As part of the efforts of the Securities and Commodities Authority (SCA) to sustainably improve the performance of UAE financial markets and to be abreast with latest international financial market developments and legislations, the SCA set up in 2007 an advisory board to provide technical advice to SCA board of directors and prepare the necessary studies on any subject matter requested by the Board. The Advisory Board follow-up developments related to international laws, legislations and regulations, as well as all technical regulations on international financial markets in order to provide suggestions on the most appropriate practices for the SCA and UAE securities markets.
Since its establishment, the board has held several meeting which mainly dealt with issues related to the issuance of regulations according to priority and significance, specifying the objectives of those regulations which take into consideration the special nature of the UAE local markets and the potential effect of global crisis on the UAE markets.
The board also makes suggestions on avenues of developing the UAE financial services industry. It also evaluates the impact of regulations and decisions issued by the SCA on the UAE securities sector and those doing business in that sector, conduct studies to identify areas that need development in the working environment of the SCA and the UAE securities markets, in particular and in the UAE financial sector, in general, in addition to other matters that would be referred to the Advisory Board by the SCA Board of Directors Chairman or the SCA Chief Executive Officer.
The Advisory Board consists of persons with wide range of experience in the securities sector. They serve on the board for a period of two years renewable. Following are the profile summary for each member:
Currently a Visiting Fellow at the Oxford Centre for Islamic Studies, United Kingdom and non-executive Chairman of Malaysia Debt Ventures Bhd, Zarinah Anwar is the former Chairman of the Securities Commission Malaysia (SC), a position she held for six years until her retirement in March 2012.
While at the helm of the SC, Zarinah had been at the forefront of the development of the Islamic capital markets in Malaysia as well as internationally through the SC’s work with the International Organization of Securities Commissions (IOSCO) and through collaboration with co-regulators and other partners.
Zarinah had also served as Vice Chairman of the Emerging Markets Committee of IOSCO and represented the Committee on the International Financial Reporting Standards (IFRS) Foundation Monitoring Board. She has also served two terms as the Chairman of the ASEAN Capital Markets Forum.
Zarinah also chaired the Malaysian Venture Capital Development Council and the Capital Market Development Fund, and was a member of the Financial Reporting Foundation Malaysia, the Malaysia International Islamic Financial Centre and the Board of Directors of the Malaysian Institute of Integrity.
She led the development of the Capital Market Masterplan 2, a strategic blueprint for the development of the Malaysian capital market over the 10-year period 2011-2020 and has long promoted the development of good corporate governance practices, corporate responsibility and the diversity agenda.
Mr. Guillermo Larrain is Chairman of the Center for Regulation and Macrofinancial Stability at the University of Chile Economics Department and Chairman of ChileCapital Consulting.
He is a former chairman of the Emerging Markets Committee of IOSCO, the International Organization of Securities Commissions and a former chairman of the Securities and Insurance Superintendence and the Pension’s Superintendence of the Government of Chile.
Guillermo Larrain, a Chilean citizen, is Ph.D. and Master in Economics from Ecole des Hautes Etudes en Sciences Sociales (EHESS-DELTA), Paris, 2004; Magister in Economics from Universidad Católica de Chile, 1992; Economist from Universidad Católica de Chile, 1989.
Between 1993 and 1997, Mr. Larraín was Research Associate at the OECD Development Centre, Paris. Between 2000 and 2003, he was Chief Economist at the BBVA Bank in Chile. While Chairman of the Pension Funds Administrators Regulator Mr. Larrain was Chairman of the Chilean Risk Rating Commission, Chairman of the International Organization of Pension Fund Supervisory Agencies (AIOS) and Deputy Chairman of the International Organization of Pension Supervisors (IOPS).
Mr. Paul M Koster was appointed as a Chief Executive of the DFSA on 1 December, 2008.
