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Palestine Capital Market Authority attains the full membership in IOSCO

2014-02-23

Translated by Sahem Trading & Investments: Palestine Capital Market Authority has attained the full membership in the International Organization of Securities Committees (IOSCO); the highest professional body in the field of global regulation and supervision of financial markets. This came during the meeting of the organization’s board, which was held in Malaysia on Friday, February 21, resulting into the admission of the state of Palestine represented by the Capital Market Authority in the IOSCO to be member number 124^th winning the full membership of the organization worldwide, in addition to the admission of Palestine to the signatories of the Multilateral Memorandum of Understanding MMOU to be member number 101^st signatory on the memorandum.  IOSCO formulates the international and technical standards that must be followed by the members’ bodies overseeing the financial markets. All authorities overseeing the capital markets seek the membership of IOSCO because it is considered as a global certificate that the legal and regulatory frameworks that govern the securities industry in the Member State correspond to the international standards and requirements. The access to the full membership, specifically to join the signatories of the Multilateral Memorandum of Understanding, requires arduous and long journey in order to meet the legal and technical requirements and conditions of the MMoU, including making adjustments and development. The admission of the state of Palestine to the signatories of MMoU in IOSCO is critical, and  considered as the most important achievement of any regulatory body regulates and monitors the securities sector, given the fact that this memorandum commits its members to fully cooperate in the field of capital markets’ control and maintain the rights of investors, where the MMoU ensures the cooperation among Member States in information exchange and cooperation so as to ensure the prevention of fraud and price manipulation or trading based on inside information or any action that would impair the integrity of the deals in the capital markets in the Member States. The admission of the Palestine Capital Market Authority to the IOSCO, specifically to the signatories of the MMoU, has a reflection and a significant positive impact on the Palestinian securities sector, but extends to include the investment environment in Palestine in general, and increases the confidence of investors in listed equities in Palestine Stock Exchange specifically by foreign and international institutional investors. Where this membership is as an international certificate that the Palestinian securities sector is regulated and monitored by the Palestine Capital Market Authority in accordance with international principles and standards required by the IOSCO that abide by all Member States of the organization , which will contribute to enhancing the investment attractiveness of the Palestine Exchange, specifically international investment , where international investors pay great attention to the membership of the supervisory body on the stock exchange in the IOSCO and occupies an important role in the investment decision .