The Financial Regulatory Authority (FRA) of Egypt, led by Islam Azzam, recently welcomed a delegation from Oman’s Financial Services Authority (FSA), headed by Ahmed bin Ali Al-Maamari. The visit aimed to strengthen bilateral cooperation, facilitate the exchange of expertise and information, and advance areas of collaboration outlined in a memorandum of understanding (MoU) signed between the two authorities. This cooperation focuses on improving regulatory performance, enhancing financial market efficiency, and strengthening investor protection.
During the two-day visit, discussions centered on reviewing key developments in both countries’ financial markets and exchanging experiences in developing regulatory frameworks. The FRA and FSA explored ways to enhance supervisory and technical cooperation, learning from practices implemented in Egypt and Oman. Islam Azzam highlighted the FRA’s efforts to develop Egypt’s capital market, modernize its legislative, regulatory, and operational frameworks, and introduce new financial instruments.
Azzam outlined the regulation and introduction of futures and financial derivatives markets in Egypt, the activation of short selling, and the development of electronic trading surveillance systems. These efforts aim to improve market efficiency, enhance transparency and trading integrity, and safeguard investors’ rights. He emphasized the importance of cooperation between regulatory authorities and the exchange of expertise to develop financial markets and keep pace with rapid changes in investment instruments and financial technology.
Ahmed bin Ali Al-Maamari expressed his appreciation for the visit, emphasizing its importance in strengthening bilateral cooperation in regulation, supervision, and capital market development. He underscored the need to make capital markets more resilient and efficient and maintain communication between specialized technical teams to maximize the mutual benefits of exchanging regulatory and supervisory expertise.
The FRA provided the Omani delegation with an overview of regulatory and operational developments relating to the financial derivatives market, particularly futures contracts. They discussed how derivatives can support a broader range of investment strategies and contribute to deepening the capital market. The FRA also reviewed ongoing preparations to introduce short selling under the new regulatory framework.
The technical sessions covered various topics, including electronic trading surveillance systems, mechanisms for monitoring transactions and detecting unusual trading patterns, and the use of technology and data analytics to strengthen regulators’ ability to identify and address potential violations. A dedicated session examined the regulation and supervision of auditors and audit firms, mechanisms for maintaining professional standards and quality control, and supervisory practices.
At the conclusion of the visit, both sides agreed to continue cooperation under their existing MoU, supporting the development of regulatory and supervisory frameworks in both countries and strengthening integration among Arab financial regulatory authorities. This cooperation is expected to enhance financial market efficiency, improve regulatory performance, and strengthen investor protection in both Egypt and Oman.
Key points
- The Financial Regulatory Authority of Egypt and Oman’s Financial Services Authority agreed to continue their cooperation under an existing MoU.
- The visit aimed to strengthen bilateral cooperation, facilitate the exchange of expertise and information, and advance areas of collaboration.
- Islam Azzam and Ahmed bin Ali Al-Maamari led the discussions between the two authorities.
