As part of its responsibilities of developing UAE financial markets to match with the best international practices, a delegation from the Securities and Commodities Authority (SCA), led by its Chief Executive Officer, Abdullah Al-Turifi, has gone on working visit to France and Luxembourg, during which the delegation held series of meetings to discuss issues of mutual interest with top officials of market regulators in the two European countries. The SCA delegation held talks with the chairman of the European Securities Market Authority (ESMA) during which they discussed ways to boost cooperation with ESMA members in the areas of mutual funds and investment management. In a statement, al-Turifi said the aim of the visit is to try and develop more investment tools and products on the local markets to give the markets greater in-depth and boost their performance through the studying and application of successful experiences, the study of regulatory rules governing advanced markets of the world, the best international standards being implemented by these markets and the study of their regulatory frameworks and structures, adding that the SCA has so far registered and licensed 15 national investment funds and that his outfit had issued 679 approvals for promoting foreign investment funds in the UAE, according to latest statistics. During the meeting with ESMA, with the latter's team being led by its chairman, Steven Maijoor, they discussed a number of issues, including the approach ESMA is taking to establish a single rulebook for EU countries, especially for investment funds and investment management, the methodology ESMA adopted to regulate credit rating agencies and ways to cooperate on cross border mutual funds between the UAE and the European Union. At the second meeting in Paris, Al-Turifi held talks with Gerard Rameix, Chairman of the French Financial Market Regulator (AMF). They discussed the progress made by the SCA with regards to new regulations (Mutual Funds, Investment Management, Market-Maker, Short-Selling, Securities Lending and Borrowing ), the possibility of facilitating the distribution of UAE mutual funds in Europe and ways to enhance relations of collaboration between the two authorities on the mutual funds and investment management subjects. In Luxembourg, the SCA delegation held talks with Jean Guill, Chairman of Luxembourg Financial Sector Regulator (CSSF), where their discussions focused on the regulatory organization of Funds and Investment Management in Luxembourg and the strategy adopted to become a hub, the process of registering and approving Funds at the CSSF and the process of surveillance on funds in Luxembourg. They also discussed ways to improve mutual recognition with regards to mutual funds and investment management. The delegation also held a meeting with board members of the Luxembourg Funds Association (ALFI) and a number of large companies representing the industry of mutual funds in Luxembourg. The SCA delegation was briefed about the establishment, organization and purpose of the Association, the benefits of having a funds association, the process of communication between the ALFI and the CSSF. They also discussed best ways for cooperation between the SCA and ALFI in the areas of sharing of information and facilitating the work of Luxembourg companies in the UAE.