In a speech delivered on his behalf at the Thomson Reuters Accelus 6th GCC Regulators’ Summit hosted in association with Oman Centre for Corporate Governance, Capital Market Authority, Shaikh Saad Ben Hamad Almardouf Alsaidi, Minister of Commerce and Industry, and Chairman of the Capital Market Authority, highlighted the importance of the unified economic and financial standards for the GCC.
“Develop the legal and regulatory frameworks for the financial markets and adapt them according to the markets’ needs and circumstances in line with the interest and requirements of the Gulf common market,” he said.
“We all are aware of the importance of the regional human capital for the advancement of the securities markets. This requires upgrading the skills of the Gulf workforce and providing it with specialized professional skills that would promote the securities markets’ contribution in the national economies and enhance the Gulf populations’ capacities, ambitions and needs,” he said.
The Thomson Reuters Summit, in Oman attracted regulators from across the region together with 300 senior compliance and regulatory professionals from the financial services industry to discuss emerging themes around risk management, anti-money laundering, financial crime and corporate governance and to promote collaboration between regulators and financial service providers in the region.
“The Capital Market Authority and Oman Centre for Corporate Governance are pleased to host this event with Thomson Reuters GRC. It is vital that stakeholders across the Arab region collaborate and work together to speak with one voice and, this forum is an important opportunity for us to promote this,” Abdullah Salem Al-Salmi, the executive vice president of the Capital Market Authority, said.
Keynote speaker, Ranjit Ajit Singh, Chairman, EMC Secondary Markets, International Organization of Securities Commission (IOSCO) & Managing Director, Securities Commission Malaysia, spoke about systemic risk in the context of financial stability. He challenged the role of securities regulation in identifying and managing systemic risk, suggesting that systemic risk was still not adequately defined and that more effort is required for specific monitoring and supervision of the development and transmission of risk. He called out clearing houses as a particular area of vulnerability. “The risk around clearing houses hasn’t been as much of a focus as it warrants”, Singh said.
Singh added that corporate governance was becoming much more relevant and that the markets should be architected to instil self-discipline. “We need to demonstrate regulatory discipline; market discipline and self discipline,” he said.
The global financial crisis was a common thread across the event, with Errol Kruger, Managing Director, Supervision & Authorisation, Qatar Financial Centre Regulatory Authority, noting that the high-risk nature of the post-crisis era was “the new normal”.
“Thomson Reuters is honoured to have hosted this event in association with the Oman Centre for Corporate Governance, Capital Market Authority. We recognise that collaboration among financial system stakeholders is essential for a more transparent market, and by encouraging dialogue between regulators, their constituents and international experts, this kind of event aims to promote the long term growth and stability of regional markets and economies,” Mark Schlageter, President, Thomson Reuters Governance, Risk and Compliance said.