International Organization of Securities Commissions - IOSCO

This week, IOSCO’s Committee on Issuer Accounting, Audit and Disclosure - and its subcommittees - convened in Madrid, for insightful technical discussions and engagement with key stakeholders, continuing to drive forward critical global initiatives for capital markets. Jointly hosted by IOSCO and the Comisión Nacional del Mercado de Valores (CNMV), the meetings focused on international regulatory and standard-setting developments, alongside emerging topics shaping the future of corporate reporting.    Rodrigo Buenaventura, IOSCO's Secretary General, used the occasion to announce the appointment of Cameron McInnis, FCPA, CPA (Illinois) as the new Chair of the Committee on Issuer Accounting, Audit and Disclosure, and reaffirmed IOSCO’s commitment to supporting robust global disclosure and audit practices.

The Chairman of the FSMA, Jean-Paul Servais, today took the floor during the conference organised by European Securities and Markets Authority (ESMA) in Paris on “Shaping the future of EU capital markets”. Other speakers included EU Commissioner Maria Luís Albuquerque and ESMA Chair Verena Ross.   At that occasion, he highlighted that the current financial regulatory framework in the EU is complex and merits simplification. “Simplification does, however, not mean deregulation. We therefore need to reflect on how to simplify without diminishing investor protection, while at the same time ensuring consistent supervision at EU level.”   “As FSMA chair, I believe that to promote more convergence, ESMA’s existing convergence tools should be used to the greatest extent possible. With regard to crypto-assets, specifically, there are good reasons to go one step further. The cross-border and technical nature of that activity and its vulnerability to becoming an unlevel playing field make it urgent to entrust supervision of such platforms directly to ESMA. A review of MiCA could in my view provide ESMA with this oversight, while also taking into account International Organization of Securities Commissions - IOSCO's Policy Recommendations for Crypto and Digital Asset Markets to strengthen international regulatory oversight and global alignment.”

IOSCO Board Chair Jean-Paul Servais today addressed a full house of almost 400 financial regulations savvy at the #Afore Consulting 9th FinTech and Regulation conference in Brussels to shed light on the work of IOSCO about financial technology.   He raised awareness on IOSCO’s ongoing work on protecting retail investors in light of technological developments, and encouraged participants to express their views on IOSCO’s public consultations on copy trading, digital engagement practices and finfluencers.   Jean-Paul Servais also gave an update of the work on Artificial Intelligence considering its rapid uptake within the financial sector and its transformative potential.   At last, he outlined IOSCO’s ongoing efforts to encourage implementation of its recommendations for regulating crypto asset markets and to promote greater consistency in how its 130 member jurisdictions approach the regulation of Crypto and Digital assets.   #IOSCO #fintech #retailinvestors #crypto #ArtificialIntelligence #Finfluencers #Copytrading

The IOSCO’s European Regional Committee (ERC), which comprises 57 jurisdictions, met today in Cyprus to discuss issues of common regulatory interest. Hosted by CySEC - Cyprus Securities and Exchange Commission, the members exchanged views and experiences on emerging risks; the global efforts led by IOSCO in the area of retail investor protection and online safety; as well as on the challenges and opportunities related to the shortening of the settlement cycle (from T+2 to T+1) in ERC member jurisdictions, among other recent market and regulatory developments. Jean-Paul Servais, ERC Chair and IOSCO Board Chair, highlighted: "The discussions within the ERC provide valuable insights to the global initiatives led by IOSCO, while addressing ERC members’ views on those topics. One of these global priorities, protecting retail investors, truly lies at the heart of IOSCO’s mission statement. Today’s meeting enabled an insightful dialogue amongst ERC members about this important topic.” He also thanked George Theocharides, PhD CySEC Chairman, for the excellent preparations and for kindly hosting the meeting. #IOSCO #emergingrisks #retailinvestorprotection #T+1 #internationalcooperation #capacitybuilding

After two insightful days, IOSCO, in collaboration with the IFRS Foundation, concluded its workshop focused on supporting securities regulators from growth and emerging markets in the European region on their journey towards adoption or other use of the International Sustainability Standards Board (ISSB) Standards. Being one of the support mechanisms for the recently established GEMC Network for Adoption or Other Use of ISSB Standards (https://lnkd.in/dZw5QmvK), this workshop marks the first initiative for the European region building on the success of previous editions held in Cairo, Kuala Lumpur, and São Paulo. Over 20 sustainable finance experts from 10+ jurisdictions have discussed ways to address challenges in building the necessary ecosystem for sustainability disclosures locally to ensure transparent and consistent sustainability corporate reporting. With many thanks to the IFRS Foundation for the engaging collaboration and to experts from The World Bank, the International Auditing and Assurance Standards Board (IAASB), the International Ethics Standards Board for Accountants (IESBA), XBRL International, Inc. and other experts from the region for their valuable contributions. A shout out to the Central Bank of Hungary (Magyar Nemzeti Bank) who graciously hosted us in Budapest! #sustainablefinance #EmergingMarkets #ISSB #IOSCO #CapacityBuilding #SustainabilityReporting #Securitiesregulation #Sustainabilitydisclosure #iosconextgen

