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:
Edward Knight is Executive Vice President and Global Chief Legal and Policy Officer (NASDAQ: NDAQ). Mr. Knight served as the Chief Legal Officer of the National Association of Securities Dealers (NASD, now FINRA) from June 1999 until becoming Nasdaq’s General Counsel in 2001. In his role as Global Chief Legal and Policy Officer, Knight is responsible for providing legal counsel to senior management and for overseeing the quality of legal services across the global organization. The Nasdaq legal and regulatory team was honored as an innovation leader by the Financial Times in December 2015. At the same time, Mr. Knight was awarded a “special mention for outstanding innovation” among North American public company general counsels. He is also responsible for government relations, listing qualifications, market regulation and the Office of Corporate Secretary. Mr. Knight serves on the Board of Nasdaq Dubai and the United Arab Emirates’ Securities and Commodities Authority Advisory Board. Prior to joining the NASD in 1999, Knight served as General Counsel of the U.S. Department of the Treasury from September 1994 to June 1999, where he was the Department's longest-serving General Counsel since the position was created in 1934. Upon his departure, Knight received the Alexander Hamilton Award from Treasury Secretary Robert Rubin. This is the Department's highest award. He also received the Honor Award from the Secret Service. Before being named Treasury General Counsel, Knight served as Executive Secretary and Senior Advisor to Secretary of the Treasury Lloyd Bentsen. Knight's accomplishments at the Treasury Department include his critical involvement in the United States' provision of bilateral assistance to the Government of Mexico in 1995 and to the Government of Brazil in the fall of 1998. He served on the commission that restructured the Internal Revenue Service in 1996 and led the legal team that advised Treasury Secretary Rubin in 1995 and 1996 on the debt limit crisis. Prior to his tenure at the Treasury, Knight was a partner with the law firm of Akin, Gump, Strauss, Hauer and Feld in its Washington, D.C., office. A Texas native, Knight received his B.A., with honors, in Latin American Studies from the University of Texas at Austin and his J.D. from the University of Texas School of Law. He serves as a Trustee of the University of Texas Law School Foundation. He is also a member of the Advisory Board of Columbia University’s School of International and Public Affairs. Knight is a member of the District of Columbia, Texas and Supreme Court Bars. He is a member of the Council on Foreign Relations and its Committee on Corporate Affairs. He is a member of TechNet’s Executive Council and sits on the Leadership Board of the U.S. Chamber of Commerce Center for Capital Markets Competitiveness and the Board of the U.S. Chamber’s U.S. – India Business Council. Mr. Knight served as a member of the Obama Transition Team at the U.S. Treasury Department in 2008-2009.
Peter Casey is a consultant to the Islamic Financial Services Board (IFSB), and a member of the Legislative Committee of the Dubai Financial Services Authority (DFSA). He is also a member of the International Advisory Board of the Emirates Securities and Commodities Authority, and a consultant to the General Council for Islamic Banks and Financial Institutions. He was previously the DFSA’s Senior Director, Policy and Strategy, and Head of Islamic Finance. Peter has been involved in standards development in Islamic finance through membership of the IFSB Technical Committee and several IFSB Working Groups, including those on Special Issues in Capital Adequacy, Governance of Takaful Operations, and Solvency Requirements for Takaful Operators. He has been a consultant to the IFSB on several projects, including its standards on supervisory review in Islamic banking, Core Principles for Islamic Finance (Banking Sector), Retakaful, disclosure in capital markets, Core Principles for the capital markets sector, and supervisory review in Takaful. He is currently involved in projects on investor protection in capital markets and transparency and disclosure in Takaful. He participated in the joint IFSB-IAIS working group on Takaful, and in the IOSCO working group which analysed the application of IOSCO’s Objectives and Principles of Securities Regulation to Islamic products. He has undertaken consultancy work for, among others, the World Bank and the Asian Development Bank. Before joining the DFSA in 2002, Peter was Head of the Non-Life Insurance Department of the UK Financial Services Authority. Before that, he held senior regulatory posts in the Treasury, the Department of Trade and Industry and the Office of Fair Trading. He was educated at Cambridge University.
