الهيئة العامة للرقابة المالية

• Mohamed Farid attends the meetings in his capacity as the Vice Chair of IOSCO Board and Chair of the IOSCO’s Growth and Emerging Markets Committee (GEMC).
• The agenda focuses on pivotal topics, including tracking the progress of the action plan designed to boost global financial stability.
• FRA’s participation highlights its dedication to maintain continuous dialogue with international regulatory bodies and its essential role in drafting global policies and standards.

Dr. Mohamed Fraid – FRA Chairman:

• Achieving capital market efficiency fundamentally requires qualified personnel and therefore, demands a robust focus on capacity building.
• We prioritize the technological enhancement of regulatory authorities to effectively align supervision with evolving market dynamics.
• Artificial Intelligence is an essential tool for regulators to adopt, emphasizing the need for continuous learning throughout this journey.

Dr. Mohamed Farid, FRA Chairman and Vice Chair of IOSCO Board participated in the IOSCO’s Board meetings in the Spanish capital, Madrid from October 27 to 28.

Dr. Farid attended the meetings in his capacities as Vice Chair of IOSCO Board and Chair of the IOSCO’s Growth and Emerging Markets Committee (GEMC). This participation highlights the pivotal role FRA plays within the IOSCO – the foremost global authority for setting capital market regulatory standards. Its role involves supporting international efforts to enhance market efficiency and integrity, protect investors and boost coordination among regulatory bodies to effectively address emerging risks that could impact global financial stability.

Dr. Farid’s participation underscores FRA’s commitment to maintain continuous communication and ensure effective input into international standards that promote market transparency, fairness and sustainability.

The IOSCO’s meetings in Madrid addressed several pivotal topics on the agenda. These discussions included following up on the implementation of the action plan designed to enhance global financial stability and examining regulatory developments related to FinTech, sustainable finance and climate finance. Furthermore, the meetings covered updates on international cooperation for the exchange of expertise and information among various regulatory bodies worldwide.

Dr. Mohamed Farid affirmed that human capacity development is a fundamental pillar for evolving financial markets and boosting their competitiveness, noting that the financial industry relies essentially on distinguished human competencies for achieving progress and sustainability. He stressed that investing in personnel through continuous training, skill refinement and transfer of knowledge is the optimal way to ensure markets evolve and can keep pace with rapid global changes. He concluded that building the institutional and technical capabilities of finance sector contributes to raising the efficiency of regulatory and supervisory performance, supporting the transition to a more flexible and stable financial environment, and ultimately boosting investor confidence and stimulating economic growth.

Furthermore, Vice Chair of IOSCO Board explained that developing the technological infrastructure of regulatory bodies is an indispensable strategic necessity, driven by the rapid evolution of financial markets and the expansion of FinTech use. He stressed that regulators are required to keep pace by continuously updating their technical tools and systems to ensure their supervisory role is performed with maximum efficiency and effectiveness. He noted that the digital transformation in supervision – specifically the adoption of RegTech and SupTech solutions – is crucial. This technology-supported approach enhances monitoring efficiency, enables immediate risk detection, improves data quality and supports sound, data-driven decision-making. He stressed that this entire strategy falls under a comprehensive vision to build a modern regulatory system prepared to meet the demands of contemporary markets.

In this context, Dr. Mohamed Farid emphasized the critical need for regulatory bodies to adopt Artificial Intelligence (AI) in their operations to keep pace with technical advances. He stressed that AI is a necessity, not an option, due to the global technological leap in financial markets. He emphasized that using this new technology grants regulators advanced capabilities for analyzing big data, detecting unusual patterns and predicting potential risks, thereby strengthening their ability to protect markets and participants. He called for adopting AI with an open and humble approach, recognizing that learning and development will be a continuous journey as the technology evolves.

Egypt’s active participation in such meetings demonstrates its commitment to strengthen its position on the international financial stage and affirms its positive role in developing global financial markets for greater stability and investment appeal.