In Dubai, last week, the Dubai Financial Services Authority (DFSA) hosted a meeting of the region’s securities regulators, the Africa and Middle East Regional Committee (AMERC) of the International Organisation of Securities Commissions (IOSCO).

AMERC is one of the four regional committees of IOSCO, representing 21 securities regulators across the region. Thirty representatives from twelve of these members attended the 30th Meeting of AMERC, its first in the Dubai International Financial Centre (DIFC). In addition to participants from the DFSA and the federal regulator, the Securities and Commodities Authority (SCA), Ghana, Malawi, Morocco, Nigeria, Oman, Saudi Arabia, South Africa, Tunisia, Uganda and Zambia were also represented. The new Capital Markets Authority of Kuwait also attended as an Observer.

In his welcome address, DFSA Chief Executive, Ian Johnston, observed, “IOSCO continues to shape the regulatory landscape, leading us to more equable, transparent markets in which investors can have confidence.” Mr Johnston commended IOSCO on leading the way for all standard-setters in establishing its multi-lateral Memorandum of Understanding (MMoU), which has strengthened co-operation and sharing of information among securities regulators. AMERC has further enhanced this process by introducing a regional Memorandum of Understanding (MoU), recognising the need to exchange general and more specific information about matters of regulatory concern, including financial and other supervisory information, technical expertise, surveillance and investor education and the sharing of information related to systemic risks.

In her opening remarks on the second day of the meeting, the Chair of AMERC, Ms Arunma Oteh, thanked the DFSA for hosting the meeting and joined Mr Johnston in stressing the important role of risk-based supervision, which reflected the theme of the conference, “Risk-based Supervision as a Global Agenda”.

Members also heard from IOSCO’s Secretary General, Mr David Wright, who spoke of the effects of the global financial crisis and prompted a discussion among all members on emerging risks, barriers to development and key regulatory priorities for emerging securities markets. It was agreed that the identification of risks would be a standing agenda item at future AMERC meetings.