Growth and Emerging Markets Committee

The Growth and Emerging Markets Committee is the largest Committee within IOSCO, representing over 75% of the IOSCO's ordinary membership. Dr. Mohammed Omran, Executive Chairman, Financial Regulatory Authority, Egypt, and Vice Chair of the IOSCO Board, is the Chair of the GEM. The Committee seeks to promote the development and greater efficiency of emerging securities and futures markets by establishing principles and minimum standards, providing training programs and technical assistance for members and facilitating the exchange of information and transfer of technology and expertise.

The GEM comprises 92 members and 22 non-voting associate members who include the world's fastest growing economies and 10 of the G-20 members. Emerging economies are expected to represent a growing portion of IOSCO membership as new members continue to join.

IOSCO is the only international standard setter that has a Committee solely responsible for emerging market issues. This inclusiveness increases IOSCO's effectiveness and positions it to play a bigger part in shaping the global regulatory framework: The GEM has been allocated a seat on the IFRS Foundation Monitoring Board.

Members of the Growth and Emerging Markets Committee


Dr. Mohammed Omran, Chairman, Financial Regulatory Authority, Egypt

Vice Chair

Mr. Yusuf Kaya, Board Member, Capital Markets Board, Turkey

Vice Chair

This position is currently vacant

Board Representative

Mr. Wyckliffe M. Shamiah, Chief Executive Officer, Capital Markets Authority, Kenya

Members (92)

Albanian Financial Supervisory Authority, Albania
(Mr. Ervin Mete, Executive General Director / Ms. Eda Gazheli, Director of Projects, Public & International Relations and Education Directorate Operational Department)

Commission d'Organisation et de Surveillance des Opérations de Bourse, Algeria
(Mr. Abdelhakim Berrah, Chairman)

Comissão do Mercado de Capitais, Angola
(Mrs. Maria Baptista, Chairwoman)

Comisión Nacional de Valores, Argentina
(Ms. Anahí Alujas, Head of International Affairs Office)

Central Bank of Armenia, Armenia
(Mr. Martin Galstyan, Chairman)

Securities Commission of The Bahamas, Bahamas
(Ms. Christina R. Rolle, Executive Director)

Central Bank of Bahrain, Bahrain, Kingdom of
(Mrs. Abeer Al Saad, Director - Capital Markets Supervision Capital Markets Supervision Directorate)

Bangladesh Securities and Exchange Commission, Bangladesh
(Prof. Shibli Rubayat Ul Islam, Chairman)

Financial Services Commission, Barbados
(Prof. Frank Alleyne, Chairman)

Bermuda Monetary Authority, Bermuda
(Mr. Craig Swan, CEO)

Autoridad de Supervisión del Sistema Financiero, Bolivia
(Dra. Lenny Valdivia Bautista, Securities Supervision Director)

Securities Commission of the Federation of Bosnia and Herzegovina, Bosnia and Herzegovina, Federation of
(Mr. Adnan Zukić, President)

Comissão de Valores Mobiliários, Brazil
(Mr. Marcelo Barbosa, Chairman)

British Virgin Islands Financial Services Commission, British Virgin Islands
(Mr. Kenneth Baker, Managing Director and Chief Executive Officer)

Brunei Darussalam Central Bank, Brunei
(Mrs. Hajah Rokiah Haji Badar, Managing Director)

Financial Supervision Commission, Bulgaria
(Mr. Boyko Atanasov, Chairperson / Adelina Yankova, Chief Expert, International Cooperation Directorate)

Auditoria Geral do Mercado de Valores Mobiliários, Banco Central of Cabo Verde, Cabo Verde
(Ms. Ana Cristina Lopes Semedo, General Audit)

Cayman Islands Monetary Authority, Cayman Islands
(Mrs. Cindy Scotland, Managing Director)

Commission de Surveillance du Marché Financier de l'Afrique Centrale (Securities and Exchange Commission of Central Africa), Central Africa
(Ms. Danielle Bunduku-Latha, Secretary General)

