STRENGTHENING CAPITAL MARKET REGULATION AND SUPERVISION IN THE MENA REGION

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1 MENA-OECD CAPITAL MARKETS TASK FORCE MEETING ON STRENGTHENING CAPITAL MARKET REGULATION AND SUPERVISION IN THE MENA REGION 22 May 2012, starting at Rotana Beach Hotel PRECEDING THE AMF-IMF-WORLD BANK MEEETING ON STRENGTHENING THE DEBT CAPITAL MARKETS IN THE ARAB WORLD May 2012 Abu Dhabi, U.A.E DRAFT AGENDA Hosted by the Arab Monetary Fund

2 The MENA-OECD Capital Markets Task Force The MENA-OECD Capital Markets Taskforce is a platform for dialogue and exchange of experiences and best practice on issues relating to the development, regulation and supervision of capital markets in MENA and in OECD countries. Participants in the Task Force are representatives from capital market regulatory and supervisory authorities and policy makers from economies participating in the MENA-OECD Investment Programme. 1 Participants share their experience and expertise on regulatory issues terms of financial markets in the MENA region and in the OECD area. They also put forward themes of regional interest regarding the development of capital markets, have an active role in the meeting discussions and give input and feedback on the development of the activities of the Task Force s programme of work. The MENA-OECD Capital Markets Taskforce was launched in December 2010, in Doha, Qatar, at the Roundtable on Effective and Efficient Financial Regulation. The Taskforce is co-chaired by the Securities and Exchange Commission of the United States, Office of International Affairs, and the Qatar Financial Centre Regulatory Authority. The Arab Monetary Fund also participates and provides significant support to the activities of the Taskforce in the region. Meeting on Strengthening Capital Market Regulation and Supervision in the MENA region The second meeting of the Taskforce will take place on 22 May 2012 in Abu-Dhabi. The meeting is co-organised by the MENA-OECD Investment Programme and the Arab Monetary Fund (AMF), back to back with the AMF-IMF meeting on Strengthening the Debt Capital Markets in the Arab World on May. The agenda of the AMF-IMF is provided in the annex of this document. The second meeting of the Taskforce will discuss possible initiatives to Strengthen Capital Market Regulation and Supervision in the MENA region. The meeting will be structured in the following sessions: Time Item 14:00-14:15 Opening Statements 14:15-15:30 Session I: Regulation and Supervision of Capital Markets in MENA: Identifying the needs 15:30-16:45 Session II: Capacity Building for Strengthening Capital Market Regulation and Supervision 16:45-18:00 Session III: Agenda of the Capital Markets Taskforce for OECD countries and the MENA economies participating in the Programme (Algeria, Bahrain, Djibouti, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Mauritania, Morocco, Oman, Palestine Authority, Qatar, Saudi Arabia, Tunisia, United Arab Emirates, and Yemen).

3 MENA-OECD CAPITAL MARKETS TASK FORCE (CMTF) MEETING ON STRENGTHENING CAPITAL MARKET REGULATION AND SUPERVISION IN THE MENA REGION 22 MAY 2012, ABU DHABI, UAE Back to back with the Arab Monetary Fund/International Monetary Fund meeting on Strengthening the Debt Capital Markets in the Arab World AGENDA Time Item 14:00-14:15 OPENING STATEMENTS 14:15-15:30 SESSION I: Regulation and Supervision of Capital Markets in MENA: Identifying the needs This session will consist of a round-table discussion where participants will present their institutions and countries broad approaches to the regulation and supervision of capital markets. Participants will give a five minute intervention to discuss current practice with a particular focus in underlining the strengths and perceived needs for improvement. The session will set the stage for more focused discussions in the following two sessions. 15:30-16:45 SESSION II: Capacity Building for Strengthening Capital Market Regulation and Supervision In this session, participants will identify good practice in terms of regulation and supervision of capital markets. The session could be structured around a list of desirable or essential elements in capital market regulation and how capacity building could help to adopt/develop those elements. 16:45-18:00 SESSION III: Agenda of the Capital Markets Taskforce for In this session, participants will express their priorities for the activities of the CMTF for 2012 and The discussion could be structured around the following themes: Capacity building needs and seminars Analytical content and themes for next meetings Participants and meeting format Funding and budgetary issues 3

