International Organization of Securities Commissions (IOSCO)

The International Organization of Securities Commissions (IOSCO) is an international cooperation body that brings together the world’s securities market regulators.

IOSCO was created in 1974 under the name “Inter-American Conference of Securities Commissions”. However, in 1983 its name changed to “International Organization of Securities Commissions” or “International Organization of Securities Commissions” in its English version, recognizing the fact that some of its members came from geographic areas other than Ibero-American . The National Securities Market Commission ( CNMV ) of Spain was incorporated in 1990.

Currently, IOSCO members regulate around 90% of the world’s stock markets, which makes it a forum of cooperation of great international relevance.

IOSCO’s objectives

IOSCO has four main objectives:

  • Promote high regulatory standards in order to maintain fair, healthy and efficient markets
  • Exchange information and experiences in order to promote the development of local markets
  • Unify efforts to establish high standards and effective supervision in international securities transactions
  • Provide mutual assistance to promote the integrity of the markets through a rigorous application of the standards and an effective sanction on illegal activities.

IOSCO structure

In IOSCO there are 201 members that are divided into three main categories:

  • Ordinary members: 110 supervisory bodies
  • Associate members: 11 who are other authorities with competence in the field of securities
  • Affiliate members: 80 who are generally Self-Regulated Bodies

The following elements are found in the organization structure:

  • Presidents Committee: which is made up of all the presidents of the regulatory agencies (regular and associated).
  • Executive Committee: It is made up of 19 elected members. The Executive Committee has four regional committees and two specialized work committees.
  • Regionalcommittees: Regional committees meet to discuss specific regional issues. The geographical areas covered are the following: Africa-Middle East, Asia-Pacific, European and Inter-American.
  • Specialized working committees: these are two committees: the Technical Committee and the Emerging Markets Committee.

The Technical Committee is made up of 16 agencies that have influence on the largest and most developed stock markets in the world. The objective of the committee meetings is to continuously review the most relevant regulatory matters regarding international securities markets and future transactions, in addition to coordinating possible responses to risks or concerns of regulators.

The Emerging Markets Committee aims to promote the development and improve the efficiency of the futures and emerging markets, through establishing minimum standards, training and facilitating the transfer of information, technology and knowledge.

The work of the Technical Committee is carried out through specific mandates to permanent working groups or through the creation of short working groups.

The permanent working groups are as follows:

  • Accounting, auditing, dissemination of information and IFRS (international accounting standards)
  • Regulation of secondary markets
  • Regulation of intermediary markets
  • Inspection, cooperation and exchange of information
  • Collective investmentinstitutions
  • Agencies credit rating
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