SCA, IOSCO sign Multilateral MoU

WAM Abu Dhabi, Dec 23rd, 2012 (WAM) — In another achievement for the UAE and as part of its relentless efforts to boost the local markets’ attraction to investors, the Securities and Commodities Authority (SCA) has signed a multilateral memorandum of understanding (MMoU) with the International Organization for Securities Commission (IOSCO).

Abdullah Al-Turifi, SCA Chief Executive Officer and David Wright, IOSCO Secretary General, signed the agreement in a ceremony held at IOSCO Headquarters in Madrid, Spain and was attended by Dr. Hessa Abdullah Ahmed Al-Otaiba, UAE Ambassador to Spain, a number of embassy officials, IOSCO senior officials and foreign dignitaries from the securities industry.

The MMoU, which aims at boosting international cooperation in securities enforcement matters, is the first global multilateral information-sharing arrangement among securities regulators. It is also the instrument used by securities regulators to help ensure effective global regulation and preserve and strengthen securities markets around the globe.

The MMoU outlines the general framework of joint cooperation among signatories, including consultation, cooperation, sharing of information for securities enforcement, as well as the types and means of sharing the information.

In a post signing comment, Al-Turifi said: “By signing the MMoU, the SCA has accomplished one of most vital instrument international financial and investment institutions use in ranking markets worldwide. It is also a very important global recognition of the strength of UAE markets’ legislation and regulatory framework and this will positively reflect on the level of confidence of local and foreign investors and boost UAE local market attraction to foreign investors.” “This agreement is another significant achievement for the UAE securities industry which was made possible by the unstinting support of the SCA board under the able chairmanship of HE Engineer Sultan bin Saeed Al-Mansoori, Minister of Economy,” Al-Turifi added and praised the SCA task force which successfully negotiated and coordinated efforts with the IOSCO evaluation team which assessed the SCA’s regulations and policies before giving it a very good pass mark.

By ratifying the MMoU, the SCA has successfully maintained its full membership of IOSCO.