The public conference comes at the conclusion of IOSCO’s private meetings in which important steps were taken to ensure that IOSCO, as the international standard-setter for securities markets regulation:
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is structured and positioned to continue providing the lead in the development of regulatory standards for capital markets;
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has the resources needed to engage in the identification of emerging securities markets risks;
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possesses the capacity to meet the needs of its members; and
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is prepared to respond to requests for project work by the G20 and the Financial Stability Board (FSB).
New Transitional IOSCO Board
A transitional IOSCO Board was constituted today to subsume the functions of the Technical Committee (TC), the Executive Committee (EC) and the Emerging Markets Committee Advisory Board. The merger streamlines IOSCO’s governance structure and decision-making process, helping position the Organisation for a larger role in shaping the global framework for securities market regulation.
As the global economic crisis continues, securities markets are expected to step in and fill the funding gap left by cash-strapped governments and financial institutions that can no longer finance economic growth. Pressure is growing for regulators to ensure that robust and transparent markets are prepared to meet the rising demand for capital.
New Committee Structure
Pursuant to a prior consultation with members, IOSCO merged the policy and standard-setting work of the TC Standing Committees and the EMC Working Groups. The new structure improves the effectiveness of the IOSCO policy and standard-setting committees, making them more effective and inclusive of members.
Enhancing Cross-Border Enforcement Cooperation
IOSCO today approved a resolution allowing it to take tougher measures to encourage compliance by members who have not yet signed the Multilateral Memorandum of Understanding (MMoU), a tool used by securities regulators to help ensure effective global regulation and preserve and strengthen securities markets around the globe.
The new resolution is designed to assist these non-signatories in overcoming the obstacles they often encounter in securing support from their governments or legislatures for implementing the legal and regulatory changes required for compliance with the MMoU.
Press release
© IOSCO
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