Dr. Mohamed Omran, Chairman of Egypt's Financial Regulatory Authority (FRA), was elected the Chairman of the Growth and Emerging Markets Committee (GEM), the largest Committee within the International Organization of Securities Commissions (IOSCO), representing over 75% of the IOSCO's ordinary membership.
IOSCO is the only international standard setter that has a Committee solely responsible for emerging market issues. The GEM comprises 91 members and 21 non-voting associate members who include the world's fastest growing economies and 10 of the G-20 members. Emerging economies are expected to represent a growing portion of IOSCO membership as new members continue to join. IOSCO has been allocated an extra seat at the Financial Stability Board Plenary for the Chairman of the GEM. The GEM also has a seat on the IFRS Foundation Monitoring Board.
By assuming this new position, Dr. Omran becomes the first Egyptian Vice-Chairperson of IOSCO in the 130-year history of the Egyptian capital market. Dr. Omran also represents IOSCO in the plenary sessions of the Financial Stability Board (FSB).
Dr. Omran said that he will continue the activity of the Financial Supervision Authority, as usual within IOSCO, and to raise its performance to the level that achieves the aspirations of the Egyptian state in leadership at the regional and international level, as well as to achieve the hopes and aspirations of the member states of the Developing and Emerging Markets Committee.
FRA a strong supporter of sustainable finance
Earlier this year FRA launched a new think-tank and training center, “the Regional Center for Sustainable Finance”. The center has been established in recognition of the urgency to bridge the finance gap to fulfill the Paris Agreement on Climate Change and the UN Sustainable Development Goals.
The center, focusing on Egypt and the Middle East and Africa, is part of an ambitious initiative at the FRA aimed to bring together all training and educational institutes providing services to Non-Banking Financial Institutions, within the FRA mandate to support the development of the non-banking financial markets.
SSE and FRA
The FRA is an active member of the SSE Regulator Working Group and has participated in many SSE projects, including Dr. Omran’s Chairmanship of the SSE Advisory Group that led to the report How Securities regulators can support the Sustainable Development Goals. “I applaud the SSE and its Advisory Group for making a valuable contribution to the ongoing discussion among securities market regulators, exchanges, investors and issuers to promote sustainable finance.” said Mohammed Omran Chairman of FRA in the SSE’s 10 year anniversary report. Prior to joining the FRA, Dr. Omran was the head of the Egyptian Exchange and in this role was one of the five founding signatories of the SSE.
