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. Obaid Al Zaabi, Chief Executive Officer, Securities and Commodities Authority, United Arab Emirates, 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 89 members and 21 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: IOSCO has been allocated an extra seat at the Financial Stability Board Plenary for the Chairman of the GEM. The GEM also has a seat on the IFRS Foundation Monitoring Board.

Members of the Growth and Emerging Markets Committee


Dr. Obaid Al Zaabi, Chief Executive Officer, Securities and Commodities Authority, United Arab Emirates

Vice Chair

Dr. Ünal Eryilmaz, Board Member, Capital Markets Board, Turkey

Vice Chair

Mr. Syed Zaid Albar, Chairman, Securities Commission, Malaysia

Board Representative

Mr. Jurgen Boyd, Deputy Executive Officer, Financial Sector Conduct Authority, South Africa

Members (89)

Albanian Financial Supervisory Authority, Albania
(Mr. Ervin Koçi, Executive General Director / Ms. Jona Borova, International Relations)

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

Comissão do Mercado de Capitais, Angola
(Mr. Mário Gavião, Chairman)

Comisión Nacional de Valores, Argentina
(Mr. Marcos Ayerra, Chairman)

Central Bank of Armenia, Armenia
(Mr. Arthur Javadyan, 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
(Dr. M. Khairul Hossain, Chairman)

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

Bermuda Monetary Authority, Bermuda
(Mr. Jeremy Cox, Chief Executive Officer)

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. Hasan Ćelam, President)

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

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

Autoriti Monetari Brunei Darussalam, Brunei
(Mrs. Hajah Rokiah Haji Badar, Managing Director)

Financial Supervision Commission, Bulgaria
(Mr. Boyko Atanasov, Chairperson)

Auditoria Geral do Mercado de Valores Mobiliários, Banco Central of Cabo Verde, Cabo Verde
(Mr. Pedro Lima Rocha, General Audit / Mr. João Chantre, Executive Director, Member of the Board)

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, Republic of
(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. Ian Johnston, Chief Executive)

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

Superintendencia de Compañías, Valores y Seguros, Ecuador
(Mr. Victor Anchundia Places, Superintendente de Compañías, Valores y Seguros)

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

Superintendencia del Sistema Financiero, El Salvador
(Lic. José Ricardo Perdomo Aguilar, 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
(Mr. Ajay Tyagi, Chairman)

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

Securities and Exchange Organization, Iran, Islamic Republic of
(Mr. Shapour Mohammadi, Chairman)

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

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

Jordan Securities Commission, Jordan
(Mr. Mohamed Saleh Horani, Executive Chairman)

National Bank of Kazakhstan, Kazakhstan, Republic of
(Mr. Erbolat Dossaev, Governor)

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

Financial Services Commission/Financial Supervisory Service, Korea, Republic of
(Mr. Choi Jongku, Chairman (FSC) / Mr. Yoon Suk Heun, 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
(Mr. Mindaugas Šalčius, Director of the Financial Services and Markets Supervision department / Ms. Kristina Janciauskaite, External Relations Coordinator)

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
(Ms. Fathimath Abdulla Kamaaluddheen, Acting CEO & Director General Market Development Department / Mr. Makhzoom Saleem, Director General)

Malta Financial Services Authority, Malta
(Ms. Marianne Scicluna, Director General / Mr. Joseph Cuschieri, Chief Executive Officer)

Financial Services Commission, Mauritius, Republic of
(Mr. Harvesh Seegolam, Chief Executive)

Comisión Nacional Bancaria y de Valores, Mexico
(Mr. Adalberto Palma, 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
(Mrs. Nezha Hayat, Chairperson and CEO)

Securities and Exchange Commission, Nigeria
(Mary Joseph Uduk, Acting 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
(Ms. Marelissa Quintero de Stanziola, Superintendent)

Securities Commission, Papua New Guinea
(Mr. Christopher Taylor Hnanguie, 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. Leonardo Badea, President / Mr. Gabriel Grădinescu, Vice-president for the Financial Instruments and Investments Sector)

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

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
(Mr. Miloš Čas, Director and Chairman)

Financial Sector Conduct Authority, South Africa
(Mr. Dube Tshidi, Executive Officer / Mr. Jurgen Boyd, Deputy Executive Officer)

Securities Commission of the Republic Srpska, Srpska, Republic of
(Mrs. Mira Potkonjak, President)

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

Financial Supervisory Commission, Chinese Taipei
(Mr. Wellington L. Koo, Chairman)

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, Deputy Chief Executive Officer)

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

Capital Markets Board, Turkey
(Ms. Tuba Altun, Deputy Head of Strategy Development Department / Dr. Ünal Eryilmaz, Board Member)

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

National Securities and Stock Market Commission, Ukraine
(Mr. Timur Khromaiev, Chairman)

Securities and Commodities Authority, United Arab Emirates
(Dr. Obaid Al Zaabi, Chief Executive Officer / Mr. Sultan Bin Saeed Al-Mansoori, Chairman)

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

Capital Market Development Agency, Uzbekistan
(Mr. Atabek Nazirov, Director)

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

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

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

Associate Members (Non-Voting Members) (21)

Financial Services Regulatory Authority, Abu Dhabi
(Mr. Richard Teng, 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. Oaitse Ramasedi, CEO)

Securities and Exchange Commission of Cambodia, Cambodia
(H.E Sou Socheat, Director General)

Centrale Bank van Curaçao en Sint Maarten, Curaçao
(Mr. E. D. Tromp, President)

International Bank for Reconstruction and Development, International
(Ms. Alison Harwood, Head of Capital Markets Unit)

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

Iraq Securities Commission, Iraq
(Dr. Alaa A. Al Saedi, Chairman of Iraq Securities Commission)

Astana Financial Services Authority, Kazakhstan, Republic of
(Mr. Mukhtar Bubeyev, Acting Chief Executive Officer)

Korea Deposit Insurance Corporation, Korea, Republic of
(Mr. Hyung Su Sohn, Executive Director)

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

Capital Markets Authority, Lebanon
(Mr. Riad Salame, Chairman / Mr. Sami Saliba, Executive Board member)

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

Securities Board of Nepal, Nepal
(Dr. Rewat Bahadur Karki, Chairman / Paristha Nath Poudyal, Executive Director, Office of International Affairs)

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. Alain Chang-Sam, Director of Capital Markets and CIS Supervision)

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

Financial Services Regulatory Authority, Swaziland
(Babhekile Matsebula, General Manager: Capital Markets Development)

Observers (1)

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