International Organization of Securities Commissions - IOSCO

The IOSCO’s European Regional Committee (ERC), which comprises 57 jurisdictions, met today in Cyprus to discuss issues of common regulatory interest. Hosted by CySEC - Cyprus Securities and Exchange Commission, the members exchanged views and experiences on emerging risks; the global efforts led by IOSCO in the area of retail investor protection and online safety; as well as on the challenges and opportunities related to the shortening of the settlement cycle (from T+2 to T+1) in ERC member jurisdictions, among other recent market and regulatory developments. Jean-Paul Servais, ERC Chair and IOSCO Board Chair, highlighted: "The discussions within the ERC provide valuable insights to the global initiatives led by IOSCO, while addressing ERC members’ views on those topics. One of these global priorities, protecting retail investors, truly lies at the heart of IOSCO’s mission statement. Today’s meeting enabled an insightful dialogue amongst ERC members about this important topic.” He also thanked George Theocharides, PhD CySEC Chairman, for the excellent preparations and for kindly hosting the meeting. #IOSCO #emergingrisks #retailinvestorprotection #T+1 #internationalcooperation #capacitybuilding

After two insightful days, IOSCO, in collaboration with the IFRS Foundation, concluded its workshop focused on supporting securities regulators from growth and emerging markets in the European region on their journey towards adoption or other use of the International Sustainability Standards Board (ISSB) Standards. Being one of the support mechanisms for the recently established GEMC Network for Adoption or Other Use of ISSB Standards (https://lnkd.in/dZw5QmvK), this workshop marks the first initiative for the European region building on the success of previous editions held in Cairo, Kuala Lumpur, and São Paulo. Over 20 sustainable finance experts from 10+ jurisdictions have discussed ways to address challenges in building the necessary ecosystem for sustainability disclosures locally to ensure transparent and consistent sustainability corporate reporting. With many thanks to the IFRS Foundation for the engaging collaboration and to experts from The World Bank, the International Auditing and Assurance Standards Board (IAASB), the International Ethics Standards Board for Accountants (IESBA), XBRL International, Inc. and other experts from the region for their valuable contributions. A shout out to the Central Bank of Hungary (Magyar Nemzeti Bank) who graciously hosted us in Budapest! #sustainablefinance #EmergingMarkets #ISSB #IOSCO #CapacityBuilding #SustainabilityReporting #Securitiesregulation #Sustainabilitydisclosure #iosconextgen

IOSCO continues to deliver on its ambitious NEXTGEN Capacity Building Program. In collaboration with the IFRS Foundation, IOSCO is supporting securities regulators from growth and emerging markets in the European region on their journey towards adopting or other uses of the International Sustainability Standards Board (ISSB) Standards. This comprehensive capacity building program is also one of the support mechanisms for the recently established GEMC Network for Adoption or Other Use of ISSB Standards (https://lnkd.in/dZw5QmvK). Hosted by the Central Bank of Hungary (Magyar Nemzeti Bank), regulators from across the region will gather in Budapest, Hungary on 28 and 29 January 2025. Over the course of this two-day technical training workshop, participants will explore jurisdictional considerations for scaling and phasing-in of the standards and address key elements within the sustainability-reporting ecosystem. #sustainablefinance #EmergingMarkets #ISSB #IOSCO #CapacityBuilding #SustainabilityReporting #SecuritiesRegulation #SustainabilityDisclosure #iosconextgen

I gave a keynote speech at the conference co-organized by the Hellenic Capital Market Commission (HCMC) and SEV Hellenic Federation of Enterprises, titled “Corporate Governance, Sustainability & Diversity: Moving Forward”. As the new Chair of the OECD - OCDE Corporate Governance Committee, I believe that corporate governance policies and practices that promote sustainability and resilience can be enhanced through greater use of the revised G20/OECD Principles of Corporate Governance. As I look forward to the OECD's next Global Corporate Sustainability Report, I am confident that corporate sustainability practices around the world will become more transparent as a result of the significant international progress made on sustainability disclosures, supported by International Organization of Securities Commissions - IOSCO. Thanks also to Greek Finance Minister Kostis Hatzidakis for the fruitful meeting today together with Vassiliki Lazarakou and Carmine Di Noia.