Comisión para el Mercado Financiero (Financial Market Commission), Chile
(Mr. Joaquín Cortez Huerta, President)

China Securities Regulatory Commission, China
(Mr. Huiman Yi, Chairman)

Superintendencia Financiera de Colombia, Colombia
(Ms. Juliana Lagos Camargo, Directora de Investigación y Desarrollo)

Superintendencia General de Valores, Costa Rica
(Ms. María Lucía Fernández Garita, Superintendente General de Valores)

Croatian Financial Services Supervisory Agency, Croatia, Republic of
(Mr. Ante Žigman, President of the Board)

Cyprus Securities and Exchange Commission, Cyprus
(Mrs. Demetra Kalogerou, Chairman)

Czech National Bank, Czech Republic
(Mr. Vojtech Belling, Executive Director, Financial Market Regulation and International Co-Operation Department)

Dubai Financial Services Authority, DIFC, Dubai
(Mr. F. Christopher Calabia, Chief Executive)

Superintendencia del Mercado de Valores, Dominican Republic
(Lic. Gabriel Castro, Superintendente de Valores)

Eastern Caribbean Securities Regulatory Commission, Eastern Caribbean Currency Union
(Ms. Alousia Faisal, Chief Executive Officer)

Superintendencia de Compañías, Valores y Seguros, Ecuador
(Mr. Marco López Narváez, Superintendente de Compañías, Valores y Seguros)

Financial Regulatory Authority, Egypt
(Dr. Mohammed Omran, Chairman)

Superintendencia del Sistema Financiero, El Salvador
(Mr. Mario Ernesto Menéndez Alvarado, Superintendente del Sistema Financiero)

Finantsinspektsioon, Estonia
(Mr. Kilvar Kessler, Chairman)

Securities and Exchange Commission, Ghana
(Rev. Daniel Ogbarmey Tetteh, Director General)

Magyar Nemzeti Bank (The Central Bank of Hungary), Hungary
(Mr. Gergő Szeniczey, Executive Director, Consumer Protection and Market Supervision)

Securities and Exchange Board of India, India
(Ms. Madhabi Puri Buch, Chairperson)

Indonesia Financial Services Authority, Indonesia
(Mr. Wimboh Santoso, Chairman)

Securities and Exchange Organization, Iran
(Mr. Majid Eshghi, Chairman)

Israel Securities Authority, Israel
(Ms. Anat Guetta, Chairwoman)

Financial Services Commission, Jamaica
(Mr. Everton McFarlane, Executive Director)

Jordan Securities Commission, Jordan
(Dr. Laith Ajlouni, Chairman)

Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market, Kazakhstan, Republic of
(Ms. Maria Khadzhieva, Vice-Chairperson)

Capital Markets Authority, Kenya
(Mr. Wyckliffe M. Shamiah, Chief Executive Officer)

Financial Services Commission/Financial Supervisory Service, Korea, Republic of
(Mr. Koh Seungbeom, Chairman (FSC) / Mr. Jeong Eun Bo, Governor (FSS))

Capital Markets Authority, Kuwait
(Dr. Ahmad Abdulrahman Al-Melhem, Chair and Managing Director)

State Service for Financial Market Regulation and Supervision under the Government of the Kyrgyz Republic, Kyrgyz Republic
(Mr. Sanjar Mukanbetov, Chairman)

Bank of Lithuania, Lithuania
(Ms. Kristina Janciauskaite-Brosseau, Chief Specialist, External Relations Coordinator / Mr. Mindaugas Šalčius, Director, Financial Services and Markets Department, Supervision Service)

Reserve Bank of Malawi, Malawi
(Mr. Lanjes Sinoya, Capital Markets and Microfinance Supervision Department)

Securities Commission, Malaysia
(Mr. Syed Zaid Albar, Chairman / Ms. Neetasha Rauf, Deputy Director, International Affairs Department)

Capital Market Development Authority, Maldives
(Mr. Hussain Maniku, Chief Executive Officer)

Malta Financial Services Authority, Malta
(Dr. Joseph Gavin, Chief Executive Officer / Dr. Christopher P. Buttigieg, Chief Officer Supervision)

