Union of Arab Securities Authorities.

Education and Awareness

  

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On Wednesday March 6.2013, Jordan Securities Commission (JSC) will hold a workshop in its headquarter concerning the “Instructions of Issuing Companies Disclosure, Accounting & Auditing Standards for the year 2004 & Preparing Annual Reports of Public Shareholding Companies”.
This aim of this workshop stems from the Commissions’ duties & responsibilities to spread the awareness & culture of investing in the securities market among all concerned parties. As well as, to stress the importance of disclosure & transparency to all listed companies in the Amman Stock Exchange (ASE).
The ‘Workshop’ will emphasize the importance of the Instructions of Disclosure for Public Shareholding Companies in the capital market & the exchange of ideas & suggestions with the representatives of these companies.
Furthermore, the ‘Workshop’ will concentrate on proper methods to be used when preparing Annual reports. It will also indicate major mistakes of previous years’ Annual Reports & how to avoid this in the future. Moreover, it will deal with Periodic Data & Reports used as the main reference to any investment decision in the market & preparing these to cope with the Securities Law & the Instructions of Issuing Companies Disclosure, Accounting & Auditing Standards for the year 2004.

Ref:
http://www.jsc.gov.jo/News/Nws_NewsList.aspx?Type=P&lang=3&Site_ID=1&CATID=20&menu_id2=245#11

 

The Securities and Commodities Authority's Training Center (SCATC) organized a training course titled “Portfolios: Risk Analysis and Assessment Instruments". The course examined an array of rules for managing funds and portfolios, such as the modern portfolio theory, asset allocation, and investment persity. It gave an overview of investment management, mutual fund types, mutual fund strategies, risk measures, and performance assessment.

  

As part of the National Investor Awareness Project initiatives, the Securities and Commodities Authority (SCA) held an awareness-raising seminar titled “Stock Portfolio Construction and the Difference between Investment and Speculation in Financial Markets". The seminar—tailored for investors, brokers, and financial analysts at UAE-based brokerage firms— was organized in collaboration with the Abu Dhabi Securities Exchange (ADX). It discussed the most important investment- and speculation-related concepts and how to construct a stock portfolio that takes risk and return into consideration, as well as the possibility to extend such portfolio to include other assets, such as bonds and commodity derivatives.
Securities & Commodities Authority (SCA) held a panel discussion on “The Position of Financial Markets in the UAE". The panel outlined the key achievements of the SCA attained recently, especially in relation to the development of the regulations concerning the mutual funds, primary market, and governance requirements, and occupying advanced ranks on the World Bank competitiveness indexes, and the launch of the Islamic capital market development strategy.
Syrian Commission on Financial Markets and Securities (SCFMS) launched a work shop concerning the New International Auditing Standard (IAS) No (701), under the title “The Notification of the Key Audit Matters in the Independence Auditor’s Report.”
The workshop discussed the importance of applying the New International Auditing Standard (IAS) No (701), Because of its role in achieving the consistency, and the possibility for comparing the various Joint – Stock Companies’ Financial Reports with them in many other countries, in addition to the importance of the high efficiency and the safe scientific methods at the work of the Accountings’ Auditors.

 

The Strategic Framework for the Re- Structuring Process in Syria, the Dynamic Relation Between the Securities’ Prices Index and the Exchange’s Prices, and the Evaluation of the Banks’ Capability for Handling the Financing’s Risks, are the most important topics at the First Scientific Conference for the Management, Financing and Economy, which is organized by the Private International Arabic University, in collaboration with the Ministry for High Education, at Sheraton Hotel, Damascus.

Because of the Syrian Commission on Financial Markets and Securities’ (SCFMS) adherence to have the necessary high professional qualified accredited Compliance Officers, at the Financial Services and Intermediary Companies to conduct their works.
The Syrian Commission on Financial Markets and Securities’ (SCFMS) organized a Training Course to qualify number of nominated for accredited Compliance Officers. The lectures tackled a number of topics, the most important of them are:
- The working methods and procedures at the Financial Services and Intermediary Companies.
- The Importance and role of the control at the Financial Services and Intermediary Companies.
- The tasks and duties of the Compliance Officers.
In addition to an overview of the specific Regulations and Directives that are related to the work of the Financial Services and Intermediary Companies.
Islamic Finance News (IFN) returns to Oman with the IFN Oman Forum & Dialogue in partnership with the Capital Market Authority, Sultanate of Oman (Oman CMA) held at the new Grand Millennium Muscat Hotel. The Islamic finance sector in Oman has gone through a commendable growth rate, highlighting the growing prominence of Shariah compliant finance in its economy. Having hosted the IFN Seminar and Dialogue in 2016 together with the Oman CMA.
The Center organized a workshop held in Grand Hormuz Hotel on the new Code of Corporate Governance , with the participation of Chairman and members of the Board of Directors and the executive management of the company VOLTAMP Energy.

