الهيئة العامة للرقابة المالية

Dr. Islam Azzam :

• Ongoing cross-border coordination is vital for stable and efficient non-banking financial activities.
• Egypt offers a flexible regulatory climate that fosters financial innovation.

Dr. Islam Azzam, FRA Chairman and Chair of the Growth and Emerging Markets Committee (GEMC) received Mr. Grant Vingoe, CEO of the Ontario Securities Commission (OSC) of Canada, during his visit to Cairo.

 Dr. Azzam welcomed CEO of the Ontario Securities Commission (OSC), emphasizing the depth of professional relations and the ongoing cooperation between regulatory bodies governing financial markets globally. He stressed that continued coordination and the exchange of expertise are vital to bolstering the stability and efficiency of non-banking financial markets, particularly as they strive to keep pace with rapid global changes.

The meeting featured extensive discussions on cooperation between Egypt and Canada regarding several files of mutual interest. Key areas of focus included developing regulatory and supervisory frameworks for capital markets, enhancing the efficiency of disclosure and governance systems, and supporting digital transformation and FinTech initiatives. Additionally, both leaders discussed the importance of exchanging expertise in market oversight, investor protection and risk management.

Dr. Azzam noted that Egypt has built a flexible regulatory environment that supports financial innovation without compromising market stability or transaction integrity. During the meeting, he and his Canadian counterpart emphasized the importance of strengthening technical competencies through collaborative training initiatives and sharing institutional best practices.

Both parties underscored the importance of sustained international coordination among regulatory authorities in light of the rapid challenges and shifts in global markets, particularly regarding financial technology (FinTech), digital assets, sustainability, and cross-border risk management.

Additionally, they reaffirmed IOSCO’s essential role as the global reference for financial market standards. By formulating principles that drive regulatory excellence, IOSCO ensures that markets remain fair, transparent and efficient. This framework plays a vital role in safeguarding transaction integrity and tackling diverse systemic risks facing financial markets.

Ultimately, IOSCO stands as the leading international forum for policymakers and securities regulators. Serving as the global standard-setter, it comprises approximately 95% of the world’s securities regulators across more than 130 jurisdictions. This vast reach reflects the Organization’s central role in supporting global financial stability, fostering international cooperation and developing the best regulatory and supervisory practices on a global level.