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The International Organisation of Securities Commissions
(IOSCO) is increasingly recognised as the international standard
setter for securities regulation.
Two important IOSCO initiatives are:
- the Objectives and Principles of Securities Regulation (IOSCO Principles) which have the potential to raise the standard of securities markets regulation world wide. The Principles can be applied in any jurisdiction regardless of its legal structure; and
- the IOSCO Multilateral MOU which enables signatories to exchange enforcement-related information across international borders.
Ways to encourage and assist jurisdictions to adopt the IOSCO
Principles and to apply to become signatories to the IOSCO
MOU were discussed by the Executive Committee at its
meeting in Montreal in October. These include co-operation,
training and technical assistance.
The Executive Committee, which is chaired by Jane Diplock,
also discussed applications to join IOSCO, the new consultation
policy on IOSCO reports, and the strategic way forward for
IOSCO.
Opportunities to strengthen co-operation between securities
regulators were considered at the Asia-Pacific Regional
Committee of IOSCO (APRC) in Singapore in November. The
meetings of Chairmen and Enforcement Directors were hosted
by the Monetary Authority of Singapore. The New Zealand
Securities Commission is vice-chair of the APRC.
Other events
Regulators and industry stakeholders met in New York in
October, to identify and discuss the major issues emerging in the
global financial securities market. The conference was
sponsored by IOSCO's Technical Committee and the
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Jane Diplock, in her role as chair of the Executive Committee
of IOSCO, met recently with Dr. Dogan Cansizlar (left),
chairman of IOSCO's Emerging Markets Committee, and
Mr. Andrew Sheng (right), chairman of IOSCO's Technical
Committee. Dr Cansizlar is chairman of the Capital
Markets Board of Turkey and Mr Sheng is chairman of the
Securities and Futures Commission of Hong Kong.
US Securities and Exchange Commission. A similar event will
be held in Frankfurt later this year.
Recent papers
IOSCO reports are publicly available from www.iosco.org.
Recent reports, some published in conjunction with other
international bodies, include
- recommendations for central counterparties,
- code of conduct for credit rating agencies,
- international regulatory standards on fees and expenses of investment funds, and
- regulatory issues arising from mergers of collective investment schemes.
IOSCO has also published discussion documents on
consultation policy and procedures, and on credit risk transfer.
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