1. 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

2. 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

3.  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

4. 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

5. 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

6.  Market Regulation  Market Oversight  Enforcement Actions  Investor Education and Awareness  International Cooperation 4 U NION OF A RAB S ECURITIES A UTHORITIES 2013 Performance

7.  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

8. 6 U NION OF A RAB S ECURITIES A UTHORITIES

9. 7 U NION OF A RAB S ECURITIES A UTHORITIES Exchange20132012 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 1,100941 World Market Capitalization 64,19554,697 Arab and World Market Capitalization

10. A CHIEVEMENTS  Legal infrastructure.  Technology  Best practice, international standards. 8 U NION OF A RAB S ECURITIES A UTHORITIES

11. C HALLENGES  Size  Structure  Openness  Investor Protection  Governance  Transparency 9 U NION OF A RAB S ECURITIES A UTHORITIES

12. T HANK Y OU … 10 U NION OF A RAB S ECURITIES A UTHORITIES