“The meetings reviewed sustainable finance-related issues and a report on asset management, financial leverage, and crypto assets” Dr. Obaid Al Zaabi
In response to directives from H.E. Eng. Sultan bin Saeed Al Mansoori, Minister of Economy and Chairman of the Securities and Commodities Authority (SCA), SCA took part in the meetings of the International Organization of Securities Commissions (IOSCO) convened in Madrid. SCA was represented by H.E. Dr. Obaid Saif Al Zaabi, SCA’s CEO and Chair of the Growth and Emerging Markets Committee (GEMC).
Dr. Al Zaabi won chairmanship of the GEMC, IOSCO’s largest committee—comprised of 90 members representing emerging markets, including China, Russia, and Brazil—and was subsequently named Vice Chair of the IOSCO Board. This makes the UAE the first Arab country to assume such a prestigious position in this international organization that was established in 1983 to act as a leading international standard-setter in the field of securities regulation and supervision.
During the three-day board meeting, a number of meetings took place, including a GEMC meeting, chaired by Dr. Al Zaabi, and another board meeting with the parties involved and stakeholders in global financial markets.
In this context, Dr. Al Zaabi said that the “GEMC is discussing a number of issues this year, including a report on sustainable finance in emerging markets and the role of securities regulators”. “Given the recent developments in global financial markets on sustainable finance and ESG reporting, IOSCO’s recommendations will act as the guiding light for countries embedding ESG considerations into their priorities,” he added.
He said that IOSCO’s recommendations will benefit both markets and investors by improving consistency and compliance with sustainable finance regulation in emerging markets, explaining that the “GEMC’s plans on sustainable finance for this year include improving sustainability-related disclosures by working with the industry and voluntary third-party disclosure standard-setters and cooperating with other relevant organizations”.
As to financial technology and innovative financial products, a top priority for IOSCO, Dr. Al Zaabi indicated that GEMC members agreed at a previous meeting to speed up the work on fintech-related matters, with special emphasis on using innovative mechanisms (such as innovation hubs, regulatory sandboxes, and accelerators) in emerging markets.
In its meeting, the board discussed artificial intelligence and smart applications, in addition to other matters pertaining to asset management, financial leverage, and finance. The board is also planning to organize panel discussions with stakeholders to discuss how corporate culture and the financial industry have changed since the global financial crisis, the role of regulation in behavioral change, the culture of regulation, the role of guidelines and standards in promoting practices and improving the professionalism of the financial industry, and the circumstances under which cooperating with regulators to enhance market integrity is most successful.
It is worth mentioning that SCA is currently getting ready to host the 45th IOCOS Annual Conference that will take place in Dubai next June.