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The IOSCO announced the creation of a dedicated Task Force on the subprime crisis to review the issues facing securities regulators following the recent events in the global credit markets.
The Task Force will conduct a preliminary review of the issues raised by these events in order to identify any implications for securities regulators which could be addressed through current and future IOSCO work.
“The issues facing securities regulators can no longer simply be viewed in a national context”, Michel Prada, Chairman of IOSCO’s Technical Committee, said. “This reinforces the need for regulators to develop and implement international principles of regulation.”
Issues to be discussed include:
- Risk Management/prudential supervision
- Transparency/due diligence
- Valuation of assets/accounting issues, including a possible revisiting last year’s the report on special purpose vehicles (SPVs)
- Credit rating agencies (CRAs):
The report is planned to be published in May 2008 during IOSCO’s Annual Conference in