FT: IOSCO pact reshapes market enforcement - easier to track bad actors across international markets
11 January 2010
IOSCO has managed to reach a high level of information sharing among 63 countries on insider trading and market abuse. This seemed to be impossible four years ago when IOSCO asked all 115 securities commissions worldwide to share information.
The Financial Times report that IOSCO has managed to reach a high level of information sharing among 63 countries on insider trading and market abuse. This seemed to be impossible four years ago when IOSCO asked all 115 securities commissions worldwide to share information.
Forty-six more nations have pledged to amend their laws and procedures to make it possible for them to participate, leaving just five securities markets out in the cold. IOSCO declined to identify the non-participants.
Some regulators have noted privately that the IOSCO agreement could lead to some squabbles over time if some of the biggest and strongest enforcement agencies prove reluctant to share the fruits of their labours with regulators that are not seen as sufficiently independent or professional.
Ms Diplock, Chairman of both ISOCO and the New Zealand Securities Commission, remains optimistic. Working within the IOSCO agreement “is seen as part of being a good global citizen,” she said.
She added that now almost all of the enforcers are signed up, IOSCO’s next cooperative effort will focus on cross-border supervision.
© Financial Times
