The International Organization of Securities Commissions (IOSCO)
The International Organization of Securities Commissions (IOSCO) is the international body that brings together the world’s securities regulators and is recognized as the global standard setter for the securities sector. IOSCO develops, implements, and promotes adherence to internationally recognized standards for securities regulation. It works intensively with the G20 and the Financial Stability Board (FSB) on the global regulatory reform agenda. Its membership regulates more than 95% of the world’s securities markets in more than 130 jurisdictions; securities regulators in emerging markets account for 75% of its ordinary membership.
FRA Chairman chairs the Growth and Emerging Markets Committee (GEMC) – the largest committee in terms of the number and geographic distribution – and he is also the Vice-Chair of the organization’s Board of Directors. IOSCO’s Board of Directors is responsible for setting the standards and regulations comprising 35 regulatory bodies. The Chairman of Belgium’s Financial Services and Markets Authority currently leads the Board. It is worth noting that the FRA has been elected as a member of the Board of Directors for six consecutive terms, starting from 2014-2016. FRA’s Chairman has been elected as the Chair of GEMC and Vice-Chair of the IOSCO Board for the current term (2024-2026).
Since joining IOSCO, Egypt’s Financial Regulatory Authority (FRA) has played a prominent role, retaining its seat on the Board for the sixth consecutive term (2024-2026). This underscores the importance of Egypt’s capital market and the active role of the regulator in the global securities sector.
Mediterranean Partnership for Securities Regulators (MPSR)
Mediterranean Partnership for Securities Regulators (MPSR) is a partnership agreement signed in 2009 to support member authorities in taking measures to increase the consistency of financial supervision in the Mediterranean region, particularly in three areas: investment fund regulation, provision of market information, and combating market manipulation.
It is worth mentioning that this partnership is one of the economic partnerships that followed the implementation of the Joint Declaration of the Paris Summit for the Mediterranean (a primarily political agreement between the European Union and twelve countries in the Mediterranean region). Its objective is to support the countries in the southern Mediterranean in various political, economic, and social aspects.
Underlining its influence in the region, the FRA was elected as the Deputy Chairman of the Mediterranean Partnership for Securities Regulators (MPSR) during 2016-2018. This was followed by its election as the Chairman of the partnership for the period 2018-2020. The FRA also hosted the annual meeting of the MPSR in January 2020 for the second time in five years, demonstrating its leadership and commitment to the partnership.
The Union of Arab Securities Authorities (UASA)
The Union of Arab Securities Authorities (UASA) was established in 2007 as an independent non-profit organization headquartered in the United Arab Emirates. It brings together securities authorities and regulatory bodies in Arab markets, intending to upgrade the legislative and regulatory levels of Arab securities markets to achieve fairness, efficiency, and transparency. The main goals of the UASA are to unify efforts towards attaining adequate oversight over transactions in the Arab securities markets and to ensure coordination and cooperation among members to achieve maximum harmony and consistency concerning relevant laws and regulations applicable in the Member States. The Union also aims to overcome difficulties facing investment in the Arab securities markets, expand the investment base, diversify its tools, and promote the culture of investing in the Arab securities markets. Promoting the concepts of disclosure, transparency, and governance, in addition to applying the best international standards and practices, are also important objectives of the UASA.
The FRA’s leadership in the Arab securities markets was further demonstrated when it chaired the tenth session of the Union of Arab Securities Authorities (UASA) during the period 2016-2017. This underscores the FRA’s active role in promoting fairness, efficiency, and transparency in the Arab securities markets.
The Financial Stability Board (FSB)
The FRA joined the FSB’s Middle East Regional Consultative Group in September 2020. Both FRA and the Central Bank of Egypt represent Egypt in the Regional Consultative Group, including Algeria, Bahrain, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Tunisia, Turkey, and the United Arab Emirates.
The FSB aims to promote global financial stability by coordinating the efforts of its six regional consultative groups and developing regulatory and supervisory policies for the financial sector. It sets internationally agreed policies and minimum standards that its members commit to implement nationally.
