Thursday, November 30, 2023 | Jumada al-ula 15, 1445 H
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IOSCO forum focuses on virtual assets and fintech

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MUSCAT: The Sultanate of Oman represented by the Capital Market Authority (CMA) participated in the 48th annual meeting of the International Organization of Securities Commission (IOSCO) held in Bangkok, Thailand by an official delegation chaired by Shaikh Abdullah Salim al Salmi, Executive President - CMA.

The meeting discussed the key issues in global financial markets in the regulatory and supervisory arenas related to the securities industry. The CMA also participates in the meetings of the subcommittees on the sidelines of the annual meeting of the IOSCO such as the Africa and Middle East Regional Committee (AMERC) and the meeting of the Growth and Emerging Markets Committee.

AFMERC’s meeting discussed a number of issues related to the developments in the securities markets in the region including financial sustainability, which is key issue in the region to create sustainable investment environment. The meeting also discussed virtual assets and Fintech and their challenges with regard to regulation.

The meeting discussed the multilateral memorandum of understanding between the members of IOSCO. The Growth and Emerging Markets Committee’s meeting discussed a number of issues of concern for the markets such as capacity building in the regulatory authorities as sell well as investor protection.

CMA is keen to participate in such meetings to enhance the Sultanate’s presence in the international organizations which contributes in exchange of expertise and information among the members to develop the markets, protect investor and upgrade the level of regulations for highest standards of integrity, fairness and transparency beside emphasising on the efforts exerted by the CMA to enhance its role within the IOSCO.

IOSCO was established in 1983 to set the standards for the securities commissions and comprises a number of subcommittees for cooperation and implementation of international standards for regulation, supervision and enforcement to protect investors and for fair, transparent and efficient markets, and to address systemic risks as well as investor protection by increasing confidence in the soundness and integrity of the financial markets through exchange of information and cooperation in enforcement against unsound practices to develop the infrastructure of the markets and implementation of the laws and regulations.

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