Financial Services Commission, Mauritius
(Mr. Dhanesswurnath Thakoor, Chief Executive)

Comisión Nacional Bancaria y de Valores, Mexico
(PhD. Jesús de la Fuente Rodríguez, President)

Financial Regulatory Commission, Mongolia
(Mr. Bayarsaikhan Dembereldash, Chairman of FRC Mongolia)

Capital Market Authority of Montenegro, Montenegro
(Mr. Zoran Djikanović, Chairman)

Autorité Marocaine du Marché des Capitaux, Morocco
(Ms. Nezha Hayat, Chairperson and CEO)

Securities and Exchange Commission, Nigeria
(Mr. Lamido Yuguda, Director-General)

Securities and Exchange Commission of the Republic of North Macedonia, North Macedonia, Republic of
(Ms. Nora Aliti, President)

Capital Market Authority, Oman, Sultanate of
(Mr. Abdullah Salim Al-Salmi, Executive President)

Securities and Exchange Commission, Pakistan
(Mr. Aamir A. Khan, Chairman)

Palestine Capital Market Authority, Palestine
(Mr. Barraq Adli Rashed Nabulsi, General Director)

Superintendencia del Mercado de Valores, Panama
(Mr. Julio Javier Justiniani C., Superintendent)

Securities Commission of Papua New Guinea, Papua New Guinea
(Mr. Robert Salmon Minak, Acting Executive Chairman)

Superintendencia del Mercado de Valores, Peru
(Mr. José Manuel Peschiera Rebagliati, Chairman)

Securities and Exchange Commission, Philippines
(Mr. Emilio Benito Aquino, Chairman)

Polish Financial Supervision Authority, Poland
(Prof. Jacek Jastrzębski, Chairman)

Qatar Financial Markets Authority, Qatar
(Mr. Nasser Ahmed Al Shaibi, Chief Executive Officer)

Financial Supervisory Authority, Romania
(Mr. Gabriel Grădinescu, Vice-president for the Financial Instruments and Investments Sector)

The Bank of Russia, Russia
(Mr. Sergey Shvetsov, First Deputy Governor)

Capital Market Authority, Saudi Arabia
(Mr. Mohammed Abdullah Elkuwaiz, Chairman of the Board of the Capital Market Authority)

Securities Commission, Serbia, Republic of
(Mr. Marko Jankovic, Chairman)

The National Bank of Slovakia, Slovak Republic
(Mr. Vladimír Dvořáček, Member of the Bank Board and Executive Directive of the Financial Market Supervision Unit / Mr. Adam Nádaský, Head of Section)

Securities Market Agency/Agencija Za Trg Vrednostnih Papirjev, Slovenia
(Ms. Anka Čadež, Director and Chairwoman)

Financial Sector Conduct Authority, South Africa
(Ms. Astrid Ludin, Deputy Commissioner / Shreelin Naicker)

Securities and Exchange Commission of Sri Lanka, Sri Lanka
(Mr. Viraj Dayaratne, PC, Chairman)

Securities Commission of the Republic Srpska, Srpska, Republic of
(Mr. Ognjen Mihajlović, President)

Syrian Commission on Financial Markets and Securities, Syria
(Dr. Abdurahman Merhi, Chairman and CEO)

Financial Supervisory Commission, Chinese Taipei
(Tiffany Chiu, Auditor)

Capital Markets and Securities Authority, Tanzania
(Mr. Nicodemus D. Mkama, Chief Executive Officer)

Securities and Exchange Commission, Thailand
(Ms. Julawadee Worasakyothin, Director, Strategy and International Affairs Dept.)

