SCA becomes vice chairman of IOSCO Board of Directors

ABU DHABI, (Pakistan Point News - 29th Dec, 2018) Dr. Obaid Saif Hamad Al Zaabi, CEO of the Securities and Commodities Authority, SCA, has assumed the position of the chairman of the Growth and Emerging Markets Committee – the largest Committee within International Organisation of Securities Commissions, IOSCO – for the period 2018-2020.

As a result, the SCA has become the vice chairman of the board of Directors of IOSCO for the same period.

Commenting on the achievement, Dr. Al Zaabi said this is a reflection of the authority's efforts and its outstanding performance at the regional and international levels, both through its participation in Gulf or Arab or international organisations and committees. "It also expresses the appreciation of the international community for the prestige and wise leadership of the UAE at various levels," he added.

"This is the first time an Arab country has held this position in the organisation and will serve as vice chairman of IOSCO," he added.

He highlighted the fact that will enhance the performance of the authority and highlight its initiatives and projects in the regulation of international stock markets in accordance with the 38 principles of the IOSCO.

Dr. Al Zaabi explained that the authority is at the forefront of the supervisory bodies that signed the 2012 Multilateral Memorandum of Understanding, MMoU, which represents the international recognition of the importance of the legislative and regulatory framework of the country's financial markets. "This reflects positively on the level of confidence of local and foreign institutional and individual investors and enhances the attractiveness of the country's foreign investment markets."