1. What is the purpose behind establishing the UASA and what are its objectives?
The purpose of the UASA establishment is to support and promote cooperation between Arab Securities Commissions and enhance the effectiveness of its oversight role. The objectives of the Union are many, notably, upgrading the legislative and regulatory framework for the Arab capital markets in order to achieve fairness, efficiency and transparency.
2. What is the benefit accruing for members and affiliates of the UASA, as well as investors?
The advantage of the Union establishment lies in the opportunities of exchanging of information and experiences and transferring knowledge and reach out to the highest degree of coordination to achieve efficiency and safety of transactions in the Arab securities markets for the benefit of investors.
3. Is the UASA considered a governmental institution?
The establishment of the UASA was initiated by the Securities and Commodities Authority of United Arab Emirates and generated the memorandum of association which stated that at least 4 Arab Securities Authorities should approve on the memorandum of association.
In the first UASA foundation meeting held in 2007, 11 of the Arab Securities Authorities signed with agreement on this memorandum. The Council of Ministers in the United Arab Emirates under Resolution No. 84/10 dated 8/4/2007 decided to host the Union so that the Union's headquarters will be located in the United Arab Emirates.
4. Does the UASA have rights over the decisions, laws and strategies taken by union members?
The Union aims to promote mutual cooperation and to serve the common Arab interests, and coordination between organizations in various fields including the achievement of maximum harmony and compatibility with respect to laws and regulations applied in the Member States. There is no doubt that cooperation and coordination between regulatory bodies will contribute in upgrading the legislation governing the Arab capital markets and in line with international standards.
5. What are the procedures and requirements needed to join the Union?
In order for a new member to join the Union,an application form for membership of the Union should be submitted along with the membership fee. The application for membership will be reviewed by the UASA Board and the membership becomes completed when the consent of two-thirds of the members of the UASA Board is achieved.
6. What types of memberships available in the UASA and what are the advantages of each?
a. Active members
Arab Securities and Market Authorities and the regulator of financial markets. Union membershave all the rights and obligations of this membership and voting rights.
b. Associate members
Organizations and institutions related to the work and activities of the Union approved by the UASA Board.They have the right to attend meetings of the Union without the right to vote.
7. Is there an international role for the UASA?
The Union has given this aspect a great importance due to the significance of the international role in strengthening the work of the Union as well as the benefit of Member States, where the Union is currently an observer member in the Arab Monetary Fund it seeks to obtainmemberships in other related international institutions.