Dubai Regulator Steward Joined IOSCO Board
The DFSA chief will represent emerging markets, impacting global regulatory standards for financial firms.
Updated on Sept. 23, 2026 in Financial Services
Live Poll
Do you trust international regulatory bodies to effectively oversee the global financial system?
Mark Steward, chief executive of the Dubai Financial Services Authority, has joined the board of the International Organization of Securities Commissions. His appointment follows his role as vice chair of the IOSCO Growth and Emerging Markets Committee, which oversees standards for 95 member organizations.
Why it matters
Steward's board seat increases the influence of the Dubai financial free zone on international regulatory policy. For global operators, this shift underscores a growing focus on compliance standards, particularly following a DFSA review that found 32% of firms surveyed lacked required staff trade registers.
The committee counts 95 members and 22 non-voting associate members, with 10 G20 countries participating. Locally, the Dubai Financial Services Authority oversaw 1,050 regulated firms at the end of 2025, during which time over-the-counter derivatives activity hit $13 trillion in notional value.
The players
Mark Steward
The current chief executive of the Dubai Financial Services Authority with a career history at the UK Financial Conduct Authority.
Islam Azzam
The chair of the IOSCO Growth and Emerging Markets Committee overseeing its 2026-2028 term.
Dubai Financial Services Authority
The independent regulator of all financial and ancillary services conducted in the Dubai financial free zone.
International Organization of Securities Commissions
A global body that brings together the world's securities regulators to set international standards for the sector.
The details
Steward assumes the board seat as part of his duties as vice chair of the Growth and Emerging Markets Committee. The committee aims to harmonize oversight across jurisdictions, impacting firms that manage derivatives or multi-national portfolios. Regulated firms should anticipate heightened scrutiny on internal controls, such as the maintenance of comprehensive staff trade registers that the DFSA found missing in nearly a third of surveyed local entities.
Timeline
May 19, 2025: Mark Steward began his tenure as chief executive of the Dubai Financial Services Authority.
Q4 2025: Over-the-counter derivatives activity in the Dubai financial free zone reached $13 trillion.
2026-2028: Islam Azzam serves as the Growth and Emerging Markets Committee chair.
Market Landscape
The appointment aligns with the goals of the Dubai Economic Agenda, which seeks to establish the emirate as a top-four global financial center by 2033. This move follows a broader international trend of increasing regulatory oversight across emerging financial markets.
Operators in the financial services sector should review their internal compliance registers, specifically regarding staff trading logs. Firms should monitor for new policy guidance from IOSCO that could signal tighter reporting requirements in the near term.
The takeaway
The increased integration of Dubai's regulatory leadership into global standard-setting bodies signals a shift toward stricter, globally-aligned reporting requirements. Compliance teams should prioritize auditing internal trade-tracking processes to match these evolving international benchmarks.
Further reading
For broader trends in global oversight, see our coverage in Financial Services.
Live Poll
Do you trust international regulatory bodies to effectively oversee the global financial system?
