The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Six Further Jurisdictions to Join IOSCO’s Fight Against Cross Border Securities Market Misconduct

Share article

The International Organisation of Securities Commissions (IOSCO) has today announced that six further securities regulatory authorities have been invited to become full signatories of the IOSCO Multilateral Memorandum of Understanding concerning Consultation, Cooperation and the Exchange of Information (MMoU).

This follows the acceptance of the current IOSCO members from South Korea and Uruguay as full signatories to Appendix A of the MMoU. These members were listed on Appendix B of the MMoU having previously being assessed as needing to make changes to their legal systems to allow them to comply with the requirements of the MMoU. Recent assessments found that they had both made the necessary changes to address the previously identified gaps in their powers.

Additionally, the securities regulators from Iceland, the Republic of the Maldives, the Kingdom of Saudi Arabia and Syria have been assessed, following rigorous expert reviews, as meeting the cooperation and enforcement requirements needed to become full signatories to Appendix A of the MMoU. Their accession is pending approval of their applications for IOSCO membership on Wednesday 9 June.

Jane Diplock, chairman of the Executive Committee, said: “It is a great privilege to announce that IOSCO has further increased the number of jurisdictions who meet the accepted international standard for securities enforcement cooperation as set out in the IOSCO MMoU. This is further proof of IOSCO’s members’, and their governments, commitment to protecting investors and the integrity of global capital markets from the risks posed by cross-border market misconduct. The expansion of the network of signatories will help to reduce the ability of offenders to evade detection where activities take place across different jurisdictions.”

Kathleen Casey, chairman of IOSCO’s Technical Committee, said: “IOSCO members’ promotion of cooperation and information exchange is a clear example of securities regulators’ commitment to the integrity of the global marketplace and gives further support to the G-20s’ aim of promoting information sharing and international standards with respect to policing and sanctioning market misconduct.”

Guillermo Larrain, chairman of IOSCO’s Emerging Markets Committee, said: “I am particularly pleased to see two members of the Emerging Markets Committee moving to Appendix A having gone through the process of amending their legal framework in order to meet the high standards required by the MMoU. This action by emerging markets regulators demonstrates their commitment to improving investor protection which also increases the attractiveness of their markets to inward investment.”

The number of jurisdictions which have been accepted as signatories to the MMoU now stands at 67, and will increase to with a further 43 jurisdictions which have been through the full verification process and are now expected to work to remove the impediments to full Appendix A signatory status. These full MMoU signatories can now request and share confidential information in the pursuit of cross-border securities offences.

Related content

WEBINAR

Recorded Webinar: Just days after the GDPR deadline, how did your firm cope with go live and what still needs to be fixed?

Don’t miss this opportunity to view the recording of this recently held webinar. The EU’s Global Data Protection Regulation (GDPR) comes into play next week on Friday 25th May. Will your firm be compliant, struggling, or looking for a quick and effective fix? Hosted by A-Team Group just a few days after the GDPR deadline,...

BLOG

GoldenSource Ushers Reference and Pricing Data into the Front Office with Quant Workbench

Extracting value from data is a priority for financial institutions as the business looks to increase efficiency, reduce costs, identify new opportunities and gain competitive advantage. Some source in-house tools to improve the quality and accessibility of internal and external data, others look to third-parties for solutions. A new tool from GoldenSource, Quant Workbench, brings...

EVENT

Data Management Summit USA Virtual

Data Management Summit USA Virtual will explore how sell side and buy side financial institutions are navigating the global crisis and adapting their data strategies to manage in today’s new normal environment.

GUIDE

FRTB Special Report

FRTB is one of the most sweeping and transformative pieces of regulation to hit the financial markets in the last two decades. With the deadline confirmed as January 2022, this Special Report provides a detailed insight into exactly what the data requirements are for FRTB in its