Egypt chairs GEMC for 3rd time

The Chairman of Egypt’s Financial Regulatory Authority (FRA), Mohamed Farid, has been elected to lead the Growth and Emerging Markets Committee (GEMC), the largest Committee within the International Organisation of Securities Commissions (IOSCO) for the 2024-2026 term.

This is the third time in a row for Egypt to assume the chairmanship position. Accordingly, the Egyptian FRA will remain the vice chair of the Board of Directors of IOSCO for the same period.

IOSCO is the one of the few international standard setters that has a committee solely dedicated to emerging market issues. As such, this inclusiveness increases IOSCO’s effectiveness and positions it to play a more significant role in shaping the global regulatory framework.

GEMC represents over 75 per cent of the IOSCO’s ordinary membership. It comprises 90 members and 24 non-voting associate members, who include the world’s fastest growing economies and 10 of the G-20 members. The Committee aims to promote the development and greater efficiency of emerging securities and futures markets by establishing principles and minimum standards, providing training programmes and technical assistance for members and facilitating the exchange of information and transfer of technology and expertise.