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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.


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.
The Qatar Financial Markets Authority (QFMA), in collaboration with the Union of Arab Securities Authorities (UASA), held a specialized training program on "Combating Financial Crimes". The two-day training program was participated by 144 trainees representing 51 entities in the State, including professionals and those working within financial services industry, involved in regulation, law enforcement, trade and commerce, as well as private sector.
The program addressed various issues related to financial crimes, including money laundering, terrorist financing, bribery, corruption and fraud, along with the practical defences, and focuses on how laws, regulations and best practice continue to evolve across the entire spectrum of associated activities. 
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 Markets Authority (CMA) will hold its fourth annual conference " Capital Market Reforms Through Regional Initiatives" at Badriah ballroom, located at the Jumeirah Beach Hotel and Spa, at 9:00 am on Wednesday January 23, 2019.
The CMA’s approach to holding such annual events started in 2016. An annual conference is held in the first quarter of each year. This presents an opportunity for discussing the most important issues related to the capital markets and securities activities, and the functions of the regulatory bodies along with reviewing the recent updates in the field through the study of leading global cases in the fields mentioned above, which are presented by a selection of international and regional experts and specialists.
The Capital Markets Authority (CMA) started its awareness program for the year 2019 through the opening of its first awareness workshop.
The workshop, presented by Director of Mergers & Acquisitions, at the CMA, and Manager of Acquisition Section, discussed the topic of "Partial Purchase Offer", its definition and nature, in addition to its terms and conditions, and procedures of implementation.
The Capital Markets Authority (CMA) roadshow in UK targeted high-profile UK-based institutional investors, in order to attract more institutional foreign investments, present the latest developments in the Kuwaiti financial markets and to hear their opinions on their investment experience in Kuwait. Many topics were covered, in particular those related to the market upgrade on the MSCI index. All reactions and observations were positive, and all institutions commended the efforts exerted by the parties involved in the market development project and praised the Kuwaiti market high standard of professionalism accomplished in a short time.
Among the highlights were the plans of the parties to implement the Central Counterparty (CCP), which provides better risk management in light of the Market Development Plan that will introduce new, more advanced and sophisticated products such as derivatives. The expected mechanism for joining the index in case of upgrade was also discussed.

As part of its efforts to implement the "Qualifications Examinations Project for Registered Employment Positions”, which was initiated by the CMA on Monday, April 15, 2019, the Capital Markets Authority (CMA) concluded on Thursday, April 25, 2019 The Special Awareness Program for Licensed Persons under the " Qualifications Examinations Project for Registered Employment Positions", which was implemented over the last week (21-25 April) at the CMA’s headquarters, within the framework of the Capital Markets Authority to apply the Qualifications Examinations Project for Registered Employment Positions in cooperation with the Chartered Institute for Securities & Investment (CISI), in order to ensure the successful implementation of this project in the State of Kuwait.
The program included ten awareness workshops, which lasted for one week, with two workshops a day for the target groups represented by licensed persons at the Capital Markets Authority, where 174 people participated from 79 parties. The workshops included the following topics:
• Objectives of the Professional Qualifications Program (PQP)
• The policy of exemption from professional qualifications
• The mechanism of applying the PQP
• Registration procedures for registered employment positions
• Training to pass professional qualifications examinations
• The mechanism for applying for professional qualifications examinations


The Capital Markets Authority has held an awareness event concerning Indices and Passive Investing on April 29, 2019, in Kuwait. In his opening speech, Mr. Muthanna Al-Saleh, Head of Markets Sector, mentioned that the CMA is aware of the importance of this matter especially with the marked growth of the passive investing globally and regionally. Mr. Al-Saleh stated that since Kuwait has been of an importance to the world market indicators, there must be a need to learn how these indicators work and affect the capital markets. In addition, he mentioned that many products will be introduced as a part of the market development project, some of which will be based on the markets’ indices.
During the event, S&P Dow Jones representatives made a presentation about markets indices, their types, and the products that are based on them, as well as the procedures that are used to upgrade the markets and the countries in the international indices.
What makes this event more important is that it coincides with the fact that Kuwait has been upgraded in the international shares indices at S&P Dow Jones and FTSE Russell, and it is included on the watch list for the MSCI emerging index. Thus, Kuwait will officially be included in emerging markets indices at S&P Dow Jones in September 2019, and is expecting its inclusion in the emerging markets by MSCI in June 2019, to be officially included in May 2020.


