The Board of the IOSCO met in Seoul this week to push forward IOSCO’s work on securing strong, safe and efficient securities markets, which are drivers of global economic growth.
The Board hosted a round table discussion on the impact of technical innovation –or digital disruption—on financial markets and services. The Board discussed with industry expert show the fast pace of the digital revolution is changing the way financial markets operate, and how securities regulators should address the new challenges and opportunities that emerge.
Chairman Greg Medcraft said: ‘The roundtable discussion was a good example of IOSCO’s resolve to anticipate significant change and understand the different types of emerging risks that could weaken global markets and undermine invest or trust. We need to work with all stakeholders to harvest the opportunities that new technologies can deliver, while mitigating the potential risks’. The Board discussed and progressed policy, organizational and strategic issues. On policy issues the Board discussed its priorities for 2015 and:
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Progressed IOSCO’s important work with the FSB on Non-Bank Non-Insurance SIFI’s and discussed the timing of implementation of margin requirements for non-cleared OTC derivatives
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Discussed IOSCO’s mainstream role and contributions to FSB priorities in 2015, including central counterparties (CCPs), asset management and conduct risk
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Supported development of new mandates on secondary bond market liquidity and order routing incentives
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Discussed current risks in capital markets
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Provided direction on a proposal to identify the risks and vulnerabilities in market based financing and a proposal to develop tools for identifying data gaps and eliminating barriers to data gathering
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Discussed IOSCO’s important work on cyber resilience, investor protection credible deterrence, IOSCO’s Enhanced Multilateral Memorandum of Understanding on cooperation and the exchange of information and cross border regulation
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Received updates from the UK Financial Conduct Authority about their fair and effective markets review and the opportunities for IOSCO to better understand the role IOSCO might play in the important global dimensions of that work
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Discussed a forward plan for IOSCO’s Assessment Committee to monitor and assess implementation of IOSCO’s Principles and Standards
Chairman Greg Medcraft said: ‘Our work plan underscores IOSCO’s commitment to building trust and confidence in the markets members regulate. Without this trust and confidence, the markets we regulate won’t do their job of supporting economic growth’. On organizational and strategic issues, the Board heard updates on a project to agree, resource and fund a Strategic Direction to 2020. The Board moved forward on shaping IOSCO’s future capacity building, which seeks to build strong regulatory frameworks in emerging capital markets.
The Board discussed details of a new Online Toolkit for Regulatory Capacity Building and the design of new modules for education and training and technical assistance on risk-based supervision and enforcement, in addition to two regional training seminars for the coming year. Significantly, the Board agreed in principle to establish pilot IOSCO regional capacity-building hubs hosted by member jurisdictions. The pilot hubs will support IOSCO's integrated capacity building approach by delivering capacity building activities and programs to securities regulators in the various regions.
Full press release
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