Invest in Iraq Stock Exchange conference

Session II: The Securities Commission: Regulatory and Supervisory Framework

Mr. Jalil TarifSecretary General

Arab Union for Securities Commissions

Jalil TarifSecretary General

Invest in Iraq Stock Exchange ConferenceDubai, UAE - May 2014

“Arab Capital Markets Regulatory Developments and Future Challenges”

UNION OF ARAB SECURITIES AUTHORITIES

Established in 2007, based in Dubai, UAE.

Support the development of Arab Capital Markets.

Achieve maximum harmony and consistency among UASA

members.

Unify the efforts towards achieving effective level of oversight.

Promote the implementation of international best practices

standards.1

UASA Inception & Objectives

UNION OF ARAB SECURITIES AUTHORITIES

UASA MEMBERSGCC

UAE

KSA

Kuwait

Qatar

Oman

Levant

Jordan

Lebanon

Syria

Iraq

Palestine

Libya

Algeria

Egypt

Morocco

Tunisia

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North Africa

UNION OF ARAB SECURITIES AUTHORITIES

REGIONAL AND INTERNATIONAL COOPERATION

OECD

WFE

FEASE

ASE

Associate Member of IOSCO

Observer Member of AMF

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UNION OF ARAB SECURITIES AUTHORITIES

Market Regulation

Market Oversight

Enforcement Actions

Investor Education and Awareness

International Cooperation 4

UNION OF ARAB SECURITIES AUTHORITIES

2013 Performance

Training and Bilateral Exchange Programs

Transparency In Arab Capital Markets

Principles For Financial Market Infrastructure “PFMI”

Islamic Finance5

UNION OF ARAB SECURITIES AUTHORITIES

2014 Action Plan

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UNION OF ARAB SECURITIES AUTHORITIES

39%

16%

13%

9%

9%

5%5% 2% 2%

Arab Market Capitalization for 2013

Tadawul

UAE Financial Markets (Abu Dhabi & Dubai)

Qatar Exchange

Kuwait Stock Exchange

Others

Egyptian Exchange

Casablanca Stock Exchange

Muscat Securities Market

Amman Stock Exchange

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UNION OF ARAB SECURITIES AUTHORITIES

Exchange 2013 2012NYSE Euronext (US) 17,950 14,086NASDAQ OMX (US) 6,085 4,582Japan Exchange Group 4,543 3,681London Stock Exchange Group 4,429 3,397

NYSE Euronext (Europe) 3,584 2,832Hong Kong Exchanges 3,101 2,832Shanghai SE 2,497 2,547TMX Group 2,114 2,059Deutsche Börse 1,936 1,486SIX Swiss Exchange 1,541 1,233Arab Stock Exchanges 1,100 941World Market Capitalization 64,195 54,697

Arab and World Market Capitalization

ACHIEVEMENTS

Legal infrastructure.

Technology

Best practice, international standards.

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UNION OF ARAB SECURITIES AUTHORITIES

CHALLENGES

Size

Structure

Openness

Investor Protection

Governance

Transparency

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UNION OF ARAB SECURITIES AUTHORITIES

THANK YOU…10

UNION OF ARAB SECURITIES AUTHORITIES