International Organization of Securities Commissions - IOSCO

IOSCO's Growth and Emerging Markets Committee (GEMC) celebrated its Annual Meeting on 17-19 December 2024 in Ankara, Türkiye, hosted by the Capital Markets Board of Turkey (CMB). The GEMC Plenary, held on 18 December, agreed to start new work on financial inclusion and fintech initiatives in emerging markets, launch a fintech course with Wharton University and launch a Machine Assisted Capacity Building for Standards Implementation (MASI) platform with Cambridge University Judge Business School. The GEMC members also discussed issues around SME financing through capital markets, sustainable finance, and emerging risks identified through IOSCO's Risk Outlook. The gathering also marked the inaugural meeting of the GEM Committee Network for Adoption or Other Use of ISSB Standards which is a strategic partnership developed by IOSCO in partnership with the IFRS - International Sustainability Standards Board (ISSB), to support emerging markets in their efforts to adopt, apply or otherwise be informed by the ISSB Standards in a way that promotes consistent and comparable climate-related and other sustainability-related disclosures for investors. The CMB of Türkiye hosted a Public Conference on 17 December, which discussed topics dealing with financial literacy, resilience and inclusion, crypto and digital asset markets, and sustainability reporting, and IOSCO’s work in all these matters. The GEMC also held a workshop that allowed for the exchange of experiences around two central themes: SupTech solutions in emerging markets, and success examples of market development initiatives in emerging markets. The GEMC welcomed three new members from Europe and the Americas, thus increasing its membership to 117 emerging markets. The GEMC Chair, Dr. Mohamed Farid Saleh (Executive Chairman, Financial Regulatory Authority FRA Egypt) extended a warm welcome to its new members (Azərbaycan Respublikasının Mərkəzi Bankı / Central Bank of the Republic of Azerbaijan, National Bank of Georgia, and Financial Services Commission (FSC) Belize) and said: "This last year has been particularly productive for the Growth and Emerging Markets Committee (GEMC) and its members who benefited from the enhanced capacity building program NEXTGEN and the various discussions on topics which are posing challenges and opportunities for the sound development of their markets, such as fintech and sustainable finance. I welcome the launch of a joint program with Wharton University on Fintech, as well as the new tool developed with Cambridge University with the objective to assist standards implementation in emerging markets. The GEMC will continue promoting initiatives that will assist developing jurisdictions to build their capital markets locally and protect investors." We are grateful to the Capital Markets Board (CMB) for their hospitality and commitment in hosting this meeting. #emerging_markets #sustainable_finance #ISSB_Standards #capacity_building #IOSCO_ISSB_partnership

Following a call for applications earlier this year (https://lnkd.in/dUm8yt36) the Monitoring Group (MG) is pleased to announce that Han Yi, Chief Executive Officer of the Korea Accounting Institute (KAI), overseeing both the Korea Accounting Standards Board (KASB) and the Korea Sustainability Standards Board (KSSB), will be joining the Public Interest Oversight Board | PIOB in 2025. The MG is also pleased to announce the re-appointment of Dave Sullivan and Tshegofatso Modise. Paul Munter, Chair of the MG, stated: “We are excited to welcome Mr. Han Yi to the PIOB and continue to work with Dave Sullivan and Tshegofatso Modise. We are confident that they will contribute to the work of the PIOB in executing its oversight responsibilities and we look forward to continuing to work collaboratively with the PIOB and other relevant stakeholders on our continuing journey to implement the MG Recommendations.” Read the media release here: https://lnkd.in/d9S4Zmb3

