(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: Qatar Financial Markets Authority (QFMA) hosted yesterday, the 18th annual meeting of the Union of Arab Securities Authorities (UASA) Board.
The meeting was chaired by Dr. Tamy bin Ahmad Al Binali, CEO of the QFMA, and it was organised by QFMA in cooperation with UASA, and with the participation of the 16 Arab member countries of the Union.
Dr. Al Binali delivered a speech at the beginning of the meeting, in which he affirmed that there are great hopes for this meeting as it is an entry point for the exchange of views, expertise, experiences and visions, on the role, mechanisms and tools of regulators in maintaining the stability of Arab financial markets and reducing the risks they face in light of a highly volatile changing environment with many successive and rapid developments in several areas, whether at the level of global economic performance indicators, at the level of growing political conflicts, or at the level of technological changes and uses of artificial intelligence.
He said that international developments and changes in various fields have placed financial markets and the regulators in front of a set of opportunities and challenges, as how these changes affect is related to the ability to benefit from them and turn them into growth opportunities, but on the contrary, the inability to keep pace with changes may negatively affect the capital markets performance.
He pointed out that these renewed opportunities and challenges cannot be faced and dealt with using traditional work methods and approaches, as emerging challenges require innovative and new coping tools, high capabilities for innovation and creativity, and high ability to use modern technologies, all of which shall be among the priorities of capital markets regulators.
Dr. Al Binali confirmed that capital markets play an important economic role, as they are a major axis of development, a key pillar of economic development and stability, a catalyst for growth and sustainable development, and an important financing channel.
All these functions require financial markets to enjoy high flexibility, high levels of transparency and electronic disclosure, effective application of governance and sustainability principles, the ability to manage risks, keep pace with digital transformation and achieve cybersecurity for their dealers.
He explained that the achievement of these requirements shall be based on administrative capacity, high economic efficiency, distinguished expertise of Arab securities and financial markets authorities, and a great deal of cooperation, coordination and exchange of experiences among them, as well as communication and cooperation with international organisations specialised in financial markets such as International Organization of Securities Commissions (IOSCO) and the International Capital Market Association (ICMA), and the use of expertise, studies and recommendations in this regard.
Dr. Al Binali added that based on this reality, our meeting today, with its multiple and diverse topics, is a continuation of the UASA's work mechanisms, a step on the way to achieving its strategic plan, and a tool to find modern tools and work methodologies that enable regulators to contain regional and international risks and fluctuations in all fields, while at the same time enabling them to support and develop financial products and services, enhance the competitiveness of our financial markets, achieve stability and face challenges.
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