Union of Arab Securities Authorities.

Education and Awareness

  

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Syrian Commission on Financial Markets and Securities (SCFMS) launched a work shop concerning the New International Auditing Standard (IAS) No (701), under the title “The Notification of the Key Audit Matters in the Independence Auditor’s Report.”
The workshop discussed the importance of applying the New International Auditing Standard (IAS) No (701), Because of its role in achieving the consistency, and the possibility for comparing the various Joint – Stock Companies’ Financial Reports with them in many other countries, in addition to the importance of the high efficiency and the safe scientific methods at the work of the Accountings’ Auditors.

 

The Strategic Framework for the Re- Structuring Process in Syria, the Dynamic Relation Between the Securities’ Prices Index and the Exchange’s Prices, and the Evaluation of the Banks’ Capability for Handling the Financing’s Risks, are the most important topics at the First Scientific Conference for the Management, Financing and Economy, which is organized by the Private International Arabic University, in collaboration with the Ministry for High Education, at Sheraton Hotel, Damascus.

Islamic Finance News (IFN) returns to Oman with the IFN Oman Forum & Dialogue in partnership with the Capital Market Authority, Sultanate of Oman (Oman CMA) held at the new Grand Millennium Muscat Hotel. The Islamic finance sector in Oman has gone through a commendable growth rate, highlighting the growing prominence of Shariah compliant finance in its economy. Having hosted the IFN Seminar and Dialogue in 2016 together with the Oman CMA.
CMA concluded the events of its first awareness program for 2017 through an awareness workshop which covered “Early warning indicators relevant to securities activities”.
The workshop covered various aspects, as the most important being:

• Importance of early warning indicators.
• Economic Indicators.
• Indicators related to combined financial positions of listed companies in Boursa Kuwait
• Indicators related to the activity of Boursa Kuwait
• General Index
“ Capital Markets Development in the State of Kuwait” was the title of CMA’s second annual conference. The one-day conference was held on Sunday March 26, 2017 in Sheraton Hotel. It was attended by officials concerned with economy and securities activities, in addition to representatives of listed companies and persons licensed by the CMA.

A number of local, regional and international experts took part in the conference; Mr. Anwar Al-Ghaith - Executive Director for Information Technology & banking operations at Central Bank of Kuwait, Mr. Othman Ibrahim Al-Issa CEO of Kuwait Clearing Company, Mr. Khaled AlKhaled - Vice Chairman and CEO of Boursa Kuwait, and Mr. Mohammad Saud Al-Osaimi - Executive Director/Markets in Boursa Kuwait. Regionally, participants were Mr. Mohamed Alhadari - Deputy CEO of Organizational Services & Support at Securities & Commodities Authority SCA, and Mr. Maged Fanous the Lead Risk and Regulatory Partner for the financial sector with EY MENA region.
The conference consisted of three sessions. The first one was about the Post-Trade Model, the second was entitled “Boursa Kuwait: Challenges and Aspirations, and the last session was about the electronic disclosure language XBRL.
Thus, the CMA announces concluding the events of its annual conference, hoping that it had achieved the required objectives.
It is worth mentioning that the CMA will announce soon the schedule of its specialized workshops to explain the requirements and objectives of the Post-Trade Model and the XBRL that will be executed in the near future.
We would like to draw your attention to the provisions of Article (3-42) of Module Sixteen "Anti-Money Laundering & Combating the Financing of Terrorism" of the Executive Bylaws of Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments, pursuant to Resolution No. (72) of 2015 issued on 9/11/2015 which stipulate that the licensed person must verify and pay attention to all business relationships or transactions with clients or with financial institutions from countries that do not apply or insufficiently apply the FATF's recommendations. If the Authority notifies the licensed person that such countries insufficiently apply the FATF's recommendations, the licensed person shall consider all business relationships and transactions conducted in such countries as high-risk ones, which require implementing the measures set in Article No. (3-21) of the same chapter. Accordingly, the Financial Action Task Force (FATF) has updated the list of countries which do not or insufficiently apply the FATF recommendations in its recent meeting held in June 2017. The CMA is keen to play its role as stipulated in the above mentioned Article.
EFSA organized a specialized program on Capital Market’s legislations for judges of the Economic Courts in the presence of a large number of judges attended the program for two days – EFSA is guided by the provisions of the Economic Courts in preparing draft laws to amend Laws and its Executive Regulation that govern various financial activities. The program discussed the legislative framework of the Capital Market is just beginning and it will be followed by other programs in mortgage finance, securitization and factoring, as well as movable guarantees.

EFSA has invited universities’ students at its headquarter in Smart Village to join a discussion session entitled “Financial Awareness Initiative for Youth”. It is a roundtable event to open a discussion with the youth and look beyond their ideas and views regarding what they know and expected from the non-banking financial sector. This event will be a guide to be used upon preparing a successful awareness plan that contributes in increasing youth’s awareness and skills to be “pioneers in business and project developments” in the near future.

 

 

EFSA has participated in a training program organized by British Microfinance Institution, which is one of the international organizations interested in microfinance and training of human cadres from around the world in this area.

The training program discussed practical cases for establishments working in microfinance with a focus on the sustainability of these establishments. Also, the program discussed impacts of using electronic payment systems on financial inclusion.

 

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