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Amerc Newsletter AMERCAMERC Quarterly Quarterly Review Review A PUBLICATION OF THE AFRICA MIDDLE EAST REGIONAL COMMITTEE OF IOSCO 57th Edition / January to March 2020 EDITORIAL BOARD Luke Ombara Chairman Antony Mwangi Member Leah Muli Member Viola Kilel Member Published by AMERC Secretariat: Capital Markets Authority Kenya, 3rd Floor Embankment Plaza , Upperhill, Longonot Road. Nairobi, Kenya. 1 +254 20 2264900, [email protected], www.cma.or.ke AMERC Quarterly Review HIGHLIGHTS OF THE 44th AMERC MEETING AND CONFERENCE 29 – 30 JANUARY 2020 IN DOHA, QATAR FOR PRIORITIZATION AND FOLLOW UP Dear AMERC Members, Key Matters for IOSCO Board Meet- ing It was a pleasure to attend the just concluded AMERC Meeting and Conference hosted by the 1. Market Conduct – Mr. Andrews em- Qatar Financial Markers Authority Africa (QFMA) phasized the impact of evolving tech- led by the Chief Executive Officer, Mr Nasser Ah- nology, such as Artificial Intelligence mad Al-Shaibi. I would also like to thank the im- and Machine Learning, on marketbe- mediate former AMERC Chair, Mr Paul Muthau- haviour. Issues for consideration include ra, who joined us for the meeting, and extend conflict of interest, incentivisingmarket my appreciation for his contributions to AMERC intermediaries to improve behaviour, during his tenure. legal but harmful conduct and its im- pact on outcomes for investors. I also want to express my gratitude to the IOS- 2. Sustainable Finance – Mr. Andrews CO Secretary General, Mr. PaulAndrews, for his said the Sustainable Finance Network presence and valuable contributions in the of IOSCO would produce a report high- meeting. The presenceof heads of delegation lighting 10 recommendations on sus- from across the AMERC region demonstrated tainable finance. their commitment to AMERC, and the meeting 3. Financial Stability - Mr. Andrews said presented a good opportunity to share experi- the three key pillars of IOSCO are; inves- ences from the various jurisdictions and to learn tor protection, fair & efficient markets, from each other. and systemic risk. He observed that the Financial Stability Board takes the lead I observed that low listings and declining IPOs on systemic risk but the IOSCO Board is remain a major regional concern. Based on the taking a key interest on systemic risks in findings on the AMERC Survey on listings and the capital markets. the discussions that emerged, there was an ex- 4. Asset Management - the Board pectation from members to look at the wider would be expected to consider the use context of capital markets solutions that can be of leverage in investment funds in a way leveraged by businesses including private eq- that could support financial stability. uity. In this context, I appreciated the presence The Board will consider liquidity, data of Financial Sector Development Africa (FSDA) collection, leverage issues and mea- who are supporting the workstream of the List- surement of leverage across all funds ings Working Group. and jurisdictions. The key focus was not- ed to be establishing a consistent rather Its important to undertake a continuous review than identical arrangements given the of global and domestic risks inrespective juris- very distinct types of funds and uses of dictions and take mitigation measures to pro- leverage; mote financial stability. Open deliberation of 5. Market fragmentation – Mr. Andrews risks and opportunities would help build pro- indicated that this was a key issue for active mitigation measures, support harmoni- the G20 Presidency of Japan. The Board zation of rules and laws and promote improved is considering the next steps forward information exchange amongst regulators. given that this is a key issue. 2 AMERC Quarterly Review Update on the Listings Project 6. Elections - Mr. Andrews noted that elections Mr. Guillermo Larraín from the consultant, are held every even number year and indicated ChileCapital, presented a summary of find- this will be coming up to fill various slots. ings. Some of the key recommendations arising from the work of the consultancy Presentations on Parallel Market and Fin- supporting the AMERC Working Group on tech Regulatory Sandbox Framework Listings include: exit strategies for private The presentations, which were prepared by equity through the capital markets to en- the Capital Market Authority of Saudi Arabia, hance market deepening, creating more gave an opportunity for members to learn awareness on the opportunities available from Saudi Arabia’s experience in setting up a in the capital markets; reviewing compli- parallel equity market with less onerous eligi- ance costs for listed companies especially bility requirement and their fintech regulatory in the SME segment and encouraging fam- sandbox, which were appreciated by members ily-owned