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UASA’S 13TH ANNUAL MEETING


 Published on: 11-Apr-2019

The 13th annual meeting of the Union of Arab Securities Authorities (UASA’s) Board took place in Amman, Jordan on March 27th, 2019. The Board discussed the annual report of 2018 and the suggested work plan for 2019 in addition to a number of other issues related to Arab Capital Markets, especially with regards to enhancing cooperation and coordination among them, and the UASA’s strategic plan for the next years. The UASA’s financial statements was also approved during the meeting. It is worth mentioning that the twelfth annual meeting of the UASA was held in Lebanon on 28th of March 2018, CMA Lebanon chaired the presidency of the Union at its twelfth session where the Jordan Securities Commission chairs the presidency of the Union’s 13th session.
The opening session started with the speeches of the host country presented by H.E. Mr. Mohammad Al Hourani – Chairman of the Jordan Securities Commission, Mr. Fadi Fakih on behalf of UASA Chairman - Executive Board member of Capital Markets Authority of Lebanon, Mr. Jalil Tarif – the UASA Secretary General.
The meeting reviewed the guideline prepared by the working group assigned by the members of the Union on the minimum requirements to be met for companies and entities operating in the Arab financial markets , where the UASA board commended the efforts exerted in the preparation of the study and decided to adopt the main guidelines of the study, the study will be uploaded to the UASA website after collection of the members comments and amendments.
The meeting also reviewed the guidelines for the disclosure of listed companies in financial markets and another guideline for issuing and listing in financial markets. The guidelines were also prepared by the working group assigned by the UASA members for this purpose, in cooperation with the UASA General Secretariat.
The Board commended the efforts exerted in the preparation of the study and decided to adopt the main guidelines of the study, the study will be uploaded to the UASA website after collection of the members’ comments and amendments.
The UASA’s General Secretariat presented a secondment and assignments guideline where the UASA board commended the efforts exerted in the preparation of the guideline and decided to apply certain amendments before adopting it.
The Board has taken note of the multilateral memorandum of understanding between the UASA members and accepted it in its final form, after taking into consideration the members’ comments. Within this framework, the Board decided to proceed with the completion of the procedures to sign it, in accordance with the members’ requirements and formal procedures.
The UASA launched the investors’ education and awareness e-portal which falls within the UASA strategic plan 2016 - 2020. The Board took note of that. The portal contains a number of sections, including a section on investor education, and financial inclusion. It also includes a section for the most common terms used in the financial markets. The portal devotes a significant section to the achievements of the Arab Securities Authorities in the fields of education and awareness of investors, financial inclusion and others.
The Secretary General presented the new UASA website, where the Board took note. Many sections have been added to the website, such as the members activities, principles and rules issued by international institutions concerning corporate governance, combating money laundering and terrorism financing, and Islamic finance. A new section has been created for members' research and studies and another one for the principles and standards issued by the UASA.
The Board reviewed also a summary of the UASA work plan and initiatives for 2019, and decided to coordinate between the General Secretariat and the members to work on these initiatives. It is worth mentioning that an MoU was signed on the sideline on the annual meeting between the Securities and Commodities Authority of UAE and COSOB – Algeria.
The Board also approved the signing of the memorandum of understanding (MoU) for joint cooperation between the UASA and the International Islamic Center for Reconciliation and Arbitration, where the Chairman of the ASA was assigned to sign the MoU on behalf of the Union.
 
 

 

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