Trinidad and Tobago Securities and Exchange Commission, Trinidad and Tobago
(Ms. Lystra Lucillio, Ag. Chief Executive Officer)

Conseil du marché financier, Tunisia
(Mr. Salah Essayel, President)

Capital Markets Board, Turkey
(Mr. Yusuf Kaya, Board Member)

Capital Markets Authority, Uganda
(Mr. Keith Kalyegira, Chief Executive Officer)

National Securities and Stock Market Commission, Ukraine
(Mr. Ruslan Magomedov, Chairman)

Securities and Commodities Authority, United Arab Emirates
(Dr. Maryam Buti Al Suwaidi, Chief Executive Officer / Mr. Abdulla Bin Touq Al Marri, Chairman)

Banco Central del Uruguay, Uruguay
(Mr. Juan Pedro Cantera, Superintendent, Superintendence of Financial Services)

Ministry of Finance of the Republic of Uzbekistan, Uzbekistan
(Odilbek Isakov, Deputy Minister / Sarvarbek Ahmedov, Director of Capital market development department)

State Securities Commission, Vietnam
(Mr. Tran Van Dzung, Chairman)

Conseil régional de l'épargne publique et des marchés financiers, West African Monetary Union
(Mr. Badanam Patoki, Chairman / Mr. Ripert E. H. Bossoukpe, Secretary General)

Securities and Exchange Commission, Zambia
(Mr. Phillip K. Chitalu, Secretary and Chief Executive)

Securities and Exchange Commission of Zimbabwe, Zimbabwe
(Mr. Gerald Dzangare, Acting Chief Executive Officer)

Associate Members (Non-Voting Members) (22)

Financial Services Regulatory Authority, Abu Dhabi
(Mr. Emmanuel Givanakis, Chief Executive Officer)

Astana Financial Services Authority, AIFC, Nur-Sultan (formerly Astana)
(Mr. Nurkhat Kushimov, Chief Executive Officer)

Union of Arab Securities Authorities, Arab Union
(Mr. Jalil Tarif, Secretary General)

Asian Development Bank, Asia
(Ms. Lotte Schou-Zibell, Technical Advisor, Finance)

Non-Bank Financial Institutions Regulatory Authority, Botswana
(Mr. Oduetse Andrew Motshidisi, CEO)

Securities and Exchange Regulator of Cambodia, Cambodia
(Sou Socheat, Director General)

Centrale Bank van Curaçao en Sint Maarten, Curaçao
(Mr. Richard Doornbosch, President)

Financial Services Regulatory Authority, Eswatini
(Mr. Ncamiso T. Ntshalintshali, Chief Executive Officer)

International Financial Services Centres Authority, India
(Mr. Injeti Srinivas, Chairperson)

International Bank for Reconstruction and Development, International
(Ms. Ana Fiorella Carvajal, Lead Financial Sector Specialist)

International Monetary Fund, International
(Ms. Eija Holttinen, Senior Financial Sector Expert)

Iraq Securities Commission, Iraq
(Mr. Hasan Al Ogaili, Chairman of Iraq Securities Commission)

Korea Deposit Insurance Corporation, Korea, Republic of
(Mr. Sang-kee Kim, Executive Director)

Lao Securities Commission, Lao People's Democratic Republic
(Mrs. Saysamone Chanthachack, Secretary General)

Capital Markets Authority, Lebanon
(Mr. Riad Salame, Chairman / Mr. Walid Kadri, Executive Board Member)

Namibia Financial Institutions Supervisory Authority, Namibia
(Mr. Kenneth S Matomola, Acting CEO)

Securities Board of Nepal, Nepal
(Mr. Ramesh Kumar Hamal, Chairman)

Comisión Nacional de Valores, Paraguay
(Mr. Joshua Daniel Abreu Boss, President)

Qatar Financial Centre Regulatory Authority, Qatar
(Mr. Michael G. Ryan, Chief Executive Officer)

Capital Market Authority, Rwanda
(Ms. Staci Warden, Chairperson)

Financial Services Authority, Seychelles
(Mr. Leo Alexander, Director Capital Markets, Collective Investment Schemes & Fintech Innovation / Ms. Zenabe Daman, Deputy Chief Executive Officer)

Prudential Authority, South Africa
(Mr. Kuben Naidoo, Deputy Governor and CEO)

Observers (1)

Securities and Futures Commission, Hong Kong
(Mr. Ashley Ian Alder, Chief Executive Officer)