IOSCO Chair Jean-Paul Servais delivered a keynote speech today at a conference organized in Brussels by SUERF - The European Money & Finance Forum and the Belgian Financial Forum on the relationship between banks and non-bank financial institutions and the implications for financial stability. He emphasized the importance of international cooperation to address the financial stability risks of non-bank financial intermediation (NBFI). IOSCO and the Financial Stability Board (FSB) are working together to mitigate risks related to liquidity and leverage and data challenges which need to be overcome to gain a clear understanding of these risks. Jean-Paul Servais also stressed that a resilient non-bank sector leads to greater confidence in capital markets, which is essential to achieving the objectives of the European Savings and Investment Union (SIU).

IOSCO congratulates the International Ethics Standards Board for Accountants (IESBA) on achieving an important milestone having finalized the International Ethics Standards for Sustainability Assurance (IESSA). This achievement reflects IESBA’s commitment to addressing the public interest need for robust ethics and independence standards, ensuring high-quality assurance over sustainability-related information. IOSCO acknowledges the extensive outreach program conducted by IESBA throughout the development of these standards and is confident they will contribute to enhancing the consistency, comparability, and reliability of sustainability reporting in global markets. Read the press release here: https://lnkd.in/dYUX4TUP #Sustainability #Ethics #Assurance #SustainabilityReporting #CorporateGovernance #IESBA #PublicInterest

IOSCO, the Basel Committee on Banking Supervision (BCBS) and the Bank for International Settlements – BIS Committee on Payments and Market Infrastructures (CPMI) publish three Reports containing proposals to improve transparency and streamline margin processes across centrally and non-centrally cleared markets.   These Reports are part of a multi-year holistic work program bringing together IOSCO, the BCBS, the CPMI and the Financial Stability Board (FSB). They offer a comprehensive approach to improving transparency, streamlining margin processes, increasing the predictability of margin requirements and improving the liquidity preparedness of non-bank market participants for margin calls. Jean-Paul Servais, IOSCO Board Chairman said: “The reports published today are part of the policy responses to the March 2020 “dash for cash” market turmoil and will greatly contribute to strengthening margining practices. They are the result of close collaboration between standard setting bodies and I want to commend the work of all those involved during the previous years, notably at the IOSCO Secretariat. I also thank personally Russ Behnam in his capacity as CPMI-IOSCO co-chair.” Read the full press release here: https://lnkd.in/dAecR_bW

IOSCO's Growth and Emerging Markets Committee (GEMC) celebrated its Annual Meeting on 17-19 December 2024 in Ankara, Türkiye, hosted by the Capital Markets Board of Turkey (CMB). The GEMC Plenary, held on 18 December, agreed to start new work on financial inclusion and fintech initiatives in emerging markets, launch a fintech course with Wharton University and launch a Machine Assisted Capacity Building for Standards Implementation (MASI) platform with Cambridge University Judge Business School. The GEMC members also discussed issues around SME financing through capital markets, sustainable finance, and emerging risks identified through IOSCO's Risk Outlook. The gathering also marked the inaugural meeting of the GEM Committee Network for Adoption or Other Use of ISSB Standards which is a strategic partnership developed by IOSCO in partnership with the IFRS - International Sustainability Standards Board (ISSB), to support emerging markets in their efforts to adopt, apply or otherwise be informed by the ISSB Standards in a way that promotes consistent and comparable climate-related and other sustainability-related disclosures for investors. The CMB of Türkiye hosted a Public Conference on 17 December, which discussed topics dealing with financial literacy, resilience and inclusion, crypto and digital asset markets, and sustainability reporting, and IOSCO’s work in all these matters. The GEMC also held a workshop that allowed for the exchange of experiences around two central themes: SupTech solutions in emerging markets, and success examples of market development initiatives in emerging markets. The GEMC welcomed three new members from Europe and the Americas, thus increasing its membership to 117 emerging markets. The GEMC Chair, Dr. Mohamed Farid Saleh (Executive Chairman, Financial Regulatory Authority FRA Egypt) extended a warm welcome to its new members (Azərbaycan Respublikasının Mərkəzi Bankı / Central Bank of the Republic of Azerbaijan, National Bank of Georgia, and Financial Services Commission (FSC) Belize) and said: "This last year has been particularly productive for the Growth and Emerging Markets Committee (GEMC) and its members who benefited from the enhanced capacity building program NEXTGEN and the various discussions on topics which are posing challenges and opportunities for the sound development of their markets, such as fintech and sustainable finance. I welcome the launch of a joint program with Wharton University on Fintech, as well as the new tool developed with Cambridge University with the objective to assist standards implementation in emerging markets. The GEMC will continue promoting initiatives that will assist developing jurisdictions to build their capital markets locally and protect investors." We are grateful to the Capital Markets Board (CMB) for their hospitality and commitment in hosting this meeting. #emerging_markets #sustainable_finance #ISSB_Standards #capacity_building #IOSCO_ISSB_partnership

