The 15th annual meeting of the Union of Arab Securities Authorities (UASA) Board was hosted virtually by the Securities and Commodities Authority of UAE (SCA) on the 25th of May 2021. The Board discussed the annual report of 2020 and the suggested work plan for 2021 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 strategic plan for the next five years. The UASA’s financial statements was also approved during the meeting. It is worth mentioning that the 14th annual meeting of the UASA was held remotely on 24th of June 2020.
The opening session began with a speech by the host country and the presidency of UASA’s current session, delivered by Dr. Maryam Al Suwaidi, Acting CEO of the Securities and Commodities Authority of UAE, and a speech by the Secretary General was delivered by Mr. Jalil Tarif. It is worth mentioning that Dr. Maryam Al Suwaidi, Acting CEO of the United Arab Emirates Securities and Commodities Authority, received the presidency of the Union for its fifteenth session.
During the meeting, the UASA’s Board has accepted the Dubai Financial Supervisory Authority (DFSA) as an active member who completed the necessary requirements according to the provisions articles of the memorandum of association and bylaws of the UASA. The UASA Board also decided to undertake 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. The Board also reviewed the work accomplished regarding the preparation of a booklet of the most important activities of the UASA during the period of the first strategic plan 2016-2020, as the Board decided to assign the General Secretariat of the Union to communicate with the members to take their notes on the booklet and publish it on the UASA’s website.
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 signed the MMoU in its final form, the Board decided to proceed with the procedures for implementing the MMoU, and assigning the General Secretariat to communicate with the Union members who did not sign the MMoU yet to complete their procedures for signing it. The Board also assigned the General Secretariat to collect any additional notes on the MMoU and present them to the UASA Board, after two years from its implementation.
The Secretary General presented what has been accomplished with regards to the professional training programs that where implemented during the year 2020, 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 2021 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 reviewed the General Secretariat’s memo regarding the works related to the launch of an E-learning portal.
The members of the Union reviewed their latest legislative and regulatory developments and the most important events in the year 2020, as well as the most important future projects in the Arab capital markets. The Capital Market Authority of Oman has kindly agreed to host the next meeting, and the secretariat has been assigned to coordinate with the Capital Market Authority of Oman and UASA’s Presidency to determine the date of the next meeting.
The Union members thanked and appreciated the Securities and Commodities Authority of UAE / UASA’s headquarters country and its presidency for its continuous support to the Union and for hosting the fifteenth annual meeting of the Union. They also thanked the former president of the Union, Dr. Obaid Saif Al Zaabi, and the Secretary General for their efforts during the year 2020. The Union members also congratulated Dr. Mohamed Omran, Chairman of the Financial Regulatory Authority of Egypt, on his election as Chairman of the Growth and Emerging Markets Committee (GEMC) and the position of Vice Chairman of the Board of Directors of the International Organization of Securities Commissions (IOSCO). The Board also thanked the Iraqi Securities Commission, which expressed its wish to host the seventeenth annual meeting of the Union in Iraq.