The situations experienced by the world over the last years and the successive crises that jolts the global economies have highlighted the importance of enhancing the capacities of regulatory bodies and promote cooperation among them. Therefore, the International Organization of Securities Commissions (IOSCO) asked all member regulatory authorities to sign a Multilateral Memorandum of Understanding (MMOU) to boost international cooperation and coordination in areas of oversight of the capital markets, and to address issues of manipulation, fraud, money, laundry, and terrorism financing. The global conditions require intensive efforts to enhance cooperation between Arab regulatory authorities to attain the highest harmony and consistency in the laws and regulations governing the Arab capital markets; increase coordination in regulating and controlling financial markets and develop the regulatory rules for the markets to achieve effective levels of oversight in the Arab capital markets.
The areas of potential cooperation and coordination among Arab Securities Authorities are numerous. They include, in respect to securities markets, issues such as listing, joint listing, oversight transactions of the financial markets, and trading, settlement and clearing systems. Areas of cooperation also include disclosure issues, electronic disclosure, trading systems, Collective Investment Schemes, dispute resolution, financial solvency of brokerage firms, Margin Trading, licensing, and inspection. This is in addition to cooperation in the areas of sustainability, financial technology, facing the risks of international crises, cyber risks and other important aspects related to the work of regulatory authorities.
The prospects of cooperation and coordination among members of the Union of Arab Securities Authorities are vast, but they can be further enhanced by practical mechanisms to facilitate taking specific steps towards achieving the maximum possible coordination and cooperation in line with the international principles and standards. There is no doubt that achieving this stage of consistency and harmony in the regulations governing the Arab capital markets will serve the best interest of these markets and the Arab countries and will facilitate the process of transferring funds across the Arab financial markets, especially that restrictions on capital movement among these markets had been abolished.