The 14th annual meeting of the Union of Arab Securities Authorities (UASA) Board was hosted virtually by the UAE on the 24th of June 2020. The Board discussed the annual report of 2019 and the suggested work plan for 2020 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 new strategic plan for the next five years. The UASA’s financial statements was also approved during the meeting. It is worth mentioning that the 13th annual meeting of the UASA was held in Jordan on 27th of March 2019, JSC chaired the presidency of the Union at its thirteenth session where SCA chairs the presidency of the Union’s 14th session.
The opening session started with the speeches of the host country presented by Dr. Obaid Al Zaabi – CEO of the Securities and Commodities Authority, Dr. Omar Al Zoubi UASA Chairman – acting chairman of Jordan Securities Commissions, Mr. Jalil Tarif – the UASA Secretary General.
During the meeting, the UASA’s Board has taken note of the of the approval of the membership of the Libyan Capital Market Authority who completed the application and the necessary procedures according to the provisions articles of the memorandum of association and bylaws of the UASA as of the date of 13/02/2020. The UASA Board also decided to review all legislations and provisions related to accepting memberships in the Union in the light of a comprehensive review of the articles of memorandum of association and bylaws of the Union. The meeting discussed as well the work related to preparing a rule book that includes all the common guidelines and rules approved by the UASA Board, aiming to facilitate the process of referencing for UASA’s members and other interested parties.
In light of the UASA’s Board decision to approve and adopt the text of the Multilateral Memorandum of Understanding (MMoU) among the Union members, in which the majority of the Union members have completed the necessary formal procedures, and expressed their readiness to sign the MMoU in its final form, the Board decided to instruct the General Secretariat to communicate with the members to sign original copies of MMoU as soon as possible and inform UASA members accordingly.
The UASA Board also discussed the issuance of the glossary of the common financial terms used in Arabic, English and French, as the UASA General Secretariat in cooperation with Commission D’Organisation et de Surveillance des Operations de Bourse (COSOB) in Algeria added the French language to the glossary and republished it on the UASA’s website, after taking UASA members’ notes. The glossary is now available on the UASA website for the members’ reference and other interested parties.
The Board reviewed the proposal of the General Secretariat regarding the possibility of adopting a specialized diploma (professional certificate) on supervision in cooperation with academic and specialized local and international institutions, with the aim of qualifying regulatory authorities employees with specialized subjects, as well as obtaining high-level international professional certificates, which contributes to raising the efficiency of these employees. The Board approved this proposal and mandated the General Secretariat to communicate with the Union members and provide them with these programs to implement what suits them according to their needs.
The UASA Board reviewed the General Secretariat memo regarding the memorandum of understanding (MoU) with the Arab Federation of Exchanges (AFE), where the board decided to approve this MoU after adding the amendments submitted by the Union members. The Board also decided to proceed with the procedures for signing the MoU accordingly. The Board also reviewed the memo of the General Secretariat regarding the secondment and assignments guidelines after applying the proposed amendments by the members at their last meeting in Amman, and decided to adopt these guidelines in order to enhance the goal of exchanging experiences and knowledge among UASA members.
The Secretary-General presented what has been accomplished with regards to the professional training programs that where implemented during the year 2019, achieving the largest number of training programs since the establishment of the UASA in 2007. The Board also reviewed the General Secretariat memo regarding training programs for the year 2020 where they took note of these programs and stressed the importance and the benefit of its contents for Union members and other related regulatory parties.
The Board also discussed the General Secretariat memo regarding the amendment of the UASA’s memorandum of association provisions related to the UASA’s finances and the amendment of Article (17) that allows the Board to amend or cancel the contribution percentage of the member who holds the Union General Secretariat headquarters is in its country. Within this framework, the Board decided to allow the Union members to be acquainted with the memorandum of association and bylaws of the UASA and submit their proposals regarding their suggested amendments.