22 May 2012

IOSCO: Final communiqué on the 37th annual conference

The conference sessions and meetings underscored the importance of IOSCO as both a standard-setter and a platform for regulators from emerging and developed economies to meet the challenges ahead.

The current economic turmoil highlights the need for securities regulators to work together to identify emerging risks, coordinate regulatory reform across jurisdictions, enhance regulatory and supervisory cooperation, and thereby seek ways to provide a stable and efficient securities market environment, which is a necessary foundation for economic growth. This is particularly so, given the increasing importance, highlighted during the conference, of securities markets as an alternative source of funding to support economic growth and development.

Progress on Policy Issues

The Technical Committee continues to work through a number of work streams intended to support the IOSCO Core Objectives of promoting investor confidence in securities markets, ensuring that markets are fair, efficient and transparent, and supporting financial stability through the reduction of systemic risk.

The discussion at the Beijing meeting focused on a series of ongoing projects that respond to the wide-ranging initiatives on international regulatory reform and financial stability identified by the G20 and the Financial Stability Board. The Technical Committee members also noted and discussed progress on a number of other work streams undertaken at the initiative of IOSCO.

G20/FSB related issues

The Technical Committee considered updates on Money Market Funds, various work streams on the identification methodologies for Systemically Important Financial Institutions (including systemically important market intermediaries) and IOSCO's contribution to other FSB work streams on market-based financing. The Technical Committee progressed a draft Consultation Paper on Global Developments in Securitisation Regulation, addressing issues about risk retention, transparency and standardisation.

At the meeting, the Technical Committee approved a report prepared by the OTC Derivatives Task Force on Derivatives Market Intermediary Oversight, and noted progress on reports to be made to the G20 meetings in Mexico on Price Reporting Agencies, CDS markets and market integrity.

Press release

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