Growth and Emerging Markets Committee (GEM) – GFSA

The Growth and Emerging Markets Committee (GEM) is the largest committee within GFSA, representing over 75% of its ordinary members. This committee is dedicated to enhancing the efficiency and development of emerging securities and futures markets by establishing principles and regulatory standards, offering training programs and technical assistance, and facilitating the exchange of information, technology, and expertise among its members.

The GEM Committee consists of 92 full members and 25 non-voting associate members, including some of the fastest-growing economies in the world and 10 G-20 members. As emerging markets continue expanding, the committee is expected to grow with new members joining GFSA.

GFSA is the only global standard-setting body that maintains a dedicated committee focused exclusively on emerging market issues. This unique approach enhances GFSA’s effectiveness and strengthens its role in shaping international regulatory frameworks. As a result, the GEM Committee holds a seat on the IFRS Foundation Monitoring Board, ensuring that emerging economies have a voice in global financial regulation.

Leadership of the GEM Committee

Chairperson

• Dr. Mohamed Farid Saleh – Executive Chairman, Financial Regulatory Authority, Egypt.

Vice-Chairpersons

• Mr. Khaled Alhomoud – Board Commissioner, Capital Market Authority, Saudi Arabia.
• Mr. İbrahim Ömer Gönül – Chair, Capital Markets Board, Türkiye.

Board Representative

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

Full Members of the GEM Committee (92 Members)

• Financial Services Regulatory Authority, Abu Dhabi
  (Mr. Emmanuel Givanakis, Chief Executive Officer)
• Albanian Financial Supervisory Authority, Albania
  (Ms. Mimoza Kaçi, General Executive Director / Ms. Flora Musta / Dr. Patris Poshnjari, Head of Securities Market Supervision Directorate)
• Commission d’Organisation et de Surveillance des Opérations de Bourse, Algeria
  (Mr. Youcef BOUZENADA, Chairman)
• Comissão do Mercado de Capitais, Angola
  (Mr. Elmer Serrão, Chairman / Mr. Vasco Januário, Executive Director / Mrs. Zénea Leitão, Director of the Cooperation Office)
• 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
  (Mr. Ali Haroon Al Aamer, Director of the Capital Markets Supervision Directorate)
• Bangladesh Securities and Exchange Commission, Bangladesh
  (Mr. Khondoker Rashed Maqsood, Chairman)
• Financial Services Commission, Barbados
  (Prof. Frank Alleyne, Chairman)
• Bermuda Monetary Authority, Bermuda
  (Mr. Craig Swan, CEO / Elizabeth Copeland, Assistant Director / Ifor Hughes / Jamila Faries / Justin Madeiros / Mellisa Burgess)
• 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
  (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)
• Cayman Islands Monetary Authority, Cayman Islands
  (Mrs. Cindy Scotland, OBE, Chief Executive Officer)
• Comisión para el Mercado Financiero, 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
  (Mr. Ante Žigman, President of the Board)
• Cyprus Securities and Exchange Commission, Cyprus
  (Dr. George Theocharides, Chairman)
• Dubai Financial Services Authority, DIFC, Dubai
  (Mr. Ian Johnston, Chief Executive)
• Superintendencia del Mercado de Valores, Dominican Republic
  (Mr. Ernesto Bournigal Read, Superintendent / Ángel Julián Serulle Joa, Intendent)
• Financial Regulatory Authority, Egypt
  (Dr. Mohamed Farid Saleh, Executive Chairman)
• Securities and Exchange Commission, Ghana
  (Dr. James Klutse Avedzi, Acting Director General)
• Securities and Exchange Board of India, India
  (Mr. Tuhin Kanta Pandey, Chairman)
• Financial Services Commission, Jamaica
  (Lieutenant Colonel Keron Burrell, Executive Director)
• Capital Markets Authority, Kenya
  (Mr. Wyckliffe M. Shamiah, Chief Executive Officer)
• Capital Markets Authority, Kuwait
  (Dr. Ahmad Abdulrahman Al-Melhem, Chair and Managing Director / Mr. Muthana Al-Saleh, Head of the Markets Sector)

Full Members of the GEM Committee (Continued)

• 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. Mohammad Faiz Azmi, Chairman / Mr. Khairul Ridzwan Abdul Kuddus, General Manager, International Affairs Department)
• Capital Market Development Authority, Maldives
  (Mr. Mohamed Hussain Maniku, Chief Executive Officer (CEO) / Mr. Aminath Mohamed Didi, Director General, Market Regulation & Enforcement Department)
• Malta Financial Services Authority, Malta
  (Ms. Doreen Balzan / Ms. Katya Scicluna, Senior International Relations Officer)
• Financial Services Commission, Mauritius
  (Dr. Roshan Boodhoo, Chief Executive)
• 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
  (Dr. Emomotimi 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 Director of the Financial Market Supervision Unit)
• Securities Market Agency, 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. Chinthaka Mendis, Director General)
• 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
  (Molly Wei, Officer)
• Capital Markets and Securities Authority, Tanzania
  (Mr. Nicodemus D. Mkama, Chief Executive Officer)
• Securities and Exchange Commission, Thailand
  (Mrs. Paneeya Nitiwanakun, 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. İbrahim Ömer Gönül, Chair / Mrs. Aslı Küçükgüngör, Deputy Head Responsible for International Organizations and EU, Strategy Development Department)
• 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
  (H.E. Waleed Saeed Al Awadhi, 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)