The Securities and Commodities Authority (SCA) has participated in the 37th Annual Conference of the International Organization of Securities Commissions (IOSCO), which was held in the Chinese capital, Beijing. Abdullah Al-Turifi, SCA Chief Executive Officer, led the UAE delegation to the conference attended by heads of securities market regulators from various parts of the world.
The conference highlighted a number of issues related to regulators’ strategies for market supervision, challenges facing them and ways to improve market performance.
Al-Turifi said the conference, which comprised of four main sessions, discussed a number of scientific and professional researches and studies regarding developments on the financial markets and how best regulators can face successfully challenges facing them.
He pointed out that the first session of the conference, which was held under the title: “New Financial Architecture and International Standards Setting in the Post-Crisis Era”, dealt with a number of issues including the cause of the global financial crisis and lessons learned, building a new financial architecture and improving relevant international standards, changing perimeter of securities regulation and supervision pre-and post-subprime, prevention and monitoring of systematic risks and cross-border risks, the importance of cross-border cooperation, information sharing and IOSCO´s interaction with the Financial Stability Board (FSB) and G20.
Al-Turifi said it was held under the title “Financial Market Infrastructures, OTC Derivatives, and Market Integrity”, during which they discussed issues including challenges of building a multilevel capital market and improving financial market infrastructures, investor protection and market integrity, regulation of OTC derivatives, development of institutional investors and regulation of PE and hedge funds.
“Capital Markets Development and Regulatory Trends in Emerging Markets”, discussed issues like the opening up and development of capital markets in emerging economies, development and regulation of corporate bond markets, and building of international financial centers,” Al-Turifi, added.
He said the fourth session was held under the title “Regulation of Commodity Futures and Financial Derivatives,” during which the meeting discussed issues including regulation of commodity futures and financial derivatives, cross-border cooperation and information sharing of derivatives regulation, trends and regulation in major commodity futures markets i.e. oil and grain futures.
The SCA has also participated in the meetings of the Emerging Markets Committee (EMC) held in the first two days of the five-day conference, during which the EMC discussed a number of issues and prepared reports which they referred to the Presidents Committee for deliberation and action during the four public sessions.
The EMC reports include a report on “Development and Regulation of Institutional Investors in the Emerging Markets” and technical note on “Day Trading in Emerging Markets”, in addition to discussing other reports including the Chairman’s and Secretary General’s Reports on latest developments on the multi-lateral memoranda of understanding (MMoUs) among IOSCO members at the Emerging Market level, a report on the IOSCO educational programs, a report on the market development workshops and another on elections of the EMC chair and vice chair.
Established in 1983, IOSCO’s primary objective is to establish and promote high international standards with a view towards promoting transparency and effectiveness of securities markets, reducing global systemic risk, facilitating cross-border cooperation, protecting investors and promoting market integrity.