businesses to consider listing on looking at innovative approaches to encourage the securities exchanges. listings and facilitate deepening of their capital markets. AMERC members expect to benefit from the outcome of the consultancy on listings to Presentation by QFMA on QFMA AML/ unlock the potential for additional listings; and promote and deepen market-based fi- CFT Digital Learning Module QFMA showcased their innovative learning nancing through capital markets products module in partnership with the Chartered In- in the AMERC region. Noting the diverse stitute for Securities & Investment (CISI) where levels of development of markets in the they devised a professional assessment digital region, the work will leverage lessons from module on AML/CFT rules and regulations na- jurisdictions that have increased listings tionally and internationally for capital market through policy interventions and innova- professionals. tive and facilitative regulatory frameworks. Top Risks and Initiatives Members presented highlights of domestic Discussion on Priorities in the AMERC risks affecting their markets and the oppor- Region The presentation, which was prepared by the tunities they were seeking to capitalize on. Capital Market Authority Saudi Arabia, high- There was a great deal of coherence and lighted the main preliminary analysis of the consistency in both risks and opportunities survey conducted among AMERC Members across the region. to identify their priorities and perceived chal- lenges. The top three priorities identified in the On the risk side key concerns include; regu- survey were; fintech, capacity building, and sus- latory responses to trading in crypto assets; tainable finance. Members were encouraged to cyber security threats; unfavourable mac- complete the survey tool and submit their re- ro-economic environment; political risk; sponses as so far only 30 percent of the mem- non-responsive regulatory framework; rep- bers had responded. It was also proposed that utational risk; regulated entities engaging a team is formed, consisting of several AMERC in unlicensed/new business lines without members, to analyse the results in order to pres- prior regulatory approval; over-regulation; ent the outcomes in the AMERC Annual Meet- low uptake of capital markets products and ing in June. services; lack of diversified products; de- cline in IPO activity; low level of liquidity; combating money laundering; protection of retail and non-qualified investors; en- hanced corporate governance disclosure; systemic risks; proliferation of unregulated online products; 3 AMERC Quarterly Review They also identified opportunities to grow mar- The need for smart regulation cannot be em- kets including; promoting fintech-related inno- phasized enough given the level of innova- vations; optimal use of risk-based supervision tion in the market and the legal implication in the licensing and approval process; develop- that follow. It is important to understand that ment of the bond market; enhanced information it’s not an all size fits all and each jurisdiction sharing among regulators; artificial intelligence/ should consider what works for them. Secu- machine learning; mandatory listing of pub- rities regulators should be flexible and fair lic interest companies; local currency financing in accommodation new technologies while of infrastructure projects; introduction of new ensuring investor protection. The capacity of products such as exchange traded derivatives; regulatory staff should be enhanced including encouraging retail investors to consider collec- use of Regtech. tive investment schemes; and deepening finan- cial literacy and education through social media. Principle based approach to regulation will encourage innovation but all the while taking Public Conference stock of the risks that come with technology. The QFMA 3rd Annual conference was attend- Discussions by QFMA on mechanisms of pro- ed by high ranking Qatar officials. Keynote ad- tecting minority rights will ensure their par- dresses by the QFMA Chief Executive Officer. Mr ticipation in securities market when they feel Nasser Ahmad Al-Shaibi, and IOSCO Secretary protected. International standards and best General, Mr. Paul Andrews, set the tone of the practices require protection of minority rights conference. The 5 panel discussions addressed through well governed companies, minority current pertinent matters in the capital markets voting rights, protective rights from related space. It was noted that apart from financial lit- party transactions and adequate investor re- eracy initiatives to promote uptake of capital lations. Independence of boards and level of market products, focus should begin to shift to transparency and disclosures will improve the the financial
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