The Jordan Securities Commission Participates in the 19th Annual Meeting of the Union of Arab Securities Authorities

The Jordan Securities Commission, represented by its Chairman of the Board of Commissioners, Dr. Adel Bino, participated in the 19th Annual Meeting of the Union of Arab Securities Authorities, which was recently held remotely via Zoom in Algeria. The meeting was attended by more than 40 delegates from regulatory bodies in 15 Arab countries.

The meeting began with a speech by Youssef Bouznada, Chairman of the Algerian Stock Exchange Operations and Monitoring Committee, who emphasized the importance of the meeting in facilitating the exchange of experiences and opinions, and its contribution to maintaining the stability and development of financial markets amidst ongoing changes.

For his part, the Secretary-General of the Union, Jalil Tarif, reviewed the Union's achievements under its 2024 work plan and program. The financial statements, annual report, auditors' report, and audited financial statements for the fiscal year 2024 were approved, along with the Union's estimated budget and training plan for 2025. The Union's memorandum regarding its legal structure was also discussed.

The meeting concluded with a discussion of the General Secretariat's memorandum concerning the Union's legal structure.

[Note: The phrase "The meeting of the Union's Secretary-General, Jalil Tarif, reviewed the Union's achievements under its 2024 work plan and program" appears to be an error and has been omitted from the translation.] The General Secretariat's memoranda regarding the guiding principles for issuing Islamic bonds in Arab capital markets, the study on the dealings of financial services companies in Arab capital markets with foreign stock exchanges, facilitating due diligence/Know Your Customer (KYC) requirements in financial and banking institutions, and enhancing cooperation in the areas of financial technology and cybersecurity among members of the Union of Arab Securities Authorities were also reviewed.

To achieve the objectives of the Union's strategic plan, the General Secretariat's memorandum on forming working groups to implement the plan's initiatives was presented. These initiatives fall under five main pillars, the first of which focuses on strengthening cooperation, communication, and harmonization among member authorities. This pillar encompasses six objectives: harmonizing the legislation of member states; establishing a multilateral memorandum of understanding among member authorities; supporting the Union's activities and positions internationally; enhancing cooperation in combating money laundering and terrorist financing; increasing member cooperation in alternative finance and SME financing; and creating an online forum to enable members to communicate, discuss directly, and exchange ideas. The second axis focuses on cooperation in developing capital markets, mitigating risks, and supporting liquidity and sustainability. This axis includes three objectives: developing a guide on best practices for addressing market risks, conducting a study on ways to support liquidity in financial markets, and establishing common general principles for sustainability in Arab financial markets.

The third axis focuses on strengthening cooperation in financial technology and addressing cyber risks. This axis includes three objectives: establishing a general framework for cooperation among the Union's members in the field of financial technology, developing general principles for managing cyber risks in Arab financial markets, and cooperating with relevant organizations and entities in the fields of financial technology and cybersecurity.

The fourth axis focuses on investor education and awareness and promoting financial inclusion. This axis includes two objectives: contributing to education and awareness activities, and updating the Union's website and education and awareness portal. The fifth axis focuses on building internal capacities. This axis includes two objectives: building the capacity of those working in Arab financial markets, and developing the institutional capacities of the Union's members.

The meeting concluded with the selection of Kuwait as the venue for the next session of the Union's Council.