The UAE hosts the UASA's 14th virtual meeting

 "Countering the consequences of the coronavirus require redouble efforts to enhance regulatory and supervisory capacities in order to provide protection to investors," Dr. Obaid Al Zaabi

In response to directives by His Excellency Engineer Sultan Al Mansoori, Minister of Economy and Chairman of the Securities and Commodities Authority (SCA), SCA hosted the 14th virtual meeting of the Union of Arab Securities Authorities (UASA).

The meeting opened with a speech by His Excellency Dr. Obaid Saif Al Zaabi, SCA's Chief Executive Officer, who said that "the meeting takes on particular significance because it is being convened under unusual circumstances caused by the coronavirus pandemic and its implications for the global economic conditions, organizations, and financial activities. This calls for redouble efforts to enhance cooperation among the Arab securities authorities in order to have maximum consistency, not only to work further on developing proper frameworks and mechanisms to enhance regulatory and supervisory capacities, but most importantly to protect investors, preserve their savings, and increase their investments to get the economy moving and promote national economies."

He indicated that "the UASA launched several initiatives to join efforts to provide effective supervision over the transactions taking place in Arab securities markets and to tackle the challenges to investing in these in markets, in addition to expanding the investment base, diversifying investment tools, establishing the concepts of disclosure and governance, and increasing investor awareness and education all the while applying the best international standards and practices."

According to the UASA's memorandum of association, which states that each member state shall assume chairmanship of the UASA for a one-year term, Dr. Al Zaabi took over the chairmanship of the UASA this year from Dr. Omar Al Zoubi, Acting Chairman of Jordan Securities Commissions and Former Chairman of the UASA, who was recognized for his efforts over the past year. Dr. Al Zaabi made a brief speech, lauding the efforts of the former chairman during his term of office.

UASA member states expressed their gratitude and appreciation to SCA for its continued support of the UASA and for hosting the 14th annual virtual meeting.

It is worth mentioning that the UAE, having assumed chairmanship of the UASA, has been holding key positions at the international level. Earlier this year, SCA's renewed membership in the International Organization of Securities Commissions (IOSCO) was announced. Additionally, Dr. Al Zaabi was named Vice Chair of the IOSCO Board and Chair of IOSCO's Growth and Emerging Markets Committee (GEMC) for the second time in a row.

The meeting's opening session began with a speech by Dr. Al Zaabi followed by speeches by Dr. Al Zoubi and the UASA Secretary General Jalil Tarif.

Rulebook and approved guiding principles for Arab securities markets

The UASA board reviewed a memorandum on the completion of the work related to the development of rules and general guiding principles by the working groups in collaboration with the UASA General Secretariat to facilitate reference to these rules and principles by the UASA member states and other interested parties.

Multilateral MoU among UASA members

The board decided to mandate the General Secretariat to communicate with the UASA members to have them sign original copies of the MMoU as soon as possible in light of its approval of the final wording of the MMoU and the completion of all formal procedures by the majority members who expressed their readiness to sign the MMoU in its final form.

Glossary of financial terminologies in Arabic, English, and French

The board lauded the efforts to put together a glossary of the most common financial terminologies in Arabic, English, and French as well as the efforts of the Commission D'Organisation et de Surveillance des Operations de Bourse (COSOB) of Algeria in adding the French terms to the glossary, which was reposted on the UASA's website and a number of other websites of UASA members and interested parties.

Approved professional certificates

The UASA board approved a proposal by the General Secretariat concerning the possibility of introducing a specialized diploma (professional certificate) in supervision in collaboration with academic and specialized institutions at the local and international levels to train employees at supervisory authorities on specific subjects to obtain high-level international professional certificates, thus helping to increase the efficiency of all those working in Arab securities authorities.

The board also approved the wording of an MoU with the Arab Federation of Exchanges (AFE) following the incorporation of amendments proposed by member states.

Approving the auditor's report and the final accounts

The board discussed and approved other items placed on the meeting's agenda. It approved the 2019 annual report and was briefed on the key achievements made throughout the fourth year and the beginning of the fifth year of the 2016-2020 strategic plan. The board was briefed on the General Secretariat's memorandum on accepting the membership of the Libyan Capital Market Authority. It also decided to renew the term of office of the general secretary for three years, lauding his efforts since joining the UASA.

The board also approved the auditor's report and the audited final accounts for the 2019 fiscal year, and reviewed a memo by the General Secretariat on the selection of the UASA's auditors. The board discussed a memo concerning the amendment of the UASA's regulations regarding its financials and Article 17 of its memorandum of association. The General Secretariat was mandated to communicate with member states and incorporate the necessary amendments before the end of the year.

The 2021-2025 strategic plan 

The board was briefed on the proposed action plan as well as the UASA's 2020 action and training programs for the same year. It was informed of the procedures for putting together the new 2021-2025 strategic plan. The board mandated the General Secretariat and the involved working group to develop the plan in collaboration with member states and approved the 2020 estimated budget. It also viewed the UASA's financial study for the three coming years and decided to mandate the General Secretariat to continue to take all actions necessary to increase reliance on the UASA's resources.

The board reiterated its decision to hold its coming annual meeting in the Sultanate of Oman.

It is worth mentioning that the UASA was established in 2007 as a not-for-profit independent legal personality and is headquartered in the UAE, which called for its establishment and hosted the UASA's consultative meeting in 2006 and its founding meeting in 2007 in its capital, Abu Dhabi. The UASA members include Arab securities commissions and supervisory authorities. The UASA aims to promote the Arab securities markets at the legislative and regulatory levels to achieve integrity, efficiency, and transparency and to join efforts to provide effective oversight of the transactions taking place in these markets. The UAE has previously assumed chairmanship of the UASA in 2008.

The meeting was followed by a seminar on the consequences of the coronavirus pandemic on financial markets. Among the participants were the Capital Market Authority of Saudi Arabia, Jordan Securities Commissions, the Capital Markets Authority of Kuwait, the Capital Market Authority of the Sultanate of Oman, Qatar Financial Markets Authority, the Moroccan Capital Markets Authority (Autorité Marocaine du Marché des Capitaux), the Egyptian Financial Regulatory Authority, the Syrian Commission of Financial Markets and Securities, Iraq Securities Commission, La Commission d'Organisation et de Surveillance des Opérations de Bourse of Tunisia, Palestine Capital Market Authority, and the Capital Markets Authority of Lebanon. The Libyan Capital Market Authority begged off from participating.