016. The market development committee of the Stock Exchanges Forum in the Organization of Islamic Cooperation Member States (COMCEC) began preparing a research project after being approved by the organization. This committee is part of four committees emerging from the Organization of Islamic Cooperation (OIC), which deals with economic and commercial issues of Islamic countries. The market development team is among four other teams under the Stock Exchanges Forum, which are as follows:

1) Market Development Team
2) Islamic Finance Team
3) Financial Education Team
4) Capability Constructing Team

The main function of the market development team is preparing initiatives in accordance with a clear scientific and methodological foundations after a thorough study of the capital markets in the Member States in order to achieve consistency, cooperation and exchange of experiences in the development of markets between member states.
The team, headed by the Capital Markets Authority in Kuwait, also seeks to provide an initiative to develop the capital markets infrastructure and the parties involved in the post-trading model. This initiative comes in line with CMA’s plans concerning the development of this model in the State of Kuwait and to enhance the experience gained during the previous period in this regard.
In addition, the CMA aims through this initiative to develop a clear path to encourage the Member States on the infrastructure of the Capital Markets and reinforce the principle of cooperation between member states to develop and exchange expertise in this area.
Capital Markets Authority (CMA) signed a memorandum of understanding on coordination and cooperation with the Ministry of Commerce and Industry to avoid duplication of control, and in an effort to coordinate cooperation in these fields and achieve harmony and integration of work mechanisms and procedures among the state’s entities, and to reduce the procedural burden on the public to achieve effective oversight and to ensure that the work is carried out to the fullest in a manner that ensures clarity, transparency and discipline.

 

The CMA and the Russian Capital Markets Authority signed a Memorandum of Understanding that marks a new level of cooperation between the authorities in both countries.


The Memorandum makes provisions for cooperation and information exchange in respect of all entities regulated by the Bank of Russia and the Capital Markets Authority of Lebanon.

The key areas of cooperation envisaged in the Memorandum are the following: assistance in detection and combating unlawful use of insider information and market manipulation, supervision and monitoring of compliance with applicable legislation in the financial sector, insuring transparency of financial market participants activities, as well as other issues within the competence of the Bank of Russia and the Capital Markets Authority of Lebanon.

Additionally, the Memorandum provides a framework for information exchange regarding consolidated supervision of financial groups conducted by the capital market authorities of both countries, and the regular exchange of information regarding developments in capital market supervisory regulations and policies at the Russian Federation and Lebanon, including information on any risks arising in both markets.

 

FRA signed a memorandum of understanding with the Arab Academy for Science, Technology and Maritime Transport, both parties agreed to hold series of briefings on FRA’s role and its activities in coordination with the staff of the Academy’s Department of awareness. That is besides arranging monthly lecture at the Academy on specialized activities under FRA’s supervision and participating in small projects prepared by the Academy. The Authority’s cooperation with the mass media in highlighting financial education activities would reach its message to students of universities, higher institutes and academies where students are estimated by 2.85 million in Egypt according to the latest statistics.

 

 

As part of the efforts to strengthen their cooperation and ensure the investors protection and the promotion of the integrity, transparency and efficient functioning of both financial markets, the Moroccan Capital Market Authority and the Regional Council for Public Savings and Financial Markets of the West African Monetary Union signed a specific Technical Assistance Agreement on Monday, February 27, 2017 in Abidjan.

The signing ceremony was held at the headquarters of the WAMU’s Regional Council of Public Savings and Financial Markets in Abidjan.
The Moroccan Capital Market Authority and the Ghana Securities and Exchange Commission signed a Memorandum of Understanding laying out the terms of bilateral cooperation between the two institutions.
The MoU aims to bring the two countries' capital markets closer together, particularly in terms of SME financing through capital market, market professionals licensing, financial education, encouragement of cross-border investment and promotion of the development of sustainable finance.

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