QFMA Wins Representation of IOSCO's Africa/Middle-East Regional Committee (AMERC)

Doha, November 14 (QNA) - Qatar Financial Markets Authority (QFMA) has won the representation of Africa/Middle East Regional Committee (AMERC) of the International Organization of Securities Commissions (IOSCO) in the MMoU Monitoring Group Steering Committee (MG-SC).
       After a strong competition between QFMA and the Financial Sector Conduct Authority (South Africa), Director of the International Cooperation Unit at QFMA Noor Al Shamali won a majority of the votes of the 180 members of the Multilateral Memorandum of Understanding Committee.
       The MMoU Monitoring Group plays a crucial role in the implementation and monitoring of the IOSCO MMOU concerning consultation, cooperation and the exchange of information.
       The IOSCO MMOU is a framework that facilitates international cooperation and information exchange among securities regulators. It is designed to enhance the ability of securities regulators to cooperate and exchange information for the purpose of enforcing and securing compliance with securities laws and regulations.
       The MoU is a key tool in promoting cross-border cooperation in addressing securities misconduct and ensuring the integrity of global capital markets.
       The MMoU Monitoring Group is responsible for overseeing the implementation and operation of the IOSCO MMOU, and its roles include assessing financial authorities, where the Monitoring Group assesses the readiness of the IOSCO members to fully implement the MMO agreement. This includes assessing whether the legal and regulatory framework is consistent with the MMOU principles.
       Its activity also includes an implementation review, where the Group monitors and reviews the actual implementation of the MMOU across the board, including assessing the effectiveness of the information exchange arrangements and cooperation mechanisms established by the regulators.
       It also includes guidance, whereby the Monitoring Group may provide guidance and assistance to the authorities seeking to enhance their capacity for international cooperation and information exchange. This may include recommending improvements to regulatory frameworks or practices.
       Member States are usually required to submit periodic reports on their implementation of the MOU, and the monitoring group may review these reports to ensure compliance.
       It also includes facilitating cooperation, where the Group plays a role in promoting cooperation between regulators and facilitating communication between them, as well as updating standards. (QNA)