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.
In light of FRA’s role in protecting minority investors and contributing to the dissemination of investment culture and awareness, FRA’s Chairman revealed that the issuance of cumulative voting guide explained the concept of cumulative voting mechanism, its legal framework and its application, as well as the forms used to apply it.
FRA’s Chairman explained that the issuance of the guide represents one of the efforts exerted by the Authority to raise the awareness of companies whose securities are listed on the Egyptian Stock Exchange, in addition to the companies authorized by the Authority to practice one of the activities in the field of non-banking financial services. According to the amendment to listing and delisting rules that were issued mid of 2018, companies are required to include in their statutes the system of using cumulative voting to allow for proportional representation whenever possible, as a regulatory measure aimed at practicing good governance to develop and enhance market’s efficiency and reduce many related disputes.
FRA organized a joint explanatory session between FRA and the European Bank for Reconstruction and Development (EBRD). The session aimed at creating public awareness in the Egyptian market of the new short-term debt instruments. The session included a presentation of the regulatory and legislative framework prepared by the Authority. Many parties participated in the workshop namely; entities qualified to issue such bonds, eligible investors and entities operating in the field of securities and licensed by the Authority to promote and cover the subscription, these entities are responsible of checking the capital adequacy of the natural persons who make the subscription.
FRA stressed that transition to a green economy and sustainable development is not an option. It is necessary to meet the principles of sustainability in order to increase the flow of foreign investments in the Egyptian economy. In this respect, Egyptian financial institutions shall integrate the principles of sustainability in the operating systems, investment and management and transform it to a culture and daily practice and a decision-making tool within these institutions.
FRA pointed out that one of the most important strategic objectives stated in FRA’s comprehensive strategy for the development of non-banking financial activities 2018-2022 is to achieve sustainable development, which is one of the most important axes that the Authority's management is working on in the coming period. FRA has established a specialized Sustainability Unit. Also, FRA joined the United Nations initiative as a supporting body and is on its way to join the SIF Forum which includes 23 countries, to be the second Arab country in this forum. 

FRA host a workshop on "Standards of Professional Conduct and the Global Investment Performance Standards (GIPS)" hosted by FRA at its headquarters in Smart Village during the period 17-18 of this month in coordination with CFA Society Egypt. In the first day, attendees will discuss the problem of ethics and standards of professional conduct and shed light on the impact of bias on decision making, especially on investment decision making, with examples of interactive cases to understand how to overcome these ethical dilemmas.
The second day of the workshop will focus on the Global Investment Performance Standards (GIPS) in order to enhance integrity and transparency in the non-banking financial markets, with the participation of speakers from the "CFA Institute", highlighting the Global Investment Performance Standards (GIPS), the necessities that led to its application and development and understanding compliance requirements.

The dialogue within the events addresses understanding of the fundamental principles of full disclosure and fair representation of investment performance results in accordance with performance standards. In addition to shedding lights on the GIPS Advertising Guidelines.


Within the framework of implementing the comprehensive strategy for developing non-banking financial services sector (2018-2022), especially in “ its sixth axis on developing governance levels, strengthening regulatory capacities and protecting investors’ rights”,
FRA’s Chairman revealed that FRA has issued the first detailed Investor Protection Guide on dealing in Capital market, insurance, private insurance funds and multiple financing activities in Egypt.
FRA’s Chairman emphasized that after approving the issuance of “Investors Protection Guide” by decision no. 446 of 2019, companies and entities operating in non-banking financial activities shall comply with the principles set in the Guide. Also, all necessary measures shall be taken to publish the Guide and inform clients’ of their rights and obligations. The Guide shall be published on the home page of company’s websites and on their social networking platforms. In addition, companies shall clearly inform its clients on how to obtain and review Investor Protection Guide issued by the Authority in any document that includes the provision of financial service. Moreover, companies shall provide its clients with a printed copy of an explanatory note on Investor Protection Guide prepared by the Authority upon offering any financial , insurance or financing product under FRA’s supervision. An information poster of the most important principles stated in the Guide shall be set in the company and its branches and all other places that provide services to the clients.
He added that Investor Protection Guide represents a message of awareness and notifying the prospective clients of the basic protection principles which will be implemented in an intensive communication program aimed at reaching citizens through mass media, print and digital media at the beginning of next week to introduce these principles. The said principles include transparency, fair treatment, risk reduction, dispute resolution, complaints resolution and strengthening trust - in all details of each non-banking financial activity. The Guide also includes company’s obligations prior to contracting or benefiting from the service. On the top of these obligations are : honesty upon providing information , access to all information provided to the client, ensure that they understand them clearly, understand how to use financial product or service accurately and correctly. Besides, giving advice on not to buy any financial products or services that are not appropriate to their financial situation ,as well as their right to obtain copies of contracts and documents after signing them and keeping them in a safe place.
He emphasized that many economies rush towards providing and facilitating access to financial products and services in a timely manner and at an affordable cost to all segments of society , through using new technology in an active and accelerated manner , taking from the "financial inclusion" a headline ". Accordingly, regulatory bodies like – the Financial Regulatory Authority (FRA) takes the responsibility of protecting investors and spreading financial awareness for such categories. the Regulatory bodies become directly responsible of enhancing the credibility and trust in the non-banking financial sector activities. Besides, reducing any damage to clients’ interests as a result of the lack of sufficient and clear disclosure of the most important evidence and procedures, unfair transactions or risks of safety and confidentiality of data , in addition to digital fake offers that may subject to "doubt and anonymous.
FRA’s Chairman added that challenges facing regulatory bodies worldwide reached its peak after it was proved that more than 60% of the world's population used financial technology in their transactions in 2016 - according to the Global System for Mobile Communication. He noted that this action increased opportunities for integrating poor and marginalized, moving from the informal financial system to the formal financial system, allowing access to innovative types of financial products and services in a faster and more secure way available for all inpiduals.
FRA’s Chairman noted that investor protection file has become a "global trend" of great importance within the policies of different countries, in the light of the complexity of financial decisions in the financial markets, which currently characterized by complex financial products, where it is not easy for a large proportion of inpiduals to recognize its risks. In this respect, one of the priorities of FRA’s strategy for the next four years was to urgently seek to develop principles of investor protection within the framework of a balanced relationship that provides protection to investors in the capital markets, insurance, private insurance funds and financing activities of various types, providing fair treatment for all clients and enhancing transparency and trust in all financial transactions provided by institutions under FRA’s supervision.
He stressed that the first detailed Investor Protection Guide in the Egyptian market is consistent with best practices in many countries, international best practices and standards set for investors’ protection by international financial institutions such as OECD, UNCTAD and EU and the World Bank Report 2017 on Good practices for financial consumer protection.
He noted that investor protection is essential to ensure that they obtain the needed information to take informed decisions. Also, information must be clear and simple so that investors can understand it. On the other hand, financial service providers shall treat clients fairly and avoid any misguided practices. Financial service providers shall have responsible and professional conduct before, during and after providing financial services. They must be qualified and have the necessary qualifications and certificates to enable them to perform their role efficiently and distinctly.
FRA’s Chairman also stressed that clients have the right to resort to mechanisms - guaranteed by legislations regulating non-banking financial markets - to grieve and complain to resolve disputes arising from service providers. That is besides, other mechanisms to protect the privacy and confidentiality of personal information, as well as ways to ensure clients’ protection in cases of Bankruptcy of Financial Service Providers.
It should be noted that the set of principles included in this Guide is complementary and not an alternative to FRA’s decisions and rules related to investor protection. Financial institutions should take the necessary measures to implement the principles and controls in this Guide. If any of the stated principles contradicts the laws, the laws prevail.


