Qatar Participates in Meeting of Union of Arab Securities Authorities in Riyadh

Union of Arab Securities Authorities

The State of Qatar participated in the 17th meeting of the Union of Arab Securities Authorities (UASA) Board held Monday in Riyadh, in the presence and participation of representatives of the Union's members.

Qatar was represented in the meeting by a delegation headed by Chief Executive Officer of Qatar Financial Markets Authority (QFMA) Tamy Bin Ahmad Al Binali.

The Board discussed and approved the Union'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 was 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 MoU with the Chartered Institute for Securities and Investment (CISI), the UASA's 2023 work plan and program, 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 established in 2007 as a not-for profit Union for Securities Authorities with an independent legal personality with a headquarter in United Arab Emirates.

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 coordination and cooperation 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. The Union aims also to overcome difficulties facing investment in the Arab securities markets, and to expand the investment base, diversify its tools and promote the culture of investing in the Arab securities markets. Promoting the concepts of disclosure, transparency and governance in addition to the application of the best international standards and practices are also important objectives of the UASA.

(QNA)