Al -Turifi: MoU outlines framework for boosting cooperation, sharing of experience, training and technical assistance
H.E. Abdullah Al-Turifi, SCA Chief Executive Officer, signed the agreement for his side, while Matthew Elderfield, Head of IFSRA's Financial Regulator, also signed for his outfit
As part of its participation in the 35th annual conference of the International Organization of Securities Commissions (IOSCO) being held in Montreal, Canada. the Emirates Securities and Commodities Authority (SCA), has signed, on the fringe of the conference, a memorandum of understanding (MoU) with the Irish Financial Services Regulatory Authority (the Financial Regulator).
H.E. Abdullah Al-Turifi, SCA Chief Executive Officer, signed the agreement for his side, while Matthew Elderfield, Head of IFSRA's Financial Regulator, also signed for his outfit during a ceremony which was attended by representatives of a number of IOSCO members attending the conference.
The MoU, which aims at enhancing cooperation and sharing of information related to the securities industry, provides a framework for boosting joint cooperation and sharing of information to enable the two sides discharge their duties effectively in the areas of ensuring strict adherence and implementation of securities and futures-related laws and regulations.
In order to build a framework for sound regulatory work in the securities industry, any of the two sides, upon request, shall provide training and technical assistance to the other side.
Commenting on the development soon after the signing of the agreement, Al-Turifi said the agreement aimed at providing better protection for investors and ensuring more efficient securities markets by putting in place a sound framework which will promote joint cooperation and sharing of information within the limit allowed by the rules and regulations of the two sides. "This is to be done in a way that would lead increased inflow of investment between the two countries through the promotion of joint listing of securities on the markets of the two countries," he said, adding that the implementation of the agreement will further boost disclosure and transparency and will contribute immensely in providing more guarantee to the safety of UAE securities and commodities markets.
He pointed out that the agreement will, among other things, promote exchange of technical assistance in many areas, including the areas of investment management regulations, information that must be disclosed to investors by public joint stock companies (PJSCs), listing of issues, regulating securities markets and future contracts (derivatives). He said this will be done through mutual consultations between the two authorities to identify areas of training and technical assistance required to support the securities markets of each of the two sides.
The agreement also urged the two sides to ensure strict adherence to all obligations outlined in the existing laws, rules and regulations through accurate and complete disclosure within the stipulated time. It also underscores the need to strictly implement the laws, rules and regulations concerning issuance and transactions, trading on securities markets, securities related administrative and consultancy works, other investment products and acquisition and merger operations.
The two authorities will hold bilateral meetings annually, at venues to be determined by them, to review progress in their joint actions and cooperation in accordance with the provisions of this MoU.
The singing of the MoU falls within the framework of the SCA's general strategy, which has so far led to the signing of 27 similar agreements its counterparts and related institutions from various countries of the world, with the aim of harmonizing and upgrading the rules and regulations governing the local securities markets, to be on a par with their international counterparts.
It's worth noting here that the (Financial Regulator) was formally established on 01 May 2003. The (Financial Regulator) is a constituent part of the Central Bank and Financial Services Authority of Ireland and is responsible for the supervision of a wide range of financial institutions including banks, building societies, investment, insurance and reinsurance intermediaries, securities exchanges and collective investment schemes, insurance undertakings, reinsurance undertakings and credit unions in conjunction with the provision of consumer information and protection.