Jordan Times
Thursday, May 13, 2004
Jordan Securities Commission hosts IOSCO's 29th annual conference next week
AMMAN (JT) — Under the patronage of His Majesty King Abdullah, the Jordan Securities Commission (JSC) hosts the 29th annual conference of the International Organisation of Securities Commissions (IOSCO) from May 17-20, 2004.
“Through a competitive bid process, Jordan will be hosting this important international event,” said JSC Executive Chairman Bassam Saket.
“It is an outstanding achievement to be chosen to host the IOSCO annual conference for the first time in the Middle East,” he added. “Jordan's selection highlights IOSCO's appreciation of Jordan's commitment to economic growth and specifically to the further development of capital market.”
Saket explained that country selection is based on a competition among IOSCO member countries. Each country delivers a comprehensive presentation covering economic, financial, social information and statistics and highlighting the achievements of its capital market.
Also in the running to host this event were Austria and Spain, site of IOSCO headquarters.
The members of the IOSCO executive committee cast a secret ballot to select the host country. The selection process is conducted three years prior to the conference in order to enable the host country to coordinate the event logistics.
“This annual conference provides an important and unique forum for regulatory officials and private sector representatives from around the globe to come together and address significant issues related to strengthening global capital markets and protecting investors in order to attract domestic and international investors,” the JSC chief indicated.
This year's public panel discussions will focus on challenges in regulating collective investment schemes, international convergence of accounting standards and current progress towards unification of those standards, new developments in market price formations for securities and the benefits and challenges in front of securities exchanges.
Approximately 500 delegates from more than 100 countries worldwide have already registered to attend the conference.
High-ranking officials from securities regulatory institutions, chairmen and executive directors of several international economic institutions and investment banking professionals will participate in the event. International delegations will begin arriving in Amman on Saturday May 15, 2004.
Local participation is, however, more broadly based with motivated institutions and professionals taking advantage of this unique opportunity to keep abreast of developments and emerging issues. While attending the conference, they will have the opportunity to meet leaders of the international securities regulatory institutions and learn about developments related to capital market regulation and investors' protection.
An exhibition will be organised at the conference for organisations wishing to present the activities and services they deliver in relation to the financial and banking markets. Several parties have already registered for this exhibition.
They include the French AutosEuronext, the Hong Kong Securities Commission, the Shanghai Securities Market, the Sri Lankan Securities Commission, the Bahrain Monetary Agency, the Italian Societa Interbancaria per Lautomazione, and the Saudi Arabia Stock Market.
Registering from Jordan were: Jordan Securities Commissions, the Executive Privatisation Commission, the Aqaba Economic Special Zone, the Amman Stock Exchange, the Securities Depository Centre, the Arab Bank, the Housing Bank for Trade and Finance, the Jordan Islamic Bank, Fastlink, the Arab Cooperation Financial Investment Company and the Imkan Company for Financial Services.
IOSCO was established more than two decades ago. Its members include securities commissions and regulatory agencies, the World Bank, the International Monetary Fund, and other financial markets and monetary institutions.
Members of the organisation number 181 and membership is continuously rising due to the increasing awareness of the importance of having control agencies monitoring the financial markets.
The organisation's member commissions regulate more than 90 per cent of the international financial markets, making IOSCO the most vital international organisation of capital markets regulation and an international authority for investors in these markets.
JSC views this event as an opportunity for an Arab-International gathering that will help showcase the achievements of the Kingdom's economy and institutions.