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. 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 91 members and 23 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. Mohamed Farid Saleh, Executive Chairman, Financial Regulatory Authority, Egypt

Vice Chair

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

Vice Chair

Mr. Khaled Alhomoud, Board Commissioner, Capital Market Authority, Saudi Arabia

Board Representative

Mr. Muthana Al-Saleh, Head of the Markets Sector, Capital Markets Authority, Kuwait

Members (91)

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

Albanian Financial Supervisory Authority, Albania
(Mr. Aldion Baze, DLT Based Financial Market Supervision Directorate, Capital and Funds Market Supervision Department)

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

Comissão do Mercado de Capitais, Angola
(Mrs. Vanessa Simões, Chairwoman / Mrs. Nádia Pinto, Executive Director / Mrs. Zénea Leitão, Director of the Cooperation Office (main person))

Comisión Nacional de Valores, Argentina
(Mr. Roberto E. Silva, Chairman / 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 Rolle, Executive Director)

Central Bank of Bahrain, Bahrain, Kingdom of
(Mr. Ali Haroon Al Aamer, Director of the Central Bank of Bahrain's 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. João Pedro Barroso do Nascimento, 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)

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, OBE, 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
(Mrs. Solange Berstein, Chairwoman)

China Securities Regulatory Commission, China
(Mr. Wuqing, Chairman)

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

Superintendencia General de Valores, Costa Rica
(Sr. Tomás Soley Pérez, 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
(Dr. George Theocharides, 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
(Mr. Ernesto Bournigal Read, Superintendent / Mr. Enmanuel Cedeño Brea, Intendent)

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

Financial Regulatory Authority, Egypt
(Dr. Mohamed Farid Saleh, Executive Chairman)

Superintendencia del Sistema Financiero, El Salvador
(Mrs. Evelyn Marisol Gracias, 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. Inarno Djajadi, Chief Executive of Capital Market Supervision)

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

Israel Securities Authority, Israel
(Mr. Offir Eyal, Director of International Affairs and Business Development Department)

Financial Services Commission, Jamaica
(Lieutenant Colonel Keron Burrell, Executive Director)

Jordan Securities Commission, Jordan
(Dr. Adel Bino, 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. Joo-Hyun Kim, Chairman (FSC) / Mr. Lee Bokhyun, Governor (FSS))

Capital Markets Authority, Kuwait
(Dr. Ahmad Abdulrahman Al-Melhem, Chair and Managing Director / Mr. Muthana Al-Saleh, Head of the Markets Sector)

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)

Reserve Bank of Malawi, Malawi
(Mrs. Khumbo Mtalika, Director, Capital Markets and Microfinance Supervision)

Securities Commission, Malaysia
(Mr. Awang Adek Hussin, Chairman)

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

Malta Financial Services Authority, Malta
(Ms. Doreen Balzan / Ms. Katya Scicluna, Senior International Relations Officer)

Financial Services Commission, Mauritius
(Mr. Prakash Seewoosunkur, Officer-in-Charge)

Comisión Nacional Bancaria y de Valores, Mexico
(Ms. Lucia Buenrostro, Ph.D., Vice President of Regulatory Policy / Mr. Javier Flores, General Director for International Affairs)

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

Capital Market Authority of Montenegro, Montenegro
(Mr. Željko Drinčić, Chairman)

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

Securities and Exchange Commission, Nigeria
(Mr. Emomotimi John Agama, Director General)

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

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

Securities and Exchange Commission, Pakistan
(Mr. Akif Saeed, 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. James Joshua, Acting Executive Chairman)

Superintendencia del Mercado de Valores, Peru
(Mr. Juan Pichihua, 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. Tamy Ahmed Ali Al Boutamy Al Binali, Chief Executive Officer)

Financial Supervisory Authority, Romania
(Ms. Maria Gabriela Horga, ASF Vice-president Investments and Financial Instruments 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 / Mr. Khaled Alhomoud, Board Commissioner)

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)

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)

Securities and Exchange Commission of Sri Lanka, Sri Lanka
(Mr. Faizal Salieh, 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 of Strategy and International Affairs Department)

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, President)

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

Capital Markets Authority, Uganda
(Ms. Josephine Okui Ossiya, Chief Executive Officer / Dickson Ssembuya, Director Research and Market Development)

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)

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

National Agency of Perspective Projects of the Republic of Uzbekistan, Uzbekistan
(Mr. Pak Vyacheslav, First Deputy Director / Mr. Bobur Khalmirzaev, Deputy Head, International Affairs Department)

State Securities Commission, Vietnam
(Md. Vu Thi Chan Phuong, Chairwoman)

Autorité des Marchés Financiers de l’UMOA, West African Monetary Union
(Mr. Badanam PATOKI, Chairman)

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

Associate Members (Non-Voting Members) (23)

Astana Financial Services Authority, AIFC, 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)

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

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

International Financial Services Centres Authority, India
(Mr. K. Rajaraman, 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
(Faisal Al Haimus, President of the Iraq Securities Commission)

Korea Deposit Insurance Corporation, Korea, Republic of
(Mr. Hyeonjin Cha, 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
(Ms. Virginie Quatre, Director Capital Markets, Collective Investment Schemes Supervision Sectionvation / Ms. Zenabe Daman, Deputy Chief Executive Officer)

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

Securities and Exchange Commission of Zimbabwe, Zimbabwe
(Mr. Anymore Taruvinga, Chief Executive Officer)