The International Organisation of Securities Commissions (IOSCO) is recognised as the world’s most important international cooperative forum for securities regulatory agencies. The organisation’s wide membership regulates more than 90% of the world’s securities markets. As the leading international policy forum for securities regulators, IOSCO plays a key role in setting international standards for securities regulation, identifying issues affecting global markets, and making recommendations in meeting those challenges.
There are currently 186 member agencies in IOSCO which have assembled and resolved –
- to co-operate together to promote high standards of regulation in order to maintain just, efficient and sound markets;
- to exchange information on their respective experiences in order to promote the development of domestic markets;
- to unite their efforts to establish standards and an effective surveillance of international securities transactions; and
- to provide mutual assistance to promote the integrity of the markets by a rigorous application of the standards and by effective enforcement against offences.
The SC’s involvement in IOSCO
The SC joined IOSCO in 1993 and is an active member of IOSCO.
At the 33rd IOSCO Annual Conference in Paris, France in May 2008, the SC Chairman was elected as the Vice-Chairman of the Emerging Markets Committee (EMC). The EMC is one of the key committees within IOSCO responsible for discussing regulatory issues and challenges that are relevant to emerging market jurisdictions, with a view to developing international guidance and best practices to regulate the capital market.
The SC also chairs the EMC’s Working Group on the Regulation of Secondary Markets, a position it has held since 1994. This group is responsible for a number of significant publications addressing secondary market issues of particular relevance to emerging markets, including:
In the past, the SC also chaired the EMC from 1996 to 1999, and the Asia-Pacific Regional Committee (APRC) from 2000 to 2005.
The SC has been and remains an active member of various committees and task forces of IOSCO. The SC was invited to sit on the drafting committee for IOSCO’s Objectives and Principles of Securities Regulation. The SC was also invited to sit on the Implementation Task Force which, in October 2003, released the Methodology for Assessing the Implementation of the IOSCO Objectives and Principles of Securities Regulation.
From 2002 to 2004, the SC chaired the IOSCO Islamic Capital Market Task Force. The Task Force published the Islamic Capital Market Fact Finding Reportin 2004, which examined the extent of development and regulatory issues relating to the global Islamic capital market.
More recently, the SC was a member of the Working Group, led by the UK Financial Services Authority, which published in September 2008, a follow-up report entitled IOSCO Islamic Finance Report: Analysis of the Application of IOSCO’s Objectives and Principles of Securities Regulations for Islamic Securities Products.