Head of FRA, Mohamed Omran
CAIRO – July 17, 2022: The Financial Regulatory Authority (FRA) has retained the position of Chairman of the Developing and Emerging Markets Committee of the International Organization of Securities Commissions (IOSCO) for the next two years (2024/ 2022).
This came after FRA President Mohamed Omran won the election by acclamation, which was voted on by 90 members who have voting rights on the committee and represent financial market watchdogs in the countries. of the world.
The FRA said in a statement on Sunday that by retaining the position, the chairman of Omran would become vice-chairman of the board of directors of the International Organization of Securities Commissions for the second consecutive time.
He added that after announcing his victory in the elections, Omran pledged to continue ARF’s activity in the committee and raise it to the level that realizes the leadership aspirations of the Egyptian state. at the regional and international levels, and to achieve the objectives of the committee by working to promote the development of stock markets and increase their efficiency by setting basic normative principles.
The IOSCO Principles for the Regulation of Securities Supervision represent the technical basis for the securities industry assessment criteria on which the financial sector assessment programs of the International Monetary Fund (IMF) and the World Bank, following endorsement of these criteria by the G-20 and the Financial Stability Board.
According to Omran, this achievement could only be achieved thanks to the position occupied by the Egyptian State at the regional and international levels, and the remarkable contributions of the Financial Supervisory Authority to the activities of IOSCO thanks to the development measures continued in the non-banking financial sector, which saw the end of its first strategy (2022-2018) and preparations to start the programs of its second strategy (2026-2022).