Ranjit Ajit Singh is the former Executive Chairman of the Securities Commission Malaysia (SC) serving for six years from 2012 to 2018. He was the Managing Director of the SC prior to his appointment as Chairman and had served for 25 years in the SC in a variety of senior roles across the strategy, policy, regulation and supervisory areas. He was instrumental in the introduction of several major regulatory and market development initiatives including a multi year regulatory reform program for strengthening the competitive positioning and effectiveness of the capital market. He also introduced various innovations in the area of financial technologies and digital markets, sustainable and responsible finance and Islamic capital markets. He placed strong emphasis on corporate governance including introducing the comprehensive Malaysian Code of Corporate Governance and the establishment of the Institutional Investor Council and the Institute of Corporate Directors Malaysia. He served as Chair of the Malaysian Venture Capital and Private Equity Council, Chair of the Securities Industry Development Corporation, Chair of the Capital Market Development Fund, member of the boards of the Labuan Financial Services Authority and the Financial Reporting Foundation among others. Ranjit has over the past two decades played a major role in international securities regulation and has chaired and participated in a variety of global regulatory task forces and committees including those associated with post crisis reform and cross border regulation. Ranjit was one of the authors of the Objectives and Principles of Securities Regulation that is used as a core standard for securities markets worldwide. In 2013, he was appointed as Vice chairman of the Board of the International Organisation of Securities Commissions (IOSCO) which he served for five years and was elected for three consecutive terms as the Chairman of IOSCO's largest committee, the Growth and Emerging Markets Committee. Ranjit has also for served for four terms as chair of the ASEAN Capital Market Forum (ACMF) a major grouping for ASEAN countries which has driven regional integration and market connectivity initiatives. During his tenure as Chair he played a key role in elevating the role of ACMF and led the introduction of several major regional integration initiatives. Ranjit is trained as a financial economist and accountant. He holds a Bachelor of Economics degree with Honours and a Masters of Economics degree in Finance both from Monash University Australia. He is a qualified accountant and a Fellow of CPA Australia. In 2013, Ranjit was awarded the Degree of Doctor of Laws honoris causa by Monash University. Prior to joining the SC, he taught finance at Australia's leading university, The University of Melbourne and has worked in academia, accounting, consulting, and regulation in Australia and Malaysia.
Sherif is an experienced senior executive and advisor in the areas of financial markets, investments and corporate governance. He currently serves as Chairman of a real estate asset management company and a board member of the National Investment Bank, in addition to being a non-executive director of a number of companies operating in the telecommunications and the financial services sector. He is also a member of the investment boards of the State Pension Funds and the Waqf Authority. He has most recently completed a four year term as head of Egypt’s independent non-banking financial regulatory authority (FRA) where he achieved a major legislative and regulatory leap in capital markets, insurance, mortgage, leasing, private pensions, factoring and microfinance. Sherif Samy was elected for two consecutive terms to the board of the International Organization of Securities Commissions – IOSCO. He served on the board of the Central Bank of Egypt (2013 – 2017) and its Monetary Policy Committee, he was also chairman of the Financial Services Institute, chairman of the Egyptian Institute of Directors, chairman of the Accounting Oversight Board, chairman of the High Committee for Accounting & Auditing Standards, and a member of the board of the country’s National Payment Council in addition to the Anti Money Laundering Unit. Prior to that, he was a board member of Egypt’s 3rd largest state owned bank (Banque Du Caire) and the country’s investment promotion agency (GAFI). Sherif Samy previously held leadership positions in investment management and consulting firms, operating in Egypt and various countries within the Arab region (GCC and Levant). He started his career with Accenture in Chicago prior to transferring to its regional office in Riyadh.
George Möller is a Member of the Advisory Board of the UAE Securities & Commodities Authority. He is a member of the Board of NasdaqDubai and Chairman of the Market oversight committee. He holds several other non-executive directorships with Boards outside the UAE as well. He is Chairman of the Board of Erven A.de Jager, Groningen, Netherlands; Chairman of the Board of Inbox Storage, Gouda, Netherlands and Board Member of Winton Futures Fund, Cayman Islands. He was formerly Chief Executive Officer of Robeco Groep NV in Rotterdam from July 2004 to September 2009. He is a former member of the Managing Board and Chief Operating Officer of Euronext NV and was the President of the Federation of European Securities Exchanges. He was the CEO of Amsterdam Exchanges NV prior to the merger into Euronext. Mr Möller was also a director of LIFFE plc from 1992-1996 and its Deputy Chairman from 2002-2004. In 2003, Mr Möller was a member of the Dutch Corporate Governance Committee that issued the Tabaksblat code named after its chairman. Between 2010 and 2015 he was Chairman of the Supervisory Board of the AFM, the Netherlands Authority for Financial Markets.