Prior to becoming Chief Executive, he was Commissioner and Member of the Executive Board of the Autoriteit Financiële Markten (Netherlands Authority for the Financial Markets), the national, integrated conduct of business financial services regulator for the Netherlands where he was identified as one of the four leaders shaping the conscience of Dutch business. Mr. Koster joined the AFM in March 2001 and in addition to his duties as a Commissioner, he chaired from May 2006 until December 2007, CESR-Fin, the permanent working party of the Committee of European Securities Regulators that co-ordinates the endorsement and enforcement of financial reporting standards in Europe. For the previous two years he had chaired CESR’s Subcommittee on International Standards Endorsement. During his time with the AFM, he was also a member of the International Organization of Securities Commissions (IOSCO) Chairs’ Committee and, as Chief Executive of the DFSA, he remains actively involved in the work of IOSCO.
Mr. Koster previously served as Executive Vice President (Corporate Internal Audit) at Royal Philips Electronics (1998-2001); as Managing Partner Corporate Finance, Coopers & Lybrand (1988-1998); and as Chief Compliance Officer and Acting Commissioner of Quotations, Amsterdam Stock Exchange (1986-1988); and carried out a number of senior finance functions in his earlier career, having trained as an accountant with Arthur Andersen. Koster is a licensed Register (Chartered) Accountant having qualified through the Royal Dutch Institute of Chartered Accountants in 1977 and been certified RA in 1983.
In May 2009 Mr. Koster joined the Advisory Board of Emirates Securities and Commodities Authority (SCA), the UAE’s federal securities regulator, and in July 2009 also became a Member of the Consultative Advisory Groups of the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA). In September 2010, Mr. Koster both won the ‘CEO of the Year for Financial Services’ award.
Mr. Maco is a partner with Bracewell & Giuliani LLP. Mr. Maco held the post of Director of the U.S. Securities and Exchange Commission's (SEC) Office of Municipal Securities until 2000.
He began his career as an attorney in the SEC's Division of Enforcement and, after 15 years in private practice, returned to the SEC as an attorney in the SEC's Office of General Counsel, co- reporting to the Chairman and the General Counsel. As Director, Paul was responsible for leading the effort to modernize regulation of the municipal bond market under former SEC Chairman Arthur Levitt.
Mr. Maco has testified before the U.S. Congress and is the author of numerous articles and publications on federal securities regulatory matters. In addition to his activities as a lawyer, he has served as a faculty member of the Morin Center for Banking Law Studies, Boston University School of Law: Federal Securities Law and International Securities Transactions, and Adjunct Associate Professor of Law: Federal Securities Markets, American University Washington College of Law.
He received the Chairman's Award for Excellence in 1994 for his work at the SEC, The National Federation of Municipal Analysts Industry Contribution Award in 2001, and The Carlson Prize from the National Association of Bond Lawyers in 2009 “for sustained scholarly analysis in the Federal Securities Law Column” in the journal of the association. Paul is listed in The Best Lawyers in America in securities law, corporate governance and compliance, and public finance, in Washington D.C. Super Lawyers for securities litigation and securities and corporate finance, and in Benchmark Litigation as a Litigation Star in Washington D.C. for securities matters.
George Moller. He was head of the Supervisory Board of Netherlands Authority for the Financial Markets (AFM). He also holds membership position on a number of board of directors – He is Chairman of the Board of Trustees of Leiden University Medical Center, Board Chairman of Stichting (foundation) Verenigd Bezit, Board member of Winton Futures Fund of British Virgin Islands and Board Member of NasdaqDubai.
He had also served in the past as CEO of Robeco Group from 2004 to 2009 and Director and Vice-Chairman of Euronext. He was also the Chairman of the Supervisory Board of the Federation of European Stock Exchanges (FESE) and was the Commissioner of the London International Financial Futures and Options Exchange (LIFFE).
In 2003 he became a member of the German Corporate Governance Committee which issued what is known as Tabaksblat Code, one of the most popular references in corporate governance regulations. The reference book bears the name of the Committee Chairman.