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IOSCO welcomed the G20 statement and published an update on its recent progress in meeting the aims of the G-20 in the areas of transparency, market integrity and enforcement.
On transparency IOSCO established a Monitoring Board to interact with the International Accounting Standards Committee Foundation (IASCF), and also worked with the IASB and other standards setters to improve the quality of and guidance regarding accounting standards.
IOSCO has also undertaken a variety of projects to eliminate regulatory gaps. Therefore, it updated its Code of Conduct for credit rating agencies and developed a model examination module for use by regulators when inspecting a CRA. It is also exploring options regarding supervisory cooperation, including supervisory colleges and/or bilateral cooperation arrangements, for possible use with respect to CRAs operating globally.
On hedge funds IOSCO has published a consultation paper with recommended regulatory approaches to mitigate potential risks associated with the trading and traditional lack of transparency of hedge funds. IOSCO has published a consultation paper proposing principles for the regulation of short selling to enhance transparency and curb abusive short selling.
IOSCO also developed and implemented its Multilateral Memorandum of Understanding (MMoU) to facilitate the enforcement of existing rules. The MMOU establishes a global infrastructure for cooperating on enforcement actions against securities violations.