H.E Engineer Sultan bin Saeed Al-Mansoori, Minister of Economy and Board Chairman of the Emirates Securities and Commodities Authority (SCA) will be leading today, Monday, SCA delegation to the 35th annual meeting of the International Organization of Securities Commissions (IOSCO) to be held in Montreal, Canada. The SCA delegation includes its Chief Executive Officer, H.E. Abdullah Al-Turifi and other officials of the UAE's securities sector.
Al-Mansoori will be attending the opening ceremony of the conference, which will also attract a number of Canadian senior officials and all heads of the member regulatory bodies of the organization from various parts of the world, as well as officials of the International Monetary fund (IMF) and the World Bank (WB).
The conference will discuss a number of issues of great interest, including those related to the strategies of the securities regulatory bodies and the securities markets and challenges facing them, notably, those related to supervision, disclosure of financial statements, corporate and good governance, implementation of the International Accounting Standards, protecting investors, enhancing safe and sound practices on securities markets and other issues related to securities regulators and markets.
The conference will also discuss a report on the best ways to improve upon the performance of securities regulators and markets and review the experiences of some regulators which boast of great wealth of experience in this area. The heads of each of those regulatory bodies will be allowed time to share his outfit's experience by presenting its strategies before the participants in the conference engage in deliberation on and evaluation of the strategy with the aim of improving it to give birth to a new and more developed international strategy.
Al-Mansoori will also participate in a meeting of the IOSCO Presidents' Committee, during which IOSCO's strategy for the next five years will be discussed with the aim of uplifting the role of the organization.
A number of changes are expected to be made on IOSCO's principles and policies to accommodate developments that have cropped up on the international securities markets in recent years. Eight new principles will be added to the current IOSCO principles of 30 to make the number 38, to meet the new developments on the international securities markets.
The meeting will also review a number of reports from special committees of the organization, including the technical committee and the emerging markets committee. Other issues to be discussed during the meeting include the role of IOSCO in the area of training, IOSCO's financial statement for the year ending on December 31, 2009 and the organization's estimated budget for next year.
It is expected that the membership applications for a number of regulators and international organizations would be approved during the meeting.
It's worth noting here that the IOSCO, which was established more than two decades ago, is working to boost cooperation among member securities regulators and to develop regulatory standards on securities markets to maintain fairness, equity, competence and transparency on the securities markets. It also promotes the sharing of experience and information, and the unifying of regulatory standards among its members.
IOSCO has more than180 members, including securities regulators, the World Bank, the IMF, a number of securities markets and various financial and monetary institutions.