IOSCO continues to deliver on its ambitious NEXTGEN Capacity Building Program. In collaboration with the IFRS Foundation, IOSCO is supporting securities regulators from growth and emerging markets in the European region on their journey towards adopting or other uses of the International Sustainability Standards Board (ISSB) Standards. This comprehensive capacity building program is also one of the support mechanisms for the recently established GEMC Network for Adoption or Other Use of ISSB Standards (https://lnkd.in/dZw5QmvK). Hosted by the Central Bank of Hungary (Magyar Nemzeti Bank), regulators from across the region will gather in Budapest, Hungary on 28 and 29 January 2025. Over the course of this two-day technical training workshop, participants will explore jurisdictional considerations for scaling and phasing-in of the standards and address key elements within the sustainability-reporting ecosystem. #sustainablefinance #EmergingMarkets #ISSB #IOSCO #CapacityBuilding #SustainabilityReporting #SecuritiesRegulation #SustainabilityDisclosure #iosconextgen

I gave a keynote speech at the conference co-organized by the Hellenic Capital Market Commission (HCMC) and SEV Hellenic Federation of Enterprises, titled “Corporate Governance, Sustainability & Diversity: Moving Forward”. As the new Chair of the OECD - OCDE Corporate Governance Committee, I believe that corporate governance policies and practices that promote sustainability and resilience can be enhanced through greater use of the revised G20/OECD Principles of Corporate Governance. As I look forward to the OECD's next Global Corporate Sustainability Report, I am confident that corporate sustainability practices around the world will become more transparent as a result of the significant international progress made on sustainability disclosures, supported by International Organization of Securities Commissions - IOSCO. Thanks also to Greek Finance Minister Kostis Hatzidakis for the fruitful meeting today together with Vassiliki Lazarakou and Carmine Di Noia.

IOSCO Chair Jean-Paul Servais delivered a keynote speech today at a conference organized in Brussels by SUERF - The European Money & Finance Forum and the Belgian Financial Forum on the relationship between banks and non-bank financial institutions and the implications for financial stability. He emphasized the importance of international cooperation to address the financial stability risks of non-bank financial intermediation (NBFI). IOSCO and the Financial Stability Board (FSB) are working together to mitigate risks related to liquidity and leverage and data challenges which need to be overcome to gain a clear understanding of these risks. Jean-Paul Servais also stressed that a resilient non-bank sector leads to greater confidence in capital markets, which is essential to achieving the objectives of the European Savings and Investment Union (SIU).

IOSCO congratulates the International Ethics Standards Board for Accountants (IESBA) on achieving an important milestone having finalized the International Ethics Standards for Sustainability Assurance (IESSA). This achievement reflects IESBA’s commitment to addressing the public interest need for robust ethics and independence standards, ensuring high-quality assurance over sustainability-related information. IOSCO acknowledges the extensive outreach program conducted by IESBA throughout the development of these standards and is confident they will contribute to enhancing the consistency, comparability, and reliability of sustainability reporting in global markets. Read the press release here: https://lnkd.in/dYUX4TUP #Sustainability #Ethics #Assurance #SustainabilityReporting #CorporateGovernance #IESBA #PublicInterest

IOSCO, the Basel Committee on Banking Supervision (BCBS) and the Bank for International Settlements – BIS Committee on Payments and Market Infrastructures (CPMI) publish three Reports containing proposals to improve transparency and streamline margin processes across centrally and non-centrally cleared markets.   These Reports are part of a multi-year holistic work program bringing together IOSCO, the BCBS, the CPMI and the Financial Stability Board (FSB). They offer a comprehensive approach to improving transparency, streamlining margin processes, increasing the predictability of margin requirements and improving the liquidity preparedness of non-bank market participants for margin calls. Jean-Paul Servais, IOSCO Board Chairman said: “The reports published today are part of the policy responses to the March 2020 “dash for cash” market turmoil and will greatly contribute to strengthening margining practices. They are the result of close collaboration between standard setting bodies and I want to commend the work of all those involved during the previous years, notably at the IOSCO Secretariat. I also thank personally Russ Behnam in his capacity as CPMI-IOSCO co-chair.” Read the full press release here: https://lnkd.in/dAecR_bW