IOSCO Annual Conference 2006

12 June 2006

IOSCO held its 31st Annual Conference in Hong Kong from 5-8 June 2006. Among others, IOSCO adopted a new resolution that encourages members to examine the legal framework under which they operate and to enable the freezing of assets derived from cross-border securities and derivatives violations.

In collaboration with the OECD, the organisation is examining how different jurisdictions address important issues relating to the corporate governance of companies on stock exchanges. In particular, the Task Force will assess how different jurisdictions ensure that the boards of directors of listed companies can express independent judgment and how the interests of minority shareholders are protected.

IOSCO has also reconstituted a Task Force to review the codes of conduct that have been released by Credit Rating Agencies (CRAs) to determine whether CRAs consistently choose to “explain” (rather than comply) with specific provisions of the IOSCO CRA Code. The review will assist in assessing whether any aspects of the IOSCO CRA Code need to be modified to better reflect market realities or better explained to help ensure more consistent compliance.

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