Members of the Kurdistan Governance Committee (KGC) and the Erbil Stock Exchange (ESX) Board of Directors held a joint session on July 25, 2013 at the ESX premises to monitor progress to-date, as well as discuss follow-up actions and the desired basis of cooperation with the Iraq Securities Commission (ISC) required to promote the goals and objectives of the ESX market. A presentation by the ESX advisory team on global securities market development trends as well as developments with stock exchanges in the MENA region served as the backdrop for these deliberations. Discussion topics included financial sector development approaches, market development priorities as well as lessons learned from other markets. Also in attendance, was Mr. Othman Shwany, Supervisor of the KRG Economic Committee. Follow-on sessions between the KGC, ESX and ISC have been planned to finalize a memorandum of understanding between the ISC and KGC as well as between the KGC and ESX for the oversight and development of the ESX market. The Government of the Kurdistan Region (KRG) created the Kurdistan Governance Committee (KGC) to oversee and support the development and activities of the ESX. The KGC comprises senior representatives from the Ministry of Justice, Ministry of Finance, Ministry of Trade and Industry, Board of Supreme Audit and the Dohuk Chamber of Commerce.