4 Strengthening the Debt Capital Markets in the Arab World Jointly Organised by The Arab Monetary Fund, The International Monetary Fund, The World Bank Group and The European Bank for Reconstruction and Development Abu Dhabi, Beach Rotana Hotel, May 23-24, 2012 In co-operation with: Organisation for Economic Co-operation and Development (OECD) Gulf Bond and Sukuk Association (GBSA) 4

5 8:30am 9:00am 9:00am 9:15am 9:15am 11:00am 11:00am 12:30pm 12:30pm 2:00pm 2:00pm 3:30pm 3:30am 3:45am 3:45pm 5:15pm Wednesday, May 23: Public Bond Markets Registration and coffee Welcome and introductory statements Panel I: Developing Local Currency Public Debt Markets: Scope and International Experience This session will take stock of the current stage, trends and international experience in the development of local currency public debt markets, with focus on emerging market economies. The scope of reforms being adopted in key building blocks for public debt market development will be covered. Coffee Break Panel II: Key Development Challenges in Public Debt Markets for Non-GCC countries This session will discuss the current stage of development of public debt markets in non-gcc countries and the main bottlenecks that need to be tackled. Focus will be given to the description of an overall policy agenda and country-specific challenges faced by non-gcc public debt markets. Luncheon: Keynote speaker Panel III: Key Development Challenges in Public Debt Markets for GCC countries This session will cover the development of public debt markets in GCC countries, the bottlenecks that need to be tackled and the opportunities offered by regional integration. The challenges and advantages of developing public debt markets in surplus economies will be discussed. Building blocks such as distribution and settlement systems will be discussed. Coffee Break Panel IV: Implementation of Public Debt Market Development Reforms: country cases from the Arab World Two country cases of public debt market development in the Arab World (a non-gcc and a GCC country) will be discussed in depth, illustrating the agenda of reforms and bottlenecks that are being tackled. The session will focus on drawing lessons that could be applied more broadly in other Arab Countries. 5

6 9:00am 10:30am 10:30am 12:15 pm 12:15pm 1:30pm 1:30pm 3:00 pm 3:00pm 3:15pm 3:15pm 4:45pm 4:45pm 5:15pm Reception hosted by Gulf Bond and Sukuk Association Thursday, May 24: Private Bond Markets Panel V: Developing Corporate Bond Markets: The Arab World and other International Experience This session will take stock of the current stage, trends and international experience in the development of emerging market corporate bond markets. Key areas of reform for the development of these markets will be discussed. Topics will include regional integration and the roles of insolvency frameworks and company laws. Coffee break Panel VI: Preparing Corporate Sector to Tap the Debt Markets in the Arab World This session will cover the key determinants for a successful launch of corporate debt, focusing on infrastructure, regulation and firm- or project-specific preparation. The relevance of disclosure and transparency standards will be discussed as well as the role of investment ratings. Luncheon break Panel VII: Who is Missing From the Buy-Side in the Arab World? This session will discuss the current and potential investor base for fixed income products in the Arab World. Various means to encourage investment by pension funds, insurance companies, mutual funds, sovereign wealth funds and foreign investors will be discussed. Coffee Break Panel VIII: How Has the Sukuk Market Evolved Since the Financial Crisis? This session will take stock of the sukuk market in the region and assess the impact of the 2008 ruling of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Panelists will discuss what governments and market participants could do to strengthen this market; and what could be learned from legal and regulatory changes in Turkey and from Malaysia s success in developing a strong and unified market for sukuk. Concluding remarks 6

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