The Sustainable Finance and Financial Technology Review By IOSCO

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Sunday, December 08, 2019   /  09:57AM /  By UAE SCA  /  Header Image Credit: UN Global Compact  


UAE Securities and Commodities Authority Discusses, In Madrid, The Sustainable Finance and Financial Technology - Reviewing the Market Making and Liquidity Developments and Reports on Artificial Intelligence and Conflict Of Interests.


Securities and Commodities Authority (SCA) participated, in its capacity as a Board member of International Organization of Securities Commissions (IOSCO), in the IOSCO Board meetings that has been recently held in Madrid. In the meeting, the SCA was represented by a delegation chaired by HH/ chief executive officer of SCA and vice chair of IOSCO.


Dr. Obaid Al Zaabi said that the meeting discussed important points, and focused on the role and priorities of IOSCO in addressing the challenges relating to financial stability in capital market, 2020 risk outlook, financial technology, crypto assets, sustainable finance, assets management and other important subjects relating to regulation of the financial market sectors.


In relation to 2020 risk outlook, they reviewed in the meeting the report prepared by chair of Emerging Risk Committee in this regard. The Board discussed also the role and priorities of IOSCO in 2020, market conduct. The meeting also addressed the issue of financial technology and crypto assets, where the draft report on stablecoins, as well as updates on crypto assets trading platforms were presented.


Al Zaabi, vice-Chair of "IOSCO" Board, said that the IOSCO also reviewed the point of standard indicators; where the concerned work team clarified developments relating to benchmarks reform and the adoption of the risk-free interest rate index. It also discussed market segmentation and asset management in terms of leverage and the application of liquidity risk management work, as well as exchange-traded funds "ETFs".


In addition to the above, the Board meeting included discussions held by the IOSCO on various topics, which resulted in a number of recommendations aimed at regulating the activities of securities markets, including reviewing and updating the principles related to the regulation and control of commodity derivatives markets, updating these principles, and developing market data, retail distribution, digital expansion, as well as the application of financial sanctions abroad.


The Board also followed up with the relevant committees, the latest developments on the issues related to the market making and liquidity, the clock synchronization, in addition to the developments on the AI consultation report and conflict of interests' consultation report.


It should be noted that Obaid Al Zaabi was chosen as chairman of Developing and Emerging Financial Market Committee last year, which is the largest committee of IOSCO. This resulted in the SCA success to be a member in the IOSCO Board for the first time in its history and the success of the CEO to be Vice Chairman of IOSCO. It also won the hosting of the 45th Annual Conference 2020 Conference, reflecting the high status and respect that the UAE enjoys in the international community.


IOSCO has been established in 1983 as an international organization to combine the international securities regulators. It seeks to enhance cooperation among its regulatory bodies, develop standards for the regulation of securities markets, maintain fair and transparent trading with high efficiency as well as the exchange of information and experience between these bodies, and work to standardize regulation standards.


IOSCO is the global reference entity for international standards development in the field of securities markets relating to regulating the securities markets. Its members include financial market entities, the World Bank, the International Monetary Fund, several financial markets, various financial and monetary institutions, unions and free economic zones. More than 95% of the world's financial markets are supervised and regulated by its members.



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