الهيئة العامة للرقابة المالية

Islam Azzam – FRA Deputy Chairman:

• FRA prioritizes strengthening the governance of non-bank financial institutions to promote market stability.
• The meetings offer a valuable platform for sharing experiences and learning about international best practices to foster intra-Mediterranean investments between Northern and Southern Mediterranean countries.

FRA participated in the Annual Meeting of the Mediterranean Partnership of Securities Regulators hosted in Barcelona, Spain. The meeting brought together representatives from securities regulators in the Northern and Southern Mediterranean countries, along with representatives from the Organization for Economic Cooperation and Development (OECD), the European Institute of the Mediterranean (IEMed) and the Union for the Mediterranean (UFM).

Islam Azzam – FRA Deputy Chairman represented FRA at the annual meeting of the Mediterranean Partnership of Securities Regulators. He participated as a keynote speaker, alongside Youcef Bouzenada, Chairman of COSOB at Algiers Stock Exchnage.  Vassiliki Lazarakou, Chair of Hellenic Capital Market Commission (HCMC) also participated in a panel discussion titled:  “Corporate Governance Challenges in the Mediterranean.”

The discussions focused on measures to strengthen cooperation among financial market regulators in the Mediterranean region.

Dr. Azzam emphasized the importance of promoting governance practices within non-bank financial entities and institutions. He highlighted that this is a key and ongoing objective within the Authority’s action plan, as it is essential for fostering companies’ growth and ensuring market stability.

During his participation in the session, FRA Deputy Chairman underscored that governance is a fundamental pillar for ensuring the quality and efficiency of decision-making within the non-banking financial sector. To create a supportive environment for economic growth, the Authority is committed to fostering the sustainability of building and developing human capacities and qualifying the professional cadres of entities working in the sector. This is achieved through the Authority’s affiliated entities, particularly the Egyptian Institute of Directors (EIoD, which offers specialized courses and programs in these areas.

Dr. Azzam noted that environmental, social, and corporate governance (ESG) factors have become increasingly important in investment decision-making, particularly in emerging markets. He added that companies and banks listed on the Egyptian Stock Exchange are now required to report on their ESG performance. Furthermore, there is a growing interest among asset owners and managers in adhering to ESG practices.

The agenda of this annual meeting included discussions on various topics, such as the Charter for an Institutional Partnership between the Securities Regulators from both Shores of the Mediterranean Sea and the approval of the methodology for electing the Chairman of the Partnership as well as the position of the current Vice-President.

During the meeting, the Malta Financial Services Authority (MFSA) was approved to join the Mediterranean Partnership of Securities Regulators after successfully fulfilling all membership requirements.

The meeting focused on initiatives aimed at promoting the development of local markets, with a particular emphasis on engaging investors and sharing best practices in corporate governance.

It is worth mentioning that the Mediterranean Partnership of Securities Regulators is a group of financial market regulators from the Northern and Southern Mediterranean countries. Members include Egypt, Tunisia, Algeria, Morocco, France, Greece, Italy, Spain, Portugal, Turkey, and Malta.

Established in 2009, the partnership aims to support member states in achieving significant progress in harmonizing non-bank financial markets and their regulatory frameworks. This ultimately seeks to increase the volume of financial investments exchanged between the countries of North and South Mediterranean.