05 October 2012

Board's decisions further global regulatory reform and strengthen IOSCO

The IOSCO Board meeting highlighted the benefits of early engagement with stakeholders to provide strategic input for IOSCO's key role, and underscored the progress IOSCO is making on enhancing cross-border cooperation.

The Board reconfirmed IOSCO's commitment to meet deadlines on work mandated by the G20 Leaders and the Financial Stability Board (FSB) on regulatory reform. The Board took a number of key decisions on work in a number of areas. Recommendations on the regulation of Money Market Funds and Oil Price Reporting Agencies were approved, with progress made on recommendations on Global Developments in Securitisation Regulation, which will be completed in a matter of weeks. Agreement was also reached on next steps regarding IOSCO’s Report on the Credit Default Swap Market.

Masamichi Kono, the Chair of the IOSCO Board, said:  “As Chair of the Board I am pleased with the results of the meeting, which will strengthen IOSCO and further the global reform agenda. I thank all Board members for their efforts in arriving at those important conclusions in the spirit of strong international coordination and cooperation."

The meeting was preceded by a Round Table attended by 18 senior financial services executives drawn from around the world to discuss emerging risks within IOSCO’s remit. The discussions in this meeting with CEOs and CFOs from both developed and emerging markets confirmed the increasing role of securities markets in supporting economic development. Also highlighted was the essential role securities regulators can play in supporting confidence and trust in these markets by addressing emerging risks through the implementation of high-level global standards. The participants emphasised the role IOSCO and securities regulators can play globally in developing consistent, early and forward-looking responses to the challenges financial markets face in a rapidly evolving environment.

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