Invest in Iraq Stock Exchange conference Session II: The Securities Commission: Regulatory and Supervisory Framework Mr. Jalil Tarif Secretary General Arab Union for Securities Commissions
Jalil Tarif Secretary General Invest in Iraq Stock Exchange Conference Dubai, UAE - May 2014 “Arab Capital Markets Regulatory Developments and Future Challenges” U NION OF A RAB S ECURITIES A UTHORITIES
Established in 2007, based in Dubai, UAE. Support the development of Arab Capital Markets. Achieve maximum harmony and consistency among UASA members. Unify the efforts towards achieving effective level of oversight. Promote the implementation of international best practices standards. 1 UASA Inception & Objectives U NION OF A RAB S ECURITIES A UTHORITIES
UASA M EMBERS GCC UAE KSA Kuwait Qatar Oman Levant Jordan Lebanon Syria Iraq Palestine Libya Algeria Egypt Morocco Tunisia 2 North Africa U NION OF A RAB S ECURITIES A UTHORITIES
R EGIONAL AND I NTERNATIONAL C OOPERATION OECD WFE FEASE ASE Associate Member of IOSCO Observer Member of AMF 3 U NION OF A RAB S ECURITIES A UTHORITIES
Market Regulation Market Oversight Enforcement Actions Investor Education and Awareness International Cooperation 4 U NION OF A RAB S ECURITIES A UTHORITIES 2013 Performance
Training and Bilateral Exchange Programs Transparency In Arab Capital Markets Principles For Financial Market Infrastructure “PFMI” Islamic Finance 5 U NION OF A RAB S ECURITIES A UTHORITIES 2014 Action Plan
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7 U NION OF A RAB S ECURITIES A UTHORITIES Exchange NYSE Euronext (US) 17,95014,086 NASDAQ OMX (US) 6,0854,582 Japan Exchange Group 4,5433,681 London Stock Exchange Group 4,4293,397 NYSE Euronext (Europe) 3,5842,832 Hong Kong Exchanges 3,1012,832 Shanghai SE 2,4972,547 TMX Group 2,1142,059 Deutsche Börse 1,9361,486 SIX Swiss Exchange 1,5411,233 Arab Stock Exchanges 1, World Market Capitalization 64,19554,697 Arab and World Market Capitalization
A CHIEVEMENTS Legal infrastructure. Technology Best practice, international standards. 8 U NION OF A RAB S ECURITIES A UTHORITIES
C HALLENGES Size Structure Openness Investor Protection Governance Transparency 9 U NION OF A RAB S ECURITIES A UTHORITIES
T HANK Y OU … 10 U NION OF A RAB S ECURITIES A UTHORITIES