02 July 2013

IOSCO meets with stakeholders on the global financial regulatory reform agenda

The discussions during the meeting underscored IOSCO's determination to engage with industry and stakeholders in developing early and forward-looking responses to the challenges that securities markets face in a rapidly evolving environment.

IOSCO Board Chair Greg Medcraft chaired the meeting, which covered a range of subjects, including IOSCO's work on the extensive international financial regulatory reform agenda.

Mr Medcraft outlined the challenges faced by securities regulators globally and the role IOSCO will play in addressing them. “The major challenges we face are structural change, the risks posed by innovation and the ongoing globalisation of our markets. By being proactive and forward looking, IOSCO through its standard-setting work, engagement with industry and stakeholders and co-operation among its members can make a significant contribution to those challenges. This meeting is a fine example of the way engagement with industry can help us to better understand these challenges and how we should respond”, he said.

Participants welcomed IOSCO’s work on cross-border regulation and emphasised its importance in addressing the issues many face in conducting business across a number of jurisdictions. IOSCO Secretariat staff also outlined the risks IOSCO’s research team had identified in recent work – including risks posed by the low interest rate environment, managing collateral, the risks posed by central counterparties and cybercrime.

The meeting also discussed the opportunities behavioural economics offers securities regulators. In leading discussion on this topic, Mr Medcraft emphasised the growing role behavioural economics and social media will play in IOSCO's work, particularly in its efforts to improve informed decision-making by retail investors.

Full press release

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