Published on: 25-May-2022

The UASA’s Board exchanged the multilateral memorandum of understanding (MMoU) that was signed from all the Union members, as this comes within the framework of implementing of the Union of Arab Securities Authorities Board directives, which are included in the strategic plan, specifically with respect to the initiatives of achieving harmony and consistency among Union members in the areas of strengthening cooperation and communication among the Union’s members and enhancing harmony and convergence between their legislations. The MMoU aims to lay down a general framework for cooperation and exchange of information among the members of the Union and enhance cooperation with the aim of applying the best international standards and practices. The MMoU aims to enhance transparency in Arab financial markets and to enhance capacity building in various regulatory areas and encourage cooperation and exchange of experiences among UASA’s members in this field. The MMoU also aims to increase cooperation and exchange of experiences in the fields of cyber risks, application of the governance principles, education, investor awareness, and combating financial crimes, money laundry and terrorist financing, in addition to increasing cooperation in the areas of training and raising the efficiency of workers in the regulatory authorities and other bodies related to capital markets. 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 during its 16th board meeting that was held in Muscat.