H.E Abdullah Al Turaifi, Chief Executive of the Emirates Security and Commodities Authority (SCA) and Secretary-General of the Union of Arab Securities Authorities (UASA), recently attended in Damascus the fourth annual meeting of the UASA. The event, which was inaugurated by Syrian Minister of Finance, Mohammad al-Hussein, was attended by the heads of Securities Authorities from 12 Arab member countries, as well as the host country, Syria.

During the meeting, Dr Mohammed Al Imadi, Chairman of the Syrian Commission on Financial Markets and Securities (SCSMS), took over the UASA presidency from the current president, H.E Dr. Abdurrahman Al Tuwaijri, the Chairman of the Saudi Capital Markets Authority. This is in accordance with the Union's articles of association, which states that the one-year presidency is rotated among member countries in alphabetical order.

At the meeting, the board’s members studied the report submitted by the General Secretariat of the UASA on the general framework of the financial market regulators and dealers, the report on developing common control, monitoring and supervision systems and the report on restructuring the financial sector in the member countries. The board recommended that member countries should submit the regulations and legislations applicable in their respective countries, with detailed features and standards. This will enable the General Secretariat to study these regulations and, in consultation with members, to select the one that best matches with modern international standards.

During the event, a suggestion was made to hold a meeting for the regulatory bodies (central banks, Ministries of Finance and regulatory authorities on financial markets) under the umbrella of the Arab Monetary Fund. The General Secretariat was tasked with this initiative.
The board also renewed confidence in H.E Abdullah Al Turaifi as Secretary-General. Al Turaifi will continue to hold the position for a temporary period of 3 months as the substantial duties and responsibilities accompanying the position require a person who is not engaged in any other occupation, and who has enough time to perform the required duties in a productive manner.

In his speech during the opening session, Al Turaifi said that the meeting serves as a renewal of confidence in the UASA and in the role it plays in bridging the gaps among the regulatory bodies of the Arab financial markets in a bid to continue the development process. He added that the meeting is an ideal platform to exchange experiences and opinions on the best practices adopted by members to minimize the impact of the financial crisis on their markets.
Al Turaifi pointed out some of the important achievements made by the UASA, which include establishing the technical and regulatory frameworks of the General Secretariat’s structure, forming the permanent committee and setting the internal system of the UASA. The importance of collaborative work was underlined, with nine workforces representing the UASA members formed by the permanent committee.

He noted, however, that there are numerous challenges hindering their work, including the inability to enforce the decisions taken on member countries. He suggested that a mechanism be agreed upon among members to facilitate the implementation of decisions taken by the UASA. Financial and training challenges were also discussed, including the need to provide adequate financial resources to support the budget and fund research and development activities.

Al Turaifi presented the UASA program for 2009, which focused on increasing public awareness among investors and dealers in the financial markets of UASA member countries. This, he said, may be achieved by organizing seminars and workshops for employees of the member financial markets and authorities. The General Secretariat has been organizing training workshops for employees of the Iraqi and Syrian financial markets, and other member countries were invited to benefit from these training and development programs.