Arab regulatory authorities have been working closely with financial markets and governments to overcome the repercussions of the Corona crisis on the financial markets. Also, they have continued achieving significant developments over the past year in the areas of oversight and improving the legislations and enforcement actions. The Union of Arab Securities Authorities (UASA) members continued to develop frameworks and appropriate mechanisms to enhance their oversight and develop rules of transparency and disclosure, governance, education, and awareness to ensure the stability of the financial markets. UASA members were also keen on taking concrete steps in the areas of development, modernization and upgrading skills and financial systems that govern their work in line with the best international practices and standards and took the necessary measures to encourage the use of modern financial technology to serve the capital markets.
International developments at various levels have imposed more challenges on Arab financial markets more challenges in many areas. These areas include confronting financial markets volatility, cyber risks and crimes, and liquidity risks, which calls for the need to strengthen the financial infrastructure and the application of international principles in this area to enhance the resilience of the financial markets to various potential risks which witnessed a noticeable increase during the Coronavirus pandemic. Promoting sustainability principles that consider the best international practices, especially in the areas of governance, environment, and social responsibility, has become the focus of international attention. This requires the concerted efforts of Arab capital markets with the various relevant parties to modernize the legislations to accommodate such developments and serves relevant projects and initiatives in our countries.
Undoubtfully, UASA plays a significant role in the development of Arab capital markets, through achieving the objectives of the Union, especially those related to unifying cooperation efforts, to reach effective levels of oversight in Arab capital markets. It also seeks to achieve the best levels of harmony and compatibility with relevant laws and regulations applied in Arab capital markets with the aim of protecting investors, developing legislations in accordance with the best international practices and enhancing self-capacity building in line with UASA's strategic plan of that was approved by its Board, which outlined its future path and priorities in the coming years.