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The Capital Market Authority (CMA) and the Saudi Arabian General Investment Authority (SAGIA) have signed a Memorandum of Cooperation (the Memorandum) to set up a collaborative framework to be followed by the CMA and SAGIA when preparing the regulatory directives for allowing non-resident strategic foreign investors to own strategic stakes in listed companies’ share capital, a step that comes into play in light of the continuous coordination between the two bodies while taking into consideration the importance of achieving the highest level of cooperation that will serve to contribute to ensuring protection and fairness to capital market participants, and supporting the Kingdom’s investment environment in general.
Pursuant to the Memorandum, the CMA has undertook the mandate to prepare the regulatory directives for allowing non-resident foreign investors to own strategic stakes in listed companies’ share capital while coordinating with SAGIA in this regard. These directives will serve to set up an agreed upon regulatory framework, through which strategic foreign partners who enjoy the required experience and expertise, and who will contribute to transferring knowledge and technical know-how are attracted; thereby opening up new markets for companies listed on the exchange, and allowing them to realize their full potential.
The Secretary General of the International Organization of Securities Commissions (IOSCO) Mr. Paul Andrews concluded his three-day visit to Doha by the invitation of the Qatar Financial Markets Authority (QFMA).
Mr. Andrews visit coincided with a training program on "Combating Financial Crimes" organized by the QFMA in collaboration with the Union of Arab Securities Authorities (UASA) on February 4 - 5.
Mr. Andrews visit to the State of Qatar is his first as IOSCO’s Secretary General, while the QFMA has close cooperation relations with the organization. The IOSCO plays an important role in supervising and regulating the international financial markets authorities, which contributes to ensure integrity and transparency in the work, activities and procedures of such markets, which strengthens their efforts and supports them in dealing with and combating various financial crimes.
Represented by the Capital Markets Authority, has been nominated to head the market development team during the annual forum meeting held in Istanbul in 2016. The market development committee of the Stock Exchanges Forum in the Organization of Islamic Cooperation Member States (COMCEC) began preparing a research project after being approved by the organization. This committee is part of four committees emerging from the Organization of Islamic Cooperation (OIC), which deals with economic and commercial issues of Islamic countries. The market development team is among four other teams under the Stock Exchanges Forum, which are as follows:

1) Market Development Team
2) Islamic Finance Team
3) Financial Education Team
4) Capability Constructing Team

The main function of the market development team is preparing initiatives in accordance with a clear scientific and methodological foundations after a thorough study of the capital markets in the Member States in order to achieve consistency, cooperation and exchange of experiences in the development of markets between member states.
The team, headed by the Capital Markets Authority in Kuwait, also seeks to provide an initiative to develop the capital markets infrastructure and the parties involved in the post-trading model. This initiative comes in line with CMA’s plans concerning the development of this model in the State of Kuwait and to enhance the experience gained during the previous period in this regard.
In addition, the CMA aims through this initiative to develop a clear path to encourage the Member States on the infrastructure of the Capital Markets and reinforce the principle of cooperation between member states to develop and exchange expertise in this area.
Capital Markets Authority (CMA) signed a memorandum of understanding on coordination and cooperation with the Ministry of Commerce and Industry to avoid duplication of control, and in an effort to coordinate cooperation in these fields and achieve harmony and integration of work mechanisms and procedures among the state’s entities, and to reduce the procedural burden on the public to achieve effective oversight and to ensure that the work is carried out to the fullest in a manner that ensures clarity, transparency and discipline.
The Capital Markets Authority (CMA) is continuing its preparations for several exceptional events by hosting the 42nd IOSCO AMERC Meeting. It is one of the main committees at IOSCO, and includes more than 20 countries.
It is worth mentioning that Kuwait’s hosting one of the most important activities of an ISOCO’s committee (the first of its kind locally) is due to the keenness of the CMA to be an active member of the international organization, whether at the level of its Board of Directors or through the membership of its working committees, after becoming a member in May 2017.
The second of these events, which follows the above-mentioned international meeting, on the following day, starting at 9 am, is the opening of CMA’s fourth annual conference entitled "Capital Markets Development through Regional Initiatives".
"Capital Market Reforms Through Regional Initiatives" was the title of the 4th Annual Conference of the Capital Markets Authority (CMA), which was held at the Jumeirah Messilah Hotel & Spa, for one day in the presence of several officials and economic figures, who had the opportunity to participate. Invitations were sent to many including ministers, governors, directors-general of associations, unions and companies, as well as members of the Financial and Economic Affairs Committee at the National Assembly, as well as former Commissioners and representatives of committees and councils related to CMA activities, and many academics and deans of universities and various colleges.
The Capital Markets Authority (CMA) signed today a Memorandum of Understanding with Kuwait Financial Intelligence Unit on cooperation and exchange of information in the field of combating money laundering and associated original crimes and the financing of terrorism. The CMA was represented by Chairman of the Board of Commissioners of the Capital Markets Authority - Managing Director, and the Kuwait Financial Intelligence Unit was represented by Acting Head of the Kuwait Financial Intelligence Unit.
The purpose of this agreement is primarily to establish a mechanism for the exchange of information between the Kuwait Financial Intelligence Unit and the Capital Markets Authority and to establish a framework for cooperation and coordination between them, especially with regard to AML / CFT, in accordance with the relevant provisions of this Memorandum.

