H.E. Sheikh Abdullah Bin Salem Al Salmi
The Arab regulatory authorities were able to work closely with the financial markets and governments to overcome the repercussions of the Corona crisis on the financial markets. Also, the Arab regulatory authorities have continued achieving significant developments over the past year in the areas of oversight and improving the legislations and enforcement actions. The UASA members continued to develop a framework and appropriate mechanisms to enhance their oversight and develop rules of transparency and disclosure, governance, education, and awareness to ensure the stability of the financial markets. UASA members were also keen on taking concrete steps in the areas of development, modernization and upgrading skills and financial systems that govern their work in line with the best international practices and standards and took the necessary measures to encourage the use of modern financial technology to serve the capital markets.
The international developments at various levels impose on the Arab financial markets more challenges in many areas. These areas include confronting financial markets volatility, cyber risks and crimes, and liquidity risks, which requires the need to strengthening the financial infrastructure and the application of international principles in this area to enhance the resilience of the financial markets to various potential risks which witnessed a noticeable increase in the presence of the Coronavirus pandemic. Promoting sustainability principles that consider the best international practices, especially in the areas of governance, environment, and social responsibility, has become the focus of international attention. This requires the concerted efforts of the Arab capital markets with the various relevant parties to modernize the legislations to accommodate such developments and serves relevant projects and initiatives in our countries.
There is no doubt that the Union of Arab Securities Authorities plays a significant role in the development of Arab capital markets, through achieving the objectives of the Union, especially those related to unifying efforts and cooperation, to reach effective levels of oversight in Arab capital markets. It also seeks to achieve the best levels of harmony and compatibility with relevant laws and regulations applied in the Arab capital markets with the aim of protecting investors, developing legislation in accordance with the best international standards and enhancing self-capacity building in line with the strategic plans of the Union that were approved by the Union Board, which outlined the future path of the Union and its priorities in the coming years.