The Head of Financial Control participates in a Board of Directors meeting "IOSCO" With the Chairman of the Financial Stability Board "FSB"
Dr. Mohamed Farid, Chairman of the Financial Supervisory Authority and Vice Chairman of the Board of Directors of the International Organization of Financial Market Supervisory Commissions (IOSCO), participated in the organization’s Board of Directors meeting with Andrew Bailey, Chairman of the Financial Stability Board (FSB). He also holds the position of Governor of the Bank of England, who participated in the meeting virtually, during the organization’s Board of Directors meetings that were held in the Spanish capital, Madrid, on October 27 and 28.
The meeting discussed the most prominent reforms witnessed by the markets, as well as aspects of cooperation and coordination between the “IOSCO” organization and And the Financial Stability Board, in a way that contributes to supporting the stability of the global financial system and enhancing its ability to withstand the fluctuations and challenges witnessed by international markets in light of the rapid developments in financing instruments, trading patterns, and investment models.
Dr. Muhammad Farid said, during the meeting, that the successive developments that the financial markets have witnessed since the global financial crisis in 2008, and the subsequent global economic crises and challenges, have produced a new reality that calls for reconsidering the global model for dealing with financial crises and managing systemic risks. He explained that the traditional crisis management models that were applied in the past are no longer sufficient in light of the profound structural transformations that the markets have witnessed, and the emergence of financial instruments and innovative financing and investment techniques that have changed the nature of risks and accelerated the pace of their transmission across sectors and geographical borders. He stressed the importance of developing a more comprehensive and flexible international framework that accommodates the rapid changes in financial markets, and enhances the ability to predict risks and deal with them proactively to ensure the stability and sustainability of the global financial system.
The Chairman of the Authority explained that maintaining financial stability represents a fundamental pillar to ensure the sustainability of economic growth, and that achieving this goal requires developing flexible and efficient regulatory and supervisory frameworks that accommodate new financial innovations without disrupting the integrity of the financial system or protecting it. Dealers.
He indicated that cooperation between international organizations concerned with financial oversight and oversight, particularly (IOSCO) and the Financial Stability Board, represents a pivotal element in building a global financial system capable of withstanding crises and enhancing confidence in markets.
Dr. Muhammad Farid also stressed the importance of strengthening international cooperation and coordination between regulatory bodies and global financial institutions in developing regulatory and supervisory policies, which contributes to supporting market stability and reducing transient systemic risks. For borders. He explained that the current challenges facing financial systems require a collective response based on the exchange of experiences and best practices between countries, and enhancing the harmonization of regulatory frameworks to be more harmonious and capable of dealing with the rapid changes in financial markets. He pointed out that achieving financial stability is no longer just a local responsibility, but rather a common global goal that requires coordination of policies and integration of roles between regulatory authorities at the regional and international levels, to ensure the sustainability of economic growth and protect the integrity and stability of the global financial system. He also highlighted that international cooperation in the field of developing regulatory rules and standards represents an essential pillar for strengthening the institutional structure of markets and enhancing their ability to confront potential shocks and crises efficiently and flexibly.
The meeting concluded by emphasizing the importance of continuing coordination between IOSCO and IOSCO. And the Financial Stability Board, and work jointly to develop policies that will enhance the flexibility of financial systems globally, and ensure their ability to absorb future developments in financial markets, in a way that achieves a balance between financial innovation and sustainable stability. This meeting came within the framework of IOSCO’s keenness to And the Financial Stability Board to support dialogue and coordination between international regulatory bodies to ensure the stability and efficiency of global financial markets.
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