Dr. Obaid Al Zaabi Holds Discussions with SEC and Nasdaq Officials MoU is Signed with Nasdaq Academy to Promote Cooperation in Training and Continuing Education

A Delegation from SCA, ADX, and DFM Reviews US Financial Regulatory Structure and Self-Regulatory Systems

Dr. Obaid Al Zaabi Holds Discussions with SEC and Nasdaq OfficialsMoU is Signed with Nasdaq Academy to Promote Cooperation in Training and Continuing Education

Best Practices at FINRA and CFTC are Reviewed

In line with the directives of H.E. Eng. Sultan bin Saeed Al Mansoori, Minister of Economy and Board Chairman of the Securities and Commodities Authority (SCA), and as part of initiatives aimed to set in motion a plan to have the UAE markets reclassified to developed markets status, a delegation led by Dr. Obaid Al Zaabi, Acting CEO of SCA, held intensive discussions with officials from Nasdaq, the Securities and Exchange Commission (SEC), the US Commodity Futures Trading Commission (CFTC), and the Financial Industry Regulatory Authority (FINRA).

The delegation—including representatives from SCA, the Abu Dhabi Securities Exchange (ADX), and the Dubai Financial Market (DFM)—met with Nasdaq’s president and officials, SEC commissioners and senior officials, plus senior officials from the CFTC and the FINRA.

Items on the agenda of the delegation’s three-day mission included reviewing the self-regulation model implemented by US Self-Regulatory Organizations (SROs), market surveillance techniques, and compliance-related matters, as well as taking part in a number of workshops. 

The agenda also included (1) meeting with Nasdaq’s president; (2) reviewing market regulatory components and structure as well as settlement and clearing processes; (3) identifying the advantages of central clearing (4) identifying post-trade technical solutions; (5) reviewing Nasdaq’s SMARTS Market Surveillance; (6) reviewing activities of the Nasdaq Listing Center; and (7) monitoring trading floors and closing sessions. 

Discussions with Nasdaq’s president and officials also dealt with matters pertinent to risk management, securities custody, corporate governance, Nasdaq’s listing criteria, initial public offerings (IPOs), corporate issues, and continuing education.

Nasdaq Academy’s activities were also viewed along with the training program it offers to specialists and professionals in the securities industry. An MoU was entered into between the Nasdaq Academy and SCA to promote cooperation in training and professional qualification. Dr. Obaid Al Zaabi signed the MoU with Bob Greifeld, Nasdaq’s Chief Operating Officer. The MoU governs cooperation in the provision of advisory support to improve regulatory and supervisory systems in SCA, ADX, and DFM.

The delegation’s discussions with Michael Piwowar, the SEC Commissioner, also dealt with SEC’s experience in self-regulation, the exchange of information, and investigation procedures, as per the IOSCO’s Multilateral MoU. The discussions also dealt with the general framework of an MoU that the two sides are contemplating in the coming period. 

Moreover, the delegation discussed with FINRA officials matters related to the implementation of self-regulation and the positive implications it would have on financial markets.
The delegation reviewed with CFTC officials futures trading mechanisms and licensing techniques, as well as settlement and clearing processes.

It is worth noting that Nasdaq operates 24 markets, 3 clearing houses, and 5 central securities depositories. Its SMARTS Surveillance solutions are the industry benchmark for global exchanges and regulators.  

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