The JSC Participates in IOSCO's Emerging and Developing Markets Committee (GEMC) Meetings to Discuss Best Practices in Financial Literacy, Resilience, Financial Inclusion, Regulation of Digital Asset Markets, and Sustainability Report

The Jordan Securities Commission participated in the Emerging and Developing Markets Committee (GEMC) meetings of the International Organization of Securities Commissions (IOSCO), hosted by the Turkish Capital Markets Board in Ankara, Turkey, from December 17-19, 2024. The meetings aimed to discuss best practices in financial literacy, resilience, and financial inclusion, as well as emerging trends in the regulation of digital and virtual asset markets, and developments in sustainability and related international standards.

The GEMC meetings addressed the latest developments in regional and international securities markets, topics related to the development of the securities industry in light of the financial technology revolution and its practical applications in member countries, and the practices and challenges of sustainable finance. The discussions also covered topics related to promoting financial literacy and inclusion, supporting SME financing through capital markets, and regulating digital currency and cryptocurrency markets. Financial inclusion was highlighted as a key driver of market development, enabling individuals and businesses to access non-banking financial services and expanding their user base. The importance of technology and digitalization in this regard was also emphasized.

Participants also discussed the latest developments in sustainability, including the integration of financial reporting requirements with International Sustainability Standards (ISSBs). Efforts to adopt the ISSB were reviewed, along with cooperation between the Emerging Markets Committee and the International Standards Board. The importance of both listed and unlisted companies integrating sustainability standards and practices into their business reports was also discussed. The ISSBs serve as a comprehensive and high-quality global reference for sustainability disclosures, focusing on the needs of investors and financial markets. In this context, it is worth mentioning IOSCO's announcement of the launch of a network dedicated to supporting the adoption and use of IFRS (Independent Financial Reporting Standards) (ISSB standards). The network will begin with a group of 32 IOSCO members from the Emerging Markets Committee (GEMC), representing 31 countries, including Jordan.

Already, 56 countries, from both developed and emerging markets, have taken steps to adopt or use ISSB standards. These countries collectively represent nearly 60% of global GDP, more than 40% of global market capitalization, and more than half of global greenhouse gas emissions. The network aims to support countries from most developing and emerging markets in their adoption of sustainability standards and will include both those already in the process of adoption and those considering it.

The meeting also addressed capacity building and development as a priority. The report on capacity building in developing and emerging markets was adopted, and the Committee, at its previous meetings in Athens, endorsed the NEXTGEN project, which aims to promote excellence through growth, education, and networking. It is worth noting that the Emerging Markets Committee (GEMC) is the largest committee within the International Organization of Securities Commissions (IOSCO), representing more than 75% of the organization's ordinary members. GEMC works to enhance and develop the efficiency of financial markets by setting standards and principles, providing training programs, and facilitating the exchange of information and technical expertise.