Published on:
26-May-2022
The 16th annual meeting of the Union of Arab Securities Authorities (UASA) Board was hosted by the Capital Market Authority of Oman (CMA) on the 11th of May 2022. The Board discussed the annual report of 2021 and the suggested work plan for 2022 in addition to several other issues related to Arab Capital Markets, especially with regards to enhancing cooperation and coordination among them, and the UASA’s strategic plan. The UASA’s financial statements was also approved during the meeting. It is worth mentioning that the 15th annual meeting of the UASA was held remotely on 25th of May 2021.
The opening session began with a speech by the host country delivered by Sheikh Abdulla Al Salmi, CEO of the Capital Market Authority of Oman, and the presidency of UASA’s current session delivered by Dr. Maryam Al Suwaidi, 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 Sheikh Abdulla Bin Salem Al Salmi, CEO of Capital Market Authority of Oman, received the presidency of the Union for its sixteenth session.
During the meeting, the General Secretariat memos were reviewed regarding the work of the working groups in charge of implementing the initiatives of the UASA’s strategic plan for the years 2021-2025, which included various areas such as developing capital markets, mitigating risks, supporting liquidity and sustainability, financial technology, cyber risks, investor education and awareness and enhancing financial inclusion. The Board also reviewed the memo of the General Secretariat regarding the formation of these working groups related to the implementation of the initiatives of the strategic plan, where the Board decided to assign to the UASA’s General Secretariat to address the members of the Union and nominate representatives for the working groups as well as provide the members of the Union with the tasks required to be implemented to complete the work related to the second year of the UASA’s strategic plan and the additional tasks proposed by the members of the Board.
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 all of the Union members have completed the necessary formal procedures, and signed the MMoU in its final form, the Board decided to duly implement the MMoU as of 11/5/2022.
On the sideline of the meeting, a memorandum of understanding was signed with the Regional Center for Sustainable Finance of the Egyptian Financial Regulatory Authority, where the Board decided to approve the memorandum and assign the president of the Union to sign it accordingly. The Board also welcomed the proposal of the Moroccan Capital Market Authority (AMMC) in signing an MoU agreement with the Union on sustainable green finance, and to sign any future MoUs with various institutions specialized in the fields of sustainability.
The Secretary General presented what has been accomplished with regards to the professional training programs that were implemented during the year 2021, achieving many training programs. The Board also reviewed the General Secretariat memo regarding training programs for the year 2022 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 members of the Union reviewed their latest legislative and regulatory developments and the most important events in the year 2021, as well as the most important future projects in the Arab capital markets.
The Union members renewed their thanks and appreciation to the Capital Market Authority of Oman for its continuous support to the Union and for hosting the sixteenth annual meeting of the Union. They also thanked the Securities and Commodities Authority / the headquarters country for its presidency of the Union in its fifteenth session and the Secretary General for their efforts during the year 2021.