الهيئة العامة للرقابة المالية

Dr. Mohamed Farid – FRA Chairman:

• Continuous regulatory updates bolster Exchanges’ flexibility and competitiveness in emerging markets.
• The meeting highlighted the ongoing challenges facing global debt markets and ways to enhance the competitiveness of securities markets and attract investments.
• Advisor to FRA Chairman led a panel discussion on financial technology and strategies for broadening market participation while safeguarding investor right.

Dr. Mohamed Farid, in his roles as Chairman of the Growth and Emerging Markets Committee (GEMC), the largest committee of the International Organization of Securities Commissions (IOSCO), and as Vice Chair of IOSCO, presided over the GEMC’s general meeting. The meeting was held during IOSCO’s 50^th Annual Meeting and Conference in Doha, Qatar, from May 12^th to 16^th .

The meeting was attended by key figures including Tamy Bin Ahmed Binali, CEO of the Qatar Financial Markets Authority; Jean-Paul Servais, Chairman of IOSCO; Rodrigo Buenaventura, Secretary General of IOSCO. In addition to Laurent van Burik, Chairman of Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF); Raluca Turcu, Director of Standards Implementation at IOSCO; Kheir Eldin Radwan Abd El-Kudos of the Securities Commission Malaysia, alongside numerous representatives from member regulatory bodies and the Organization for Economic Co-operation and Development (OECD).

The GEMC, representing over 75% of IOSCO’s membership, includes 90 full members and 24 non-voting associate members, encompassing the world’s fastest-growing economies and 10 G20 members.

Dr. Mohamed Farid emphasized the vital contribution of the GEMC to IOSCO’s core objectives, highlighting the importance of collaborative experience exchange among its members to facilitate financial market growth across member states.

FRA Chairman commended member states’ proposals and contributions, highlighting the GEMC’s work on establishing regulatory standards for diverse activities while acknowledging market differences. He noted the Committee’s ability to adopt documents that countries can utilize when formulating their market regulations and controls. Furthermore, Dr. Farid stressed the necessity of considering current market transformations and the ongoing imperative to refine governing regulatory structures.

He also spotlighted strategies to bolster fixed-income markets and government securities, particularly amidst ongoing market shifts.

The meeting concluded with the adoption of the minutes from the previous meeting in Ankara (December 2024) and the approval of the current agenda. This was followed by a presentation from IOSCO Chairman Jean-Paul Servais on the organization’s recent accomplishments and collaborations with various international bodies.

The meeting further explored strategies for capacity building and oversight of regulatory standard implementation. Chairman of Luxembourg’s CSSF, in his capacity as head of IOSCO’s Assessment Committee, detailed the committee’s activities. Following this, Dr. Farid announced the Assessment Committee’s call for GEMC members to engage in applying regulatory practices, specifically reviewing IOSCO’s Principles 10 and 12 related to inspection, investigation, monitoring and enforcement. This invitation also extended to evaluating recommendations on sustainability practices, policies, procedures and disclosures within asset management companies.

Highlighting IOSCO’s commitment to capacity building by addressing identified weaknesses, Dr. Farid underscored the organization’s readiness and interest in supporting GEMC member states in adopting international standards and developing their domestic capital markets. He also drew attention to IOSCO’s significant NEXTGEN program, emphasizing that this program and other similar efforts have doubled the scale of capacity-building initiatives since 2023.

The meeting also featured two presentations providing updates on global financial market trends. Firstly, OECD experts presented their Global Debt Report, elucidating the continuing challenges facing global debt markets as a result of increasing financing costs and rising indebtedness. Secondly, representatives from the Monetary Authority of Singapore (MAS) detailed their current strategies aimed at bolstering the competitiveness of securities markets and attracting investment, offering valuable insights for capital market development initiatives.

The agenda prominently featured financial inclusion, with Egypt playing a leading role as the chair of the newly established working group on this issue within the Growth and Emerging Markets Committee. To this end, Eng. Tarek Fathy, Advisor to FRA Chairman for Information Technology Affairs, moderated a dialogue session involving representatives from the financial regulatory authorities of Cyprus, India, Angola, and the Sultanate of Oman. These representatives shared their insights on promoting financial inclusion and expanding investor base. The discussions concentrated on the pivotal role of Financial Technology (FinTech) solutions in widening access to financial services and enhancing the participation of underserved segments within the securities market. This development complements the Committee’s ongoing efforts in financial innovation and underscores the Authority’s proactive stance in enhancing financial inclusion as a fundamental pillar for capital market development, drawing upon its extensive experience in the development, regulation and supervision of the Egyptian non-bank financial sector.

Concluding the meeting, Dr. Mohamed Farid announced that the Committee’s next annual meeting will be held in Malta during November 2025, hosted by Malta Financial Services Authority (MFSA), reflecting the continued momentum and commitment to ongoing cooperation among international regulatory bodies.