The International Organization of Securities Commissions (IOSCO) launched an initiative to raise the standards of cross-border co-operation among securities regulators. The Chairman of the IOSCO
Technical Committee, Mr. Andrew Sheng, explained that: “As financial markets have become increasingly global, so cross-border co-operation among securities regulators has become an increasingly important objective. For securities regulators this has meant more focus on combating fraud, market abuse and money laundering.”
The initiative will be based upon a four part process designed to raise standards for effective
cross border co-operation among securities regulators: Identifying jurisdictions that appear to be unable or unwilling to co-operate;
Entering into a dialogue with priority jurisdictions;
Assessing progress in meeting IOSCO standards for co-operation; and
Considering further actions that will achieve conformity with IOSCO standards.
IOSCO envisages making initial contact with higher risk jurisdictions beginning in February 2005. The dialogue process will take approximately six months.
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