International Organization of Securities Commissions (IOSCO)
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| International Organization of Securities Commissions | |
| |
| Founded | 1983 |
|---|---|
| Headquarters | Madrid, Spain |
| Key People | David Wright, Secretary General |
| Products | Trade organization |
| Website | http://www.iosco.org/ |
The International Organization of Securities Commissions (IOSCO) was formed in 1983 as the international "standard setter" for securities markets. While it is without actual authority over its national regulator members, IOSCO has enunciated basic principles that should form the basis for financial market regulation globally. Despite the fact that it is inherently a consensus-seeking organization, IOSCO is currently contemplating whether implementation of IOSCO principles should be a condition for membership.[1] IOSCO's 130 members regulate more than 95 percent of the world's securities markets. In some circles, IOSCO is considered the world's most important international cooperative forum for securities regulatory agencies. [2]
Along with the Basel Committee on Banking Supervision and the International Association of Insurance Supervisors, it makes up the Joint Forum of International Financial Regulators.
History[edit]
- In 1998, IOSCO adopted a comprehensive set of objectives and principles of securities regulation (IOSCO Principles).
- In 2002 IOSCO adopted a multilateral memorandum of understanding (IOSCO MOU) designed to facilitate cross-border enforcement and exchange of information among the international community of securities regulators.
- In 2003 the organization endorsed a comprehensive methodology (IOSCO Principles Assessment Methodology) that enabled an objective assessment of the level of implementation of the IOSCO Principles in the jurisdictions of its members and the development of practical action plans to correct deficiencies.
- In 2005 IOSCO endorsed the IOSCO MOU as the benchmark for international cooperation among securities regulators and set out strategic objectives to expand the network of IOSCO MOU signatories by 2010. IOSCO provides comprehensive technical assistance to its members, in particular those which regulate emerging securities markets.
- In 2009, the World Federation of Exchanges said that as part of its priorities it would look to help IOSCO set best practices for short selling and securities lending.[3]
- In November 2011, Greg Tanzer resigned as secretary-general to join the Australian Securities and Investments Commission (ASIC) as one of its commissioners.[4]
- On January 17, 2012, the Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commissions (IOSCO) published their final report on the OTC derivatives data that should be collected, stored and disseminated by trade repositories.
- On March 5, 2012, David Wright began his tenure as secretary-general.
- In April 2012, IOSCO, along with the Committee on Payment and Settlement Systems (CPSS) published a report on the principles for financial market infrastructures (FMIs). The report contained newer and more demanding international standards for payment, clearing and settlement systems, including central counterparties.
- In September 2012, an IOSCO discussion paper revealed that fewer than half of the interest rates surveyed in the U.S., Europe and Asia were calculated by methods other than by actual transactions in the market. This lack of oversight was previously identified as having allowed traders to manipulate the London Interbank Offered Rate (LIBOR). IOSCO referred to such methodologies as "unclear, not transparent and only rarely subject to specific regulatory standards or obligations."[5] According to the report, up to 80 percent of interest rate benchmarks were compiled by either associations or private entities.
- On May 23, 2023, IOSCO issued recommendations to jurisdictions across the globe as to how to regulate cryptoassets, setting out how clients should be protected and how crypto trading should meet the same standards that apply in public markets.[6]
- On July 25, 2023, IOSCO endorsed the International Sustainability Standards Board's (ISSB) sustainability-related financial disclosure standards - IFRS S1 and IFRS S2. IOSCO endorsed the standards after a detailed analysis, saying they are appropriate to serve as a global framework for capital markets to develop the use of sustainability-related financial information in both capital raising and trading and for the purpose of helping globally integrated financial markets accurately assess relevant sustainability risks and opportunities. In the announcement, IOSCO called on its 130 member jurisdictions to consider ways in which they might adopt the ISSB Standards.[7]
Key People[edit]
- Martin Moloney, Secretary General
- Tajinder Singh, Deputy Secretary General
- Jean-Paul Servais, Chair of the Board and Chair of the European Regional Committee (ERC)
References[edit]
- ↑ "NYSE Euronext Comment Letter - Nov. 26, 2007”. NYSE Euronext.
- ↑ IOSCO endorses the ISSB’s Sustainability-related Financial Disclosures Standards. IOSCO.org.
- ↑ World Federation of Exchanges States Priorities for 2009. FinanceTech.
- ↑ Changing hats, March 2012. Risk.net.
- ↑ Libor-Like Manipulation Possible in Other Benchmarks, Iosco Says. Bloomberg.
- ↑ IOSCO Sets the Standard for Global Crypto Regulation. IOSCO.org.
- ↑ IOSCO endorses the ISSB’s Sustainability-related Financial Disclosures Standards. IOSCO.org.