Egypt was elected deputy head of International Organization of Securities Commissions (IOSCO) for the first time since the establishment of Egyptian money market 130 years ago.
Head of Financial Regulatory Authority Mohamed Umran was elected as deputy head of the organization after a strong competition with Brazil's representative.
The election is a new accomplishment to the Egyptian state and comes in recognition of the great economic reforms the government carried out under the leadership of President Abdel Fattah El Sisi.
Umran will head the Growth and Emerging Markets Committee and will have two deputies; Mr. Sergey Shvetsov, First Deputy Governor of the Bank of Russia and Mr. Yusuf Kaya, member of Turkey's Capital Markets Board.
Umran said Egypt's election is a strong international recognition to the role played by Egypt in boosting developing and emerging countries.
The Growth and Emerging Markets Committee is the largest Committee within IOSCO, representing over 75% of the IOSCO's ordinary membership.
The Committee seeks to promote the development and greater efficiency of emerging securities and futures markets by establishing principles and minimum standards, providing training programs and technical assistance for members and facilitating the exchange of information and transfer of technology and expertise.
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 is the only international standard setter that has a Committee solely responsible for emerging market issues. This inclusiveness increases IOSCO's effectiveness and positions it to play a bigger part in shaping the global regulatory framework: 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.
Source: State Information Service Egypt