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By publishing the list, IOSCO seeks to encourage its non-signatory members to take the measures needed for them to sign the MMoU, as part of its commitment to eradicate potential safe havens for wrongdoers. New signatories to the MMoU also contribute to strengthening IOSCO´s international enforcement network.
Georgina Philippou, Chair of IOSCO Committee 4 on Enforcement and the Exchange of Information and Co-chair of the MMoU Screening Group, said: “Publishing the list of non-signatories to the MMoU is an important step for IOSCO, and not one we have taken lightly. The MMoU is an essential tool in the fight against cross border market misconduct and IOSCO wants all its members to reach the high standards of enforcement and international cooperation required to sign the MMoU so that those who commit market misconduct have nowhere to hide.”
The MMoU provides a mechanism through which securities regulators share with each other essential investigative material, such as beneficial ownership information, and securities and derivatives transaction records, including bank and brokerage information. It sets out specific requirements for the exchange of information, ensuring that no domestic banking secrecy, blocking laws or regulations prevent the provision of enforcement information among securities regulators. Publishing the list of non-signatories also is aimed at encouraging national governments and parliaments to adopt the measures that support securities commissions in their efforts to comply with the MMoU.
Jean-Francois Fortin, Co-chair of the MMoU Screening Group, said: “IOSCO will ensure that a comprehensive programme of technical assistance and political support is made available to non-signatory members who require it, but we are also considering what further steps we can take to encourage those jurisdictions to raise their game".