Following a call for applications earlier this year (https://lnkd.in/dUm8yt36) the Monitoring Group (MG) is pleased to announce that Han Yi, Chief Executive Officer of the Korea Accounting Institute (KAI), overseeing both the Korea Accounting Standards Board (KASB) and the Korea Sustainability Standards Board (KSSB), will be joining the Public Interest Oversight Board | PIOB in 2025. The MG is also pleased to announce the re-appointment of Dave Sullivan and Tshegofatso Modise. Paul Munter, Chair of the MG, stated: “We are excited to welcome Mr. Han Yi to the PIOB and continue to work with Dave Sullivan and Tshegofatso Modise. We are confident that they will contribute to the work of the PIOB in executing its oversight responsibilities and we look forward to continuing to work collaboratively with the PIOB and other relevant stakeholders on our continuing journey to implement the MG Recommendations.” Read the media release here: https://lnkd.in/d9S4Zmb3

IOSCO's Growth and Emerging Markets Committee (GEMC) has today launched a dedicated Network to support emerging markets in their efforts to adopt or otherwise be informed by the ISSB Standards, in partnership with the International Sustainability Standards Board (ISSB). Read the release: https://lnkd.in/erC9Dfys The GEMC Network for Adoption or Other Use of ISSB Standards will act as a centerpiece for the delivery of capacity building, technical assistance, information sharing and mutual support among its members. The inaugural meeting of the Network included 32 GEMC members representing all geographic regions and took place in the presence of IOSCO Board Chair, Jean-Paul Servais, the ISSB Chair, Emmanuel Faber, the IOSCO's GEMC Chair, Dr. Mohamed Farid Saleh, and the IOSCO Acting Secretary General Tajinder Singh. Jean-Paul Servais said “Our new GEMC Network for Adoption or Other Use of ISSB Standards is an important and practical step to enhance the capacity building of emerging markets. The global uptake of sustainability disclosures cannot be achieved without GEM jurisdictions. Within IOSCO, the GEM Committee counts 92 members, out of IOSCO’s 130 global membership. The inclusive nature allows for the participation of emerging markets that are at different stages of their adoption or other use journey, whether that be familiarizing themselves with the ISSB Standards, assessing the case for implementation, developing a roadmap or executing it." The journey towards adoption or other use of the ISSB Standards started swiftly after IOSCO endorsed the ISSB Standards in July 2023. Chair Servais also thanked Chairman of CMB Türkiye, İbrahim Ömer Gönül, for graciously hosting the IOSCO meeting in Ankara. #emerging_markets #sustainable_finance #climate_sustainability_disclosures #ISSB_Standards #capacity_building #information_sharing #IOSCO_ISSB_partnership