FSA participates in meeting on sustainable financing and fintech challenges

Business Wednesday 29/May/2024 17:49 PM
By: Times News Service
FSA participates in meeting on sustainable financing and fintech challenges

Muscat: The Sultanate of Oman represented by the Financial Services Authority participates in the 49th Annual Meeting of the International Organization of Securities Commission, hosted by the Greece Capital Athens, with an official delegation chaired by Ahmed Ali Al Maamari, Executive Vice President of FSA.

The participation comes to discuss the key issues in the global and regional arena in the securities markets and the key challenges facing the regulators and supervisors of such markets. FSA also participates in the meetings or the regional committees of IOSCO such as the Africa and Middle East Regional Committee (AMERC) and the Growing and Emerging Markets Committee (GEMC).

The AMERC meeting discussed a number of issues related to the developments in the securities markets including financial sustainability in the region as it is important to discuss furnishing a sustainable investment environment. The meeting deliberated about virtual assets and their challenges and the role of regulators in setting out regulatory frameworks to enhance the protection of investors and to reduce potential risks to ensure the financial markets are fair and efficient. On the other hand, the meeting discussed Fintech and its role in facilitating access to financial markets.

The meeting of GEMC discussed issues related to enhancing the capabilities of the employees of the regulators and investor protection. The conference accompanying the annual meeting highlighted the issue of climate change and its impact on national economies, the roles of regulators in enhancing sustainability practices in line with transformation and financing plans in response to climate change and its direct consequences on investments in financial markets as well as reviewing the international standards adopted by international organizations in this regard and proposed recommendations.

FSA is keen to participate in such meetings to enhance the Sultanate’s presence in international organizations which contribute to the exchange of expertise and information among the members to develop the markets, protect investors and upgrade the level of regulations for the highest standards of integrity, fairness and transparency beside emphasising on the efforts exerted by the FSA to enhance its role within the IOSCO.

IOSCO was established in 1983 to set the standards for the securities commissions and comprises a number of subcommittees for cooperation and implementation of international standards for regulation, supervision and enforcement to protect investors and for fair, transparent and efficient markets, and to address systemic risks as well as investor protection by increasing confidence in the soundness and integrity of the financial markets through exchange of information and cooperation in enforcement against unsound practices to develop the infrastructure of the markets and implementation of the laws and regulations.