 

The CMA and the Russian Capital Markets Authority signed a Memorandum of Understanding that marks a new level of cooperation between the authorities in both countries.


The Memorandum makes provisions for cooperation and information exchange in respect of all entities regulated by the Bank of Russia and the Capital Markets Authority of Lebanon.

The key areas of cooperation envisaged in the Memorandum are the following: assistance in detection and combating unlawful use of insider information and market manipulation, supervision and monitoring of compliance with applicable legislation in the financial sector, insuring transparency of financial market participants activities, as well as other issues within the competence of the Bank of Russia and the Capital Markets Authority of Lebanon.

Additionally, the Memorandum provides a framework for information exchange regarding consolidated supervision of financial groups conducted by the capital market authorities of both countries, and the regular exchange of information regarding developments in capital market supervisory regulations and policies at the Russian Federation and Lebanon, including information on any risks arising in both markets.

 

FRA signed a memorandum of understanding with the Arab Academy for Science, Technology and Maritime Transport, both parties agreed to hold series of briefings on FRA’s role and its activities in coordination with the staff of the Academy’s Department of awareness. That is besides arranging monthly lecture at the Academy on specialized activities under FRA’s supervision and participating in small projects prepared by the Academy. The Authority’s cooperation with the mass media in highlighting financial education activities would reach its message to students of universities, higher institutes and academies where students are estimated by 2.85 million in Egypt according to the latest statistics.

 

Executive Chairman of FRA, announced today that FRA is ambitious and committed, to be a leading example and model for global financial regulatory authorities, and also for non-banking financial institutions it regulates in Egypt, in the area of sustainable development. Accordingly, UN Global Compact accepted FRA as a participant public sector organization on 16 January 2019. FRA has become the 206th public sector organization joining the UN Global Compact and the second financial regulatory authority, after the Securities Commission of the Republic of Serbia, which joined UN Global Compact in February 2017.
FRA signed a cooperation protocol with the Arab Academy for Science, Technology and Maritime Transport at FRA’s headquarters. The protocol aims at implementing postgraduate programs between Investment and Finance Institute at the Academy and the Egyptian Institute of Directors in order to open prospects for cooperation through offering the MBA program in the field of corporate governance, health sector governance, bank governance and compliance.

In an important step towards settling green economy within the Egyptian economy, FRA’s Chairman announced that the International Network of Financial Centres for Sustainability (FC4S Network) has accepted FRA to be a member of its Network. In this respect, the non-banking financial sector in Egypt can achieve the first steps to establish Regional Financial Center for Sustainability in Cairo.

The Egyptian economy gains a foothold within the International Network of Financial Centres for Sustainability (FC4S Network). The (FC4S Network) is a global investment platform and the core building of a financial system based on sustainability and trusted by policy makers and investment decision makers in the world.
He said that joining the (FC4S Network) and collaborating with all international organizations concerned with sustainability is one of the pillars of FRA’s comprehensive strategy to support the sustainable economy. Hence, FRA will become the lighthouse of sustainability in the Egyptian non-banking financial sector.
He added that the Authority has a clear and specific strategic objective of "contributing to sustainable development". He noted that FRA is working to achieve this objective through several axes, including raising awareness of the importance of sustainable development principles and how to integrate them into the operating systems of non-banking financial institutions. Besides, encouraging those institutions to switch to green finance and adopting conservation and natural life policies for a better world.
According to Omran, accepting the Egyptian Regulator's membership reflects the appreciation of the steps taken by the Egyptian State, represented by FRA, to raise awareness of the importance of sustainability and its positive impact on economic growth while preserving the environment. He adds that by joining the (FC4S Network) Cairo will be the gateway to investment for this kind of economy within Africa, after the global investments for sustainable development last year reached nearly 70 trillion US dollars.
It is worth mentioning that the FC4S Network was launched in September 2017, as a partnership between the International Financial Centers and the United Nations Environment Program (UNEP). Currently, more than 20 international financial centers are members of the organization.
This initiative focuses on how to create a financial system that integrates sustainability into its operations which will lead to a flow of resources towards more inclusive and sustainable activities. The FC4S Network aims at discussing proposals and identifying priorities that can be used by all stakeholders in the financial sector, leading to policy coherence among different capitals, financial centers, governments, central banks, financial regulators and participants from the private financial sector to take serious and progressive steps towards activating green and sustainable finance.
Finally, by FRA’s membership of the FC4S Network, the Egyptian market will be in the forefront of Arab and African markets that joined the Network.

 

 

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