Secretary General's Message
The situations experienced by the worldover 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) inorder 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 in order to achieve effective levels of control over trading in the Arab stock exchanges.
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,control over transactions of the financial markets, and trading, settlement and clearing systems. Areas of cooperation also include disclosure issues, electronic disclosure, trading control systems, Collective Investment Schemes, dispute resolution, financial solvency of brokerage firms, Margin Trading, licensing, inspection and other important aspects associated with regulatory of the control bodies.
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 inline 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.