IOSCO's Growth and Emerging Markets Committee (GEMC) has today launched a dedicated Network to support emerging markets in their efforts to adopt or otherwise be informed by the ISSB Standards, in partnership with the International Sustainability Standards Board (ISSB). Read the release: https://lnkd.in/erC9Dfys The GEMC Network for Adoption or Other Use of ISSB Standards will act as a centerpiece for the delivery of capacity building, technical assistance, information sharing and mutual support among its members. The inaugural meeting of the Network included 32 GEMC members representing all geographic regions and took place in the presence of IOSCO Board Chair, Jean-Paul Servais, the ISSB Chair, Emmanuel Faber, the IOSCO's GEMC Chair, Dr. Mohamed Farid Saleh, and the IOSCO Acting Secretary General Tajinder Singh. Jean-Paul Servais said “Our new GEMC Network for Adoption or Other Use of ISSB Standards is an important and practical step to enhance the capacity building of emerging markets. The global uptake of sustainability disclosures cannot be achieved without GEM jurisdictions. Within IOSCO, the GEM Committee counts 92 members, out of IOSCO’s 130 global membership. The inclusive nature allows for the participation of emerging markets that are at different stages of their adoption or other use journey, whether that be familiarizing themselves with the ISSB Standards, assessing the case for implementation, developing a roadmap or executing it." The journey towards adoption or other use of the ISSB Standards started swiftly after IOSCO endorsed the ISSB Standards in July 2023. Chair Servais also thanked Chairman of CMB Türkiye, İbrahim Ömer Gönül, for graciously hosting the IOSCO meeting in Ankara. #emerging_markets #sustainable_finance #climate_sustainability_disclosures #ISSB_Standards #capacity_building #information_sharing #IOSCO_ISSB_partnership

From 9-13 December, the International Organization of Securities Commissions - IOSCO, the Program on International Financial Systems (PIFS), and Harvard Law School held the 8th edition of the Global Certificate Program for Regulators of Securities Markets. As part of the IOSCO NEXTGEN capacity building program, this program at Harvard Law School fostered insightful discussions on critical regulatory issues shaping the future of capital markets. From understanding the future of public capital markets and addressing challenges in emerging markets to exploring sustainability reporting, cybersecurity, fintech, and the regulation of digital assets, the sessions highlighted innovative solutions and strategies for global collaboration. Congratulations to the talented and diverse group of regulators who completed the program. Together, we are strengthening the foundations of resilient, sustainable, and inclusive financial markets. #securitiesregulation #capitalmarkets #globalcertificateprogram #PIFS #HLS #IOSCO #iosconextgen

Our Chair Jean-Paul Servais highlighted IOSCO's important work on crypto, DeFi, tokenization and AI at the ADGM ‘Global Financial Regulation Summit' earlier this week. #FinancialStability #ResponsibleInnovation

IOSCO and FSMA Chair Jean-Paul Servais today gave a keynote speech on “Corporate reporting developments: international and European regulatory perspectives and realities” at the international conference on “Advancing Transparency & Competitiveness in Challenging Times”. The conference was organized by EFRAG and was attended by over 1600 participants. In his speech, Jean-Paul Servais said that “the sustainability reporting framework is best served by a proportionate and gradual approach at the global, EU and national levels. At the same time, we must strive for appropriate alignment at these levels, and IOSCO is instrumental in achieving this”. He welcomed the steps taken by EFRAG and the International Sustainability Standards Board (ISSB) to reduce complexity, fragmentation and duplication for companies applying both the ISSB Standards and ESRS. He explained that efforts to develop sectoral standards must likewise support the principles of interoperability, proportionality, and inclusivity. Read the full speech here https://lnkd.in/d9nEdiYg

This week, the International Organization of Securities Commissions (IOSCO), the Program on International Financial Systems (PIFS), and Harvard Law School are hosting the 8th Global Certificate Program for Regulators of Securities Markets. Bringing together close to 60 regulators from 40 jurisdictions at Harvard Law School, this capstone phase builds on the foundation laid during the first phase of the program held at IOSCO in June earlier this year (https://lnkd.in/dnNtDM2v). Part of the IOSCO NEXTGEN capacity building program, the program delves into critical topics, including the role of capital markets in driving economic growth, promoting sustainability, regulating financial technology and digital assets, enhancing market structure, and strengthening international collaboration. This is a great occasion to see regulators from all around the globe come together to discuss emerging challenges and opportunities in securities markets! #securitiesregulation #capitalmarkets #globalcertificateprogram #PIFS #HLSEE #IOSCO #iosconextgen

