Union of Arab Securities Authorities.

International Cooperation


Active Members

Represented by the Capital Markets Authority, has been nominated to head the market development team during the annual forum meeting held in Istanbul in 2016. The market development committee of the Stock Exchanges Forum in the Organization of Islamic Cooperation Member States (COMCEC) began preparing a research project after being approved by the organization. This committee is part of four committees emerging from the Organization of Islamic Cooperation (OIC), which deals with economic and commercial issues of Islamic countries. The market development team is among four other teams under the Stock Exchanges Forum, which are as follows:

1) Market Development Team
2) Islamic Finance Team
3) Financial Education Team
4) Capability Constructing Team

The main function of the market development team is preparing initiatives in accordance with a clear scientific and methodological foundations after a thorough study of the capital markets in the Member States in order to achieve consistency, cooperation and exchange of experiences in the development of markets between member states.
The team, headed by the Capital Markets Authority in Kuwait, also seeks to provide an initiative to develop the capital markets infrastructure and the parties involved in the post-trading model. This initiative comes in line with CMA’s plans concerning the development of this model in the State of Kuwait and to enhance the experience gained during the previous period in this regard.
In addition, the CMA aims through this initiative to develop a clear path to encourage the Member States on the infrastructure of the Capital Markets and reinforce the principle of cooperation between member states to develop and exchange expertise in this area.


The CMA and the Russian Capital Markets Authority signed a Memorandum of Understanding that marks a new level of cooperation between the authorities in both countries.

The Memorandum makes provisions for cooperation and information exchange in respect of all entities regulated by the Bank of Russia and the Capital Markets Authority of Lebanon.

The key areas of cooperation envisaged in the Memorandum are the following: assistance in detection and combating unlawful use of insider information and market manipulation, supervision and monitoring of compliance with applicable legislation in the financial sector, insuring transparency of financial market participants activities, as well as other issues within the competence of the Bank of Russia and the Capital Markets Authority of Lebanon.

Additionally, the Memorandum provides a framework for information exchange regarding consolidated supervision of financial groups conducted by the capital market authorities of both countries, and the regular exchange of information regarding developments in capital market supervisory regulations and policies at the Russian Federation and Lebanon, including information on any risks arising in both markets.
EFSA and the General Authority for Investment and Free Zones (GAFI) signed a protocol to facilitate the procedures between the two Authorities, The agreement increases the terms of reference of EFSA’s Office at GAFI to end transactions related to shares of capital increase, and providing programs, means and tools needed for the electronic link between both parties, in addition to exchanging of the draft laws to express an opinion on them.
EFSA started a technical cooperation project with the European Bank for Reconstruction and Development to study the requirements for developing Short-term debt-based financial instruments in the Egyptian Capital Market in order to complete the system of securities and available financial instruments.

The project "Development of regulatory frameworks for Short-term debt-based financial instruments in Egypt" was approved by the Ministry of Investment and International Cooperation and it will take a period of six months. The project states that the European Bank for Reconstruction and Development will offer the technical support to EFSA through providing international experts in areas of financial legislations and markets to prepare a comparative study on what is being applied in other markets in order to identify the best practices applied internationally in this field. The project also includes seeking the help of a local expert to participate in the preparation of the proposed model that will be applied in Egypt and drafting the necessary amendments in the relevant legislation.


EFSA welcomed the Financial Inclusion Global Initiative launched by the World Bank with the cooperation of the International Telecommunication Union (ITU), which will focus on three model countries, including Egypt.

The three-year initiative, which includes Egypt, China and Mexico, will work on developing the electronic payment systems to spread the financial services. The World Bank declaration revealed that Egypt has Laws and regulatory decisions that suit the markets in addition to the financial and technological infrastructure. Thus, it has success factors to achieve the financial inclusion for nearly44 million citizens.



EFSA and The Egyptian Credit Bureau signed a protocol on establishing and managing Movable Guarantees Registry. Representatives of the International Finance Corporation (IFC) and leaders from the Ministry of Investment and International Cooperation and EFSA attended the event.
This agreement comes as part of Egypt's efforts to improve its ranking in the Doing Business report over the coming years.


As part of the efforts to strengthen their cooperation and ensure the investors protection and the promotion of the integrity, transparency and efficient functioning of both financial markets, the Moroccan Capital Market Authority and the Regional Council for Public Savings and Financial Markets of the West African Monetary Union signed a specific Technical Assistance Agreement on Monday, February 27, 2017 in Abidjan.

The signing ceremony was held at the headquarters of the WAMU’s Regional Council of Public Savings and Financial Markets in Abidjan.
The Moroccan Capital Market Authority and the Ghana Securities and Exchange Commission signed a Memorandum of Understanding laying out the terms of bilateral cooperation between the two institutions.
The MoU aims to bring the two countries' capital markets closer together, particularly in terms of SME financing through capital market, market professionals licensing, financial education, encouragement of cross-border investment and promotion of the development of sustainable finance.

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