UNION OF ARAB SECURITIES AUTHORITIES

Invest in Iraq Stock Exchange conference Session II: The Securities Commission: Regulatory and Supervisory Framework

Mr. Jalil Tarif Secretary General

Arab Union for Securities Commissions

UNION OF ARAB SECURITIES AUTHORITIES

“Arab Capital Markets Regulatory Developments and Future Challenges”

Jalil Tarif Secretary General

Invest in Iraq Stock Exchange Conference Dubai, UAE - May 2014

UNION OF ARAB SECURITIES AUTHORITIES

UASA Inception & Objectives

 Established in 2007, based in Dubai, UAE.  Support the development of Arab Capital Markets.

 Achieve maximum harmony and consistency among UASA members.  Unify the efforts towards achieving effective level of oversight.  Promote the implementation of international best practices standards. 1

UNION OF ARAB SECURITIES AUTHORITIES

UASA MEMBERS GCC

Levant

North Africa

UAE

Jordan

Libya

KSA

Lebanon

Algeria

Kuwait

Syria

Egypt

Qatar

Iraq

Morocco

Oman

Palestine

Tunisia 2

UNION OF ARAB SECURITIES AUTHORITIES

REGIONAL AND INTERNATIONAL COOPERATION

Associate Member of IOSCO

OECD

WFE

Observer Member of AMF

FEASE

ASE 3

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2013 Performance 

Market Regulation



Market Oversight



Enforcement Actions



Investor Education and Awareness



International Cooperation 4

UNION OF ARAB SECURITIES AUTHORITIES

2014 Action Plan 

Training and Bilateral Exchange Programs



Transparency In Arab Capital Markets



Principles For Financial Market Infrastructure “PFMI”



Islamic Finance 5

UNION OF ARAB SECURITIES AUTHORITIES

Arab Market Capitalization for 2013 5%

Tadawul

2% 2%

UAE Financial Markets (Abu Dhabi & Dubai) Qatar Exchange

5%

9%

39%

Kuwait Stock Exchange Others

9%

Egyptian Exchange Casablanca Stock Exchange

13% 16%

Muscat Securities Market Amman Stock Exchange

6

UNION OF ARAB SECURITIES AUTHORITIES

Arab and World Market Capitalization Exchange

2013

2012

NYSE Euronext (US)

17,950

14,086

NASDAQ OMX (US)

6,085

4,582

Japan Exchange Group

4,543

3,681

London Stock Exchange Group

4,429

3,397

NYSE Euronext (Europe)

3,584

2,832

Hong Kong Exchanges

3,101

2,832

Shanghai SE

2,497

2,547

TMX Group

2,114

2,059

Deutsche Börse

1,936

1,486

SIX Swiss Exchange

1,541

1,233

Arab Stock Exchanges

1,100

941

World Market Capitalization

64,195

54,697 7

UNION OF ARAB SECURITIES AUTHORITIES

ACHIEVEMENTS



Legal infrastructure.



Technology



Best practice, international standards.

8

UNION OF ARAB SECURITIES AUTHORITIES

CHALLENGES



Size



Investor Protection



Structure



Governance



Openness



Transparency

9

UNION OF ARAB SECURITIES AUTHORITIES

THANK YOU… 10