FSB also assesses vulnerabilities affecting the global financial system and identifies and reviews, on a timely and ongoing basis, within a macroprudential perspective, the regulatory, supervisory, and related actions needed to address these vulnerabilities and their outcomes. It monitors the implementation and effects of agreed-upon financial reforms and reports to the G20. Additionally, it tracks developments and challenges faced by existing financial systems, studies the impact resulting, and provides advice on regulatory policies.
The FSB has a unique composition among international bodies because it brings together senior policymakers from ministries of finance, central banks, supervisory and regulatory authorities for the G20 countries, plus four other key financial centers – Hong Kong, Singapore, Spain, and Switzerland. In addition, it includes international bodies, including standard-setters and regional bodies like the European Central Bank and European Commission. Its membership consists of national authorities responsible for financial stability in 24 countries, international financial institutions, and central bank experts, and it engages with nearly 70 other jurisdictions through its six regional consultative groups.
The International Association of Insurance Supervisors (IAIS)
IAIS was established in 1994 to promote cooperation among its members and achieve the highest regulatory and supervisory standards in the insurance industry at both domestic and global levels. It aims to maintain the efficiency, fairness, and stability of insurance markets, protect policyholders’ rights, and unify efforts to establish adequate levels of supervision through information exchange and expertise sharing among member markets.
IAIS’s work plan revolves around developing standards related to the insurance sector and assisting its members in implementing them. It also ensures global financial stability through cooperation with international organizations such as IOSCO and international groups like FSB. IAIS is considered the most important global gathering for developing the international insurance industry and establishing its foundations.
FRA has been a member of the IAIS since 2005. IAIS has 221 members representing regulatory authorities from 140 countries and seven organizational members. FRA has also participated as a member of the Prudential Measures Committee for Microinsurance Activities and is a member of the Standards Assessment Working Group and the Policy Development Committee Working Group.
The International Organization for Pension Supervisors (IOPS)
IOPS was established in 2004 with 91 members representing the regulatory authorities in 82 countries. It aims to establish an international forum to facilitate policy dialogue, allow information exchange, and unify international standards related to regulating public and private insurance funds. It also encourages the implementation of the best global practices and governance in the supervision of pension funds. It integrates insurance in climate risk management and the insurance supervisors and regulators to technology and climate-related risks.
It is worth mentioning that FRA has retained its seat on the Organization’s Executive Committee for the 2024-2025 term for the fifth consecutive time after winning the Executive Committee elections held during the Organization’s Annual Meeting, with the participation of a high-level delegation from the FRA.
The Arab Union of Insurance Supervisors (The Forum of Arab Insurance Regulatory and Supervisory Authorities)
The Forum was established in 2006 with the aim of coordinating and cooperating between the supervisory and regulatory authorities on insurance activities to achieve harmony in the regulatory frameworks, raise the level of information and supervisory expertise exchange, and provide technical assistance to benefit the insurance industry in the Arab world in general.
The Forum consists of 16 Arab regulatory members. The FRA’s membership representing Egypt was necessary for the Forum, given the FRA’s position and history in the insurance market, and to support efforts aimed at achieving harmony and consistency in the supervision of insurance activities in the Arab countries and supporting the application of the international standards for the insurance supervision and regulation.
The General Arab Insurance Federation (GAIF)
GAIF was established in Cairo in 1964 in response to the aspirations of Arab insurance professionals, insurance companies, and reinsurers. GAIF is an Arab international institution that aims to be the main supporting body for the Arab insurance industry, working towards its development and integration by following policies and means defined in its statutes to serve the interests of its members.
The main objective of GAIF is to support the relations between Arab insurance and reinsurance markets and bodies, strengthen cooperation, coordinate their various activities, and develop the Arab insurance industry. Currently, GAIF has 330 members representing twenty Arab countries.
The International Forum of Insurance Guarantee Schemes (IFIGS)
IFIGS was formed in May 2013 by a group of insurance guarantee schemes from around the world interested in sharing experiences and providing protection in case of insurance company failures. The Forum aims to facilitate and enhance international cooperation between insurance guarantee programs and other regulatory bodies protecting insurance policyholders.
The Forum has 25 ordinary members representing 22 countries and three associate members representing three countries, including the Financial Regulatory Authority.
