QFMA participates in UASA board meeting in Riyadh

The Qatar Financial Markets Authority (QFMA) Monday participated in the 17th meeting of the Union of Arab Securities Authorities (UASA) board, in Riyadh, Saudi Arabia.

The QFMA delegation was headed by Tamy bin Ahmad al-Binali, the chief executive officer.

The board discussed and approved the UASA's 2022 annual report, and issues related to Arab securities authorities, especially with regard to enhancing cooperation and coordination among them. The UASA’s financial statements were also approved.

The meeting agenda included reviewing a number of memos of the General Secretariat of the Union, regarding the completed initiatives under the UASA’s 2022 working plan, a review of the reality of financing for microenterprises, a review of the rules and principles of sustainability in non-bank financial markets, as well setting a guidelines on investor rights.

During the meeting, the general secretariat memo were also reviewed regarding the issuance of approved guidelines on the uses of Artificial Intelligence and Machine Learning (AI/ML), and the preparation of a cyber risk assessment model and assessing the compliance of entities subject to members' jurisdiction.

The board also discussed a number of other memos of the UASA’s general secretariat regarding the signing of the memorandum of understanding with the Chartered Institute for Securities and Investment (CISI), the UASA’s 2023 work plan and programme, the formation of working groups to implement the goals and initiatives of the UASA’s strategic plan, and the 2023 training plan, in addition to discussing the latest developments and future projects for the members.

The UASA, which was established in 2007 as a not-for profit Union for securities authorities, has its headquarter in the UAE. The UASA’s members are the Arab Securities Authorities and markets Regulators.

Its objectives are to upgrade the legislative and regulatory level of Arab securities markets with a view to achieving fairness, efficiency and transparency, to unify efforts towards achieving effective levels of oversight over transactions in the Arab securities markets and to ensure co-ordination and co-operation among members to achieve maximum harmony and consistency with regard to relevant laws and regulations applicable in the member states are main goals of the UASA.