The Financial Supervisory Authority in Egypt receives the heads of the financial market regulators in Iraq
Dr. Muhammad Omran, Chairman of the Financial Supervisory Authority and his two deputies met Sabah Today in the Smart Village, a delegation from the State of Iraq includes Hassan Hammoud Hassani, Chairman of the Iraqi Securities Commission, Thaer Adnan Hashem, Chairman of the Board of Governors of the Iraq Stock Exchange, Taha Ahmed, Executive Director of the Iraq Stock Exchange, and Ali Adnan Hashem, Chairman of the Board of Directors of the Association of Securities Brokers to discuss ways Strengthening integration between the two countries in the capital market and coordinating policies and positions in all regional and international gatherings and forums in light of the election of the Chairman of the Financial Supervisory Authority in Egypt as Chairman of the Developing and Emerging Markets Committee and Vice Chairman of the Board of Directors of the International Organization of Capital Markets Supervisory Bodies (IOSCO). 832320220307 At the beginning of the meeting, the Chairman of the Financial Supervisory Authority expressed that the capital market community in Egypt attaches great importance to this visit, which aims to exchange experience and technical assistance to reach For the highest levels of efficiency and safety He explained that the process of coordination between the two regulatory bodies and consultation on fundamental changes that affect the financial markets in the two countries is a priority to enhance Arab economic integration. Events affecting the capital markets.
During the meeting, the Chairman of the Financial Supervisory Authority presented the latest developments in the capital market activity on the scene. Egyptian laws of new or updating of existing ones; Starting with the fundamental amendments made to the Capital Market Law No. 95 for the year
to the law regulating and developing the use of financial technology in non-banking financial activities, stressing that the authority will launch a community dialogue between the relevant parties during the current month so that the next board of directors of the authority can issue regulatory decisions to work on setting provisions The law is in force.
Dr. Omran reviewed the decisions issued by the authority to amend the rules for listing in the Egyptian Stock Exchange in preparation for receiving proposals Large companies and facilitating the registration of projects with large assets, in addition to the financial control’s keenness to present a legislative project that allows amending some provisions of the capital market law to create a mechanism that allows the securitization of expected future financial rights to government agencies and private sector companies, and the steps for its issuance, and the authority’s recent initiative to allow licensing of companies The venture capital to engage in the activity of companies with the purpose of acquisition (Special Purpose Acquisition Company “SPAC”M) in the Egyptian market. *) 832320220307 At the conclusion of the meeting, the Iraqi delegation requested that aspects of cooperation between the two countries be activated in terms of exchanging supervisory information, exchanging information and experiences within the limits permitted by local laws and regulations, with interest in providing Training opportunities for work teams to raise efficiency, coordinate with regard to cyber risks, and take all preventive measures against cyber attacks and crimes, while cooperating in classifying international principles. At the end of the visit, the Iraqi delegation inspected the “Knowledge Pool for Non-Banking Financial Culture” and expressed its admiration for the FSA’s ambitious initiative to establish a knowledge complex aimed at spreading financial culture within the non-banking financial sector, and enhancing the dependence of economic growth on creative human energies and high technical skills. More than relying on material assets to jump towards the aspirations of Egypt’s vision 2030 through the coordination and harmony of services provided by the entities affiliated with the knowledge complex in one place – the Institute of Financial Services The Egyptian Center of Directors, the Egyptian Center for Voluntary Arbitration and the Settlement of Non-Egyptian Financial Disputes FIYA, and the Regional Center for Sustainable Finance.