The International Organization of Securities Commissions - IOSCO, the Program on International Financial Systems (PIFS) and Harvard Law School held their 5th Annual Global Policy Development Seminar - The Impact of Artificial Intelligence (AI) on Capital Markets - on 25 November. Part of the IOSCO NEXTGEN capacity-building program, this seminar brought together securities regulators, leading academics and practitioners in the field to explore the evolution and transformative potential of Artificial Intelligence in reshaping capital markets. From an in-depth overview of AI definitions and use cases to detailed discussions on the challenges and opportunities it presents to the financial sector, a wide range of critical issues was considered. Distinguished panellists from the OECD - OCDE, International Monetary Fund, European Securities and Markets Authority (ESMA), and U.S. Securities and Exchange Commission provided valuable insights into how regulators are approaching AI's rapid adoption, seeking to address potential risks and to achieve responsible innovation that aligns with market resilience and investor protection. This event highlighted the vital importance of cross-border and cross-sector collaboration in tackling the ethical, legal and regulatory considerations of AI in capital markets, paving the way for a future where AI is employed to foster a more efficient, ethical, and resilient financial ecosystem. #artificialintelligence #AI #securitiesregulation #capitalmarkets #financialinnovation #RegTech #IOSCO #PIFS #iosconextgen

IOSCO’s Committee on Retail Investors (Committee 8) held an in-person meeting last week in São Paulo, on 21-22 November, which was hosted by Brazil’s Comissão de Valores Mobiliários (CVM). This meeting followed the G20 Summit that was held on 18-19 November, which was hosted in Rio de Janeiro by the Brazilian G20 Presidency (G20 Brasil 2024). Committee 8 members had the opportunity to hear a keynote address from João Pedro Nascimento, Chairman of CVM, and to engage with representatives of the Brazilian G20 Presidency to discuss financial inclusion and financial well-being. Committee 8 members also engaged with various experts including academics, industry representatives and other stakeholders, on topics such as finfluencers, crypto-assets, artificial intelligence, romance fraud and investor resilience. Pasquale Munafo' (Italy’s Commissione Nazionale per le Societa e la Borsa), Chair of IOSCO's Committee 8, said: "Our sessions provided an important opportunity for members to share experience and insights, and to discuss the progress made in our current workstreams on finfluencers, crypto-assets and the World Investor Week. These sessions also provided the opportunity to monitor and discuss recent developments in the financial markets." Reflecting on the end of his mandate as Chair of Committee 8, Pasquale also commented: "I am confident that IOSCO will continue to play a pivotal role in promoting investor protection and financial education, despite the new risks that are emerging in the current financial landscape". The primary mandate of IOSCO’s Committee 8 is to conduct IOSCO’s policy work on retail investor education and financial literacy. #InvestorProtection #FinancialEducation #RetailInvestors #IOSCOCommittee8 #FinancialInclusion #CryptoAndAI

The Monitoring Group (MG) concluded two days of meetings in Basel, Switzerland, hosted by the Financial Stability Board (FSB). The meeting, chaired by Paul Munter, Chair of IOSCO Committee 1 on Issuer Accounting, Audit and Disclosure and Chair of the MG, covered a range of issues relating to the international audit, assurance, ethics and independence standard-setting system and audit quality. MG representatives met with the leadership of the International Auditing and Assurance Standards Board (IAASB), the International Ethics Standards Board for Accountants (IESBA) and the Public Interest Oversight Board | PIOB to discuss progress in standard-setting and implementation of the MG reforms, among other matters. The MG also took the opportunity to meet with representatives from the International Federation of Accountants (IFAC) and Global Public Policy Committee (GPPC) to discuss current issues affecting the audit profession, including audit quality improvement initiatives and sustainability reporting and assurance. The MG is chaired by IOSCO, and includes the FSB, the Basel Committee on Banking Supervision (Bank for International Settlements – BIS), the IAIS - International Association of Insurance Supervisors , European Commission, The World Bank and the International Forum of Independent Audit Regulators (IFIAR). More information here: https://lnkd.in/eAgnVfCh