In light of positive results occurred in the field of microfinance during the last four years and the achievements witnessed by the end of last year where the number of beneficiaries increased to more than 2.7 million citizens and the size of financing funds exceeded 11.5 billion pounds during 2018 which contributed to reducing unemployment. And within the framework of achieving the objectives of FRA’s comprehensive strategy of non-banking financial activities (2018-2022) to improve financial inclusion and develop capital markets in parallel with strengthening the legislative framework of non-banking financial sector,

FRA’s Chairman revealed that a series of meetings will be held to hear the views of representatives of NGOs and financial institutions on FRA’s proposal to amend Microfinance Law no. 141 of 2014. The new amendments to the Law shall match the developments revealed by the actual application of the law over the past four years regarding the need to increase finance value that may be granted to clients. In addition, the new amendments will provide a new finance ceiling for another category to facilitate the associations and civil institutions engaged in finance activity in light of the variables witnessed by the Egyptian economy.

FRA’s Chairman stressed the keenness of the regulator to listen to the viewpoints of those operating in non-banking financial markets , adding that the amendments to the existing legislations are often in response to the experience of professions associated with practicing non-banking financial activities. He pointed out that the specialized consultative committees formed in the Authority are studying all suggestions of those engaged in the markets.

In his meeting with trainees who have passed the first program on derivatives organized by Financial Services Institute, FRA’s Chairman said that the Authority is working hard to increase markets’ efficiency. He added that FRA is introducing new and advanced training programs and provided professional certificates in financial engineering in cooperation with scientific academic institutions to spread the idea of financial derivatives within the Egyptian economy.
The aim of introducing new non-banking financial instruments in the Egyptian market was to attract more investments and persify the financial instruments traded in the Egyptian market. Accordingly, this will broaden the base of choosing the most appropriate financing instrument for each institution according to their financial policies. FRA’s Chairman added that such new instruments are the main engines of FRA’s successive regulatory decisions since the beginning of this year in order to activate Futures Exchange which is one of the most important amendments to the Capital Market Law promulgated by Law No. 17 of 2018.
He explained that the implementation of the roadmap set by the Authority to activate Futures Exchanges shall be held either through licensing the establishment of a new entity “Futures Exchange” or through granting license to the Egyptian Stock Exchange to engage in the activity without the need to establish a company. He added that FRA’s roadmap included the procedures set for establishing and licensing Futures Exchange and the conditions to be met. He noted that technical cadres shall be trained and develop their skills to start Futures Exchange’s activity, that is through training courses and workshops applied to the scientific aspects of derivatives and methods of pricing and trading, in addition to defining the legislative and regulatory framework for conducting this activity.



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