Intense international activity of the Financial Supervisory Authority in the field of capital market and sustainability

Rana Mamdouh _ Dr. Mohamed Omran, Chairman of the Financial Supervisory Authority, received a delegation from the German-Arab Chamber of Industry and Commerce, within the framework of intensive international activity in the field of financial market and sustainability, to discuss ways to provide sustainable financing to meet. climate challenges, and the role of the private sector and local communities in meeting the challenges of climate change.


The government stated that it was on the occasion of Egypt’s presentation of the COP 27 global climate summit this year in Sharm El-Sheikh, in addition to strengthening aspects of cooperation with members of the Chamber on environmental disclosures and the impact of climate change on the non-bank financial sector and how to deal with it.


The meeting was attended by Hisham Ramadan, Assistant Chairman of the Financial Supervisory Authority, and the delegation from the German Chamber included Hubertus Vath and Youssef Ahmed, as part of the meetings held by the Authority with parties related to sustainability .

Dr. Omran said that the government is currently studying the initial – new versions – of the disclosures introduced by the International Sustainability Standards Board ISSB, which are expected to be submitted during July.


He stressed that the government is still continuing to provide the necessary training programs to raise awareness and build capabilities of the non-bank financial sector on how to write reports and to check the effectiveness of their application.

The Head of Financial Supervision emphasized the importance of co-operation between international bodies and bodies interested in environmental disclosures and disclosures related to the financial consequences of climate change with the training arms of the government, in particular the RCSF Regional Center for Sustainable Finance, in particular in providing of training emphasized. to both the censor and the reporting companies on how to write, read and review those reports.

Hubertus Fath invited the head of government to take part in the 2022 Cairo and Frankfurt Bank Breakfast, organized by the German-Arab Chamber of Commerce and Trade and Frankfurt Main Finance, in addition to participating in the 2022 Arab Bank Conference under the slogan ” The implications of the international crisis and its impact on the economic situation in the Arab region. ” .

Hubertus indicated that advisory groups are currently being formed to exchange information and opinions on the new disclosures submitted by the International Sustainability Standards Board, and that the Financial Regulatory Authority has clear and previous efforts in this area and welcomes cooperation with the Regional Center for Sustainable Finance. . in the provision of joint training programs to build capacity in the field of disclosure.

On the other hand, Dr. Muhammad Omran, Chairman of the Financial Supervisory Authority, and his Chief Adviser, Dr. Islam Azzam, meeting with a delegation from the Capital Markets Regulatory Authority in the state of Sudan, including Al-Tayeb Al-Jaari, Vice President, and Dr Shawqi Azmy, Director General of the Capital Markets Regulatory Authority, to discuss ways to integrate between the two countries in strengthening the financial market Capital, which exchanges visions to the impact of the global economic crisis on stock markets, and agrees to provide training opportunities to exchange experiences in all disciplines of the capital market with financial supervision.

At the beginning of the meeting, the two parties consulted on a draft memorandum of understanding for cooperation between the two fraternal countries to establish a framework that would improve the exchange of information to enable the two bodies to carry out their supervisory tasks. in a manner that ensures compliance with and implementation of the laws in force relating to securities and futures contracts, and agreed to provide more protection for investors in the two markets in a way that contributes to the effectiveness of securing stock markets.

During the meeting, it was proposed to hold an annual meeting – as a bilateral working mechanism – with the aim of evaluating and reviewing the joint business and cooperation initiatives that take place between the two bodies, and consultation on the provisions of the Memorandum of Understanding. in the event of a fundamental change in the laws, practices, market conditions or business in any country.

Dr. Omran that the capital market community in Egypt attaches great importance to the visits of Arab delegations to the sister, which aims to exchange experience and technical assistance to achieve the highest levels of efficiency and security for transactions in the Arab stock markets.

He explained that the process of coordination between the two regulatory bodies and consultation on fundamental changes affecting the financial markets in the two countries is a priority to promote Arab economic integration, in addition to the coordination of policies and positions in all regional and international meetings and forums in the light of the Presidency of the Financial Supervisory Authority in Egypt to the Committee on Developing and Emerging Markets in the International Organization of Financial Market Supervisory Authorities (IOSCO).

The Sudanese delegation expressed its interest in moving forward towards the activation of aspects of cooperation between the two countries in terms of the exchange of supervisory information and the exchange of experiences within the limits permitted by local laws and regulations, with a interest in providing multiple training opportunities for work teams to gather efficiency.

The meeting witnessed a brief presentation by the Chairman of the Financial Supervisory Authority of the latest developments in the capital market activities in the Egyptian arena, including new laws or an update of the existing ones. Begin with the fundamental amendments made to the Regulations of the Capital Markets Act No. (95) of 1992, and the amendments made to the rules of listing on the Egyptian Stock Exchange in preparation for the receipt of proposals from large companies and the facilitation of the registration of large-asset projects, and the development of a mechanism securitization of expected future financial rights to government agencies. And private sector companies like real estate development companies, which manage a huge wealth of real estate in Egypt.

The guests of the government were eager to inspect the “Knowledge Pool for Non-Banking Financial Culture”, which represents the FSA’s ambitious initiative to spread financial culture within the non-banking financial sector, and to address the economic growth dependence of creative to strengthen people. energy and high technical skills rather than on physical assets to jump to The aspirations of Egypt’s Vision 2030 by coordinating and harmonizing the services provided by the affiliated entities of the knowledge complex – the Institute of Financial Services, the Egyptian Institute of Directors, the Egyptian Center for Voluntary Arbitration and the Settlement of Non-Banking Financial Disputes, and the Regional Center for Sustainable Finance.

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