The program included and emphasize on the importance of companies and their status and principles for controlling economic institutions’ affairs according to good governance practices that ensure its safe conduct activities and achieve the best levels of performance. The agenda of the program introduced the participants to know the historical roots to establish the concept of governance and how it has become a necessity sought by the company in the conduct of administrative and financial affairs with a review of the experiences of international countries in activating the foundations and principles of corporate governance and their effects in improving their performance and ability to meet the challenges, crises and market volatility.
The workshop program included a definition of the main four bases of corporate governance which are; accountability, transparency, justice and responsibility, under which the six principles of governance come; which are, the general framework , shareholders rights, and equal treatment of shareholders, role of stakeholders, disclosure and transparency, responsibility of the borad, and mechanisms of the Board of Directors, and how governance practices reflect on the operational performance, improve productivity and enhance the efficiency of external capital level of confidence. With regard to the development of the members of the Board of Directors skills, the program included topics related to the nature of the work of the Board and the powers entrusted to it, and the importance of separating the executive management of the Baord and the nature of the structural composition of the Board and the quality of its committees and how they can be members of the Board and its committees shall exercise their powers while avoiding conflicts of interest the program dealt with .
It also reviewed how the formation an effective Board of Directors in a way that contribute to enhance performance and increase efficiency through the appropriate combination of members with their skills and abilities commensurate with the powers entrusted to them. The program also stressed the importance of independent member and how to choose them as the existence of independent members can provide more guarantees for market participants to secure their interests. It has been also identified the importance of the Board 's committees and the definition of the Standing Committees and functional commissions and the considerations that must be introduced when the formation of committees. The program also emphasized the role of the Secretary of the Board of Directors and the method of choosing so .
On the other hand , it devotes a large time of the program to talk about the role of the Board of Directors in developing a strategy and performance monitoring through which the Board can invest the available resources to achieve the company's goals and overtake expected challenges. And also it discussed how to achieve interaction between the Board of Directors and the executive management of the company, and how the governance can contribute to risk management as to talk about many topics related to the role of the Board in the disclosure of information, transparency and the development of systems and mechanisms so as to achieve greater clarity and enhance the level of customer confidence.
The first Corporate Governance Conference was held under the patronage of Qatar Financial Markets Authority (QFMA) and by organizing of Hawkama Center, supported by major banks and public shareholding companies in Qatar, during the one-day sessions, the conference highlighted the Governance Code for Companies & Legal Entities Listed on the Main Market, and the Corporate Governance Code for Companies listed on the Venture Market” issued by QFMA, as well as reviewing corporate governance practices at the local and international levels and presenting the international best practices and experiences.
This conference comes as a part of the QFMA’s implementation of its strategic plan under Qatar National Vision 2030 with anticipating a positive future vision that reflects the QFMA’s objectives based on the Qatar National Development Strategy and the financial sector objectives to enhance the public interest and improve the Qatari capital market. He also pointed out that such efforts culminated in the top ranking of the Qatari market among the Arab world according to most international classifications of the capital market in 2016, and upgrading the Qatari market to emerging market status in three of the largest international investment indicators.
CMA concluded the events of its first awareness program for 2017 through an awareness workshop which covered “Early warning indicators relevant to securities activities”.
The workshop covered various aspects, as the most important being:

• Importance of early warning indicators.
• Economic Indicators.
• Indicators related to combined financial positions of listed companies in Boursa Kuwait
• Indicators related to the activity of Boursa Kuwait
• General Index
“ Capital Markets Development in the State of Kuwait” was the title of CMA’s second annual conference. The one-day conference was held on Sunday March 26, 2017 in Sheraton Hotel. It was attended by officials concerned with economy and securities activities, in addition to representatives of listed companies and persons licensed by the CMA.

A number of local, regional and international experts took part in the conference; Mr. Anwar Al-Ghaith - Executive Director for Information Technology & banking operations at Central Bank of Kuwait, Mr. Othman Ibrahim Al-Issa CEO of Kuwait Clearing Company, Mr. Khaled AlKhaled - Vice Chairman and CEO of Boursa Kuwait, and Mr. Mohammad Saud Al-Osaimi - Executive Director/Markets in Boursa Kuwait. Regionally, participants were Mr. Mohamed Alhadari - Deputy CEO of Organizational Services & Support at Securities & Commodities Authority SCA, and Mr. Maged Fanous the Lead Risk and Regulatory Partner for the financial sector with EY MENA region.
The conference consisted of three sessions. The first one was about the Post-Trade Model, the second was entitled “Boursa Kuwait: Challenges and Aspirations, and the last session was about the electronic disclosure language XBRL.
Thus, the CMA announces concluding the events of its annual conference, hoping that it had achieved the required objectives.
It is worth mentioning that the CMA will announce soon the schedule of its specialized workshops to explain the requirements and objectives of the Post-Trade Model and the XBRL that will be executed in the near future.
We would like to draw your attention to the provisions of Article (3-42) of Module Sixteen "Anti-Money Laundering & Combating the Financing of Terrorism" of the Executive Bylaws of Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments, pursuant to Resolution No. (72) of 2015 issued on 9/11/2015 which stipulate that the licensed person must verify and pay attention to all business relationships or transactions with clients or with financial institutions from countries that do not apply or insufficiently apply the FATF's recommendations. If the Authority notifies the licensed person that such countries insufficiently apply the FATF's recommendations, the licensed person shall consider all business relationships and transactions conducted in such countries as high-risk ones, which require implementing the measures set in Article No. (3-21) of the same chapter. Accordingly, the Financial Action Task Force (FATF) has updated the list of countries which do not or insufficiently apply the FATF recommendations in its recent meeting held in June 2017. The CMA is keen to play its role as stipulated in the above mentioned Article.

The Capital Market Authority in collaboration with the Union of Arab Securities Authorities held a training program on “Combating Financial Crimes in Financial Markets” in Beirut on the 18th and 19th of October 2017. The training program hosted by the CMA, was attended by more than thirty trainees from various regulatory bodies and custodians such as the Capital Markets Authority of Kuwait, Syrian Commission on Financial Markets and Securities, MIDCLEAR and Banque Du Liban. In addition, the attendance also included senior staff from the Beirut Stock Exchange and a number of financial intermediary institutions from Lebanon and Sudan.

The program aims to support and develop the knowledge and skills of the workers in the competent departments of the regulatory authorities and financial market institutions, which are responsible for detecting and prosecuting financial crimes. The trainers introduced to the attendees the latest global developments and methods of committing financial crimes in financial markets to ensure deterring violators and compensating victims.
The program discussed several subject such as the recent developments of financial crimes in the global financial market and the techniques to discover new financial crimes to support market oversight, in addition to the preparation of criminal prosecution files and the development of regulators’ role in combating financial crimes.
This program represents a part of the UASA Strategic Plan 2016 – 2020 approved by the UASA Board, in cooperation with the CMA last year. Within the framework of capacity building pillar, the plan aimed to hold series of training programs and workshops to contribute in developing the regulators’ supervisory capacities and to enhance the efficiency and effectiveness. In its turn, CMA and as part of its opening remarks promised the attendees to host a number of trainings per year as part of its mutual cooperation with the Union.
FRA warned of risks resulted from dealing with digital money -virtual currencies- and all related transactions in light of the fact that they are not subjected to the control of any entity inside Egypt. He added that virtual currencies constitute a manipulation of the official monetary system subjected to control and supervision and all that is related to anti-money laundering laws.
The Authority did not license or codify those digital currencies or any related products, and do not allow dealing or use them. The FRA considered that the calls to stimulate investors to enter into these types of transactions, based on the rise of these markets or to ensure the achievement of profitable returns which is a kind of misinformation subjected to legal liability.

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