IOSCO Technical Conference London 2006
A window on IOSCO: a dialogue with industry on the global agenda for financial markets

IOSCO
Technical Committee Conference 2006

Background

The International Organisation of Securities Commissions (IOSCO) was created in 1983 and is today recognised as the international standard setter for securities markets. The Organisation's members regulate more than 90% of the world's securities markets and IOSCO is the global cooperative forum for securities regulatory agencies. IOSCO currently has 180 members and its membership is steadily growing.

IOSCO adopted in 1998 a comprehensive set of Objectives and Principles of Securities Regulation (IOSCO Principles), which are today recognised as the international regulatory benchmarks for all securities markets. The Organisation endorsed in 2003 a comprehensive methodology (IOSCO Principles Assessment Methodology) that enables an objective assessment of the level of implementation of the IOSCO Principles in the jurisdictions of its members and the development of practical action plans to correct identified deficiencies.

In 2002 IOSCO adopted a Multilateral Memorandum of Understanding (IOSCO MOU) designed to facilitate cross-border enforcement and exchange of information among the international community of securities regulators.

2005 was a landmark year for IOSCO. The Organisation endorsed the IOSCO MOU as the benchmark for international cooperation among securities regulators and set-out clear strategic objectives to rapidly expand the network of IOSCO MOU signatories by 2010. It approved as an unambiguous operational priority the effective implementation - in particular within its wide membership - of the IOSCO Principles and of the IOSCO MOU, which are considered as primary instruments to facilitate cross-border cooperation, reduce global systemic risk, protect investors and ensure fair and efficient securities markets. IOSCO also adopted a comprehensive consultation policy designed to facilitate its continuous interaction with the international financial community and in particular with the industry.

Technical Committee

The IOSCO Technical Committee is made up of fifteen agencies that regulate some of the world's larger, more developed and internationalised markets. Its objective is to review major regulatory issues related to international securities and futures transactions and to coordinate practical responses to these concerns. Mr. Michel Prada, Chairman of the Autorité des Marchés Financiers of France, currently acts as Chairman of the Technical Committee and Mr. Roel Campos, Commissioner of the US SEC, currently acts as Vice-Chairman.

The work of the Technical Committee is divided into the following five major functional subject areas:

  • Multinational Disclosure and Accounting
  • Regulation of Secondary Markets
  • Regulation of Market Intermediaries
  • Enforcement and the Exchange of Information
  • Investment Management

The Technical Committee has set up specialised working groups to address each of the above subject areas. The members of these working groups meet several times during the year and tackle, almost on a continuous basis, the mandates that they receive from the Technical Committee.

The IOSCO Technical Committee London Conference

The IOSCO Technical Committee decided to hold its first public Conference in 2004 with the goal of extending IOSCO’s outreach to the international financial community and particularly to the industry. The first Conference took place in New York in October 2004 and the second one took place in Frankfurt in October 2005.

This year’s third Conference will take place in London with a theme of “A window on IOSCO: a dialogue with industry on the global agenda for financial markets” intended at promoting a dialogue with the financial community on the work of IOSCO's Technical Committee and its five Standing Committees. The focus will be on engaging with industry on what IOSCO sees as the current and emerging big issues and how it is responding, and to encourage a debate on areas of mutual interest.

Senior market participants will engage in high-level discussions with the most senior representatives of the world's securities regulatory community across six specialised panels focused on the most pressing issues facing participants in global securities markets. A key underlying issue is how national supervisors can - in a rapidly evolving global environment - efficiently supervise markets and international financial intermediaries and what role IOSCO is playing in this regard.

The Conference is an invitation-only event, aimed at high-level representatives of all stakeholders across the international financial community including investors, issuers, exchanges, financial intermediaries, law firms, accountants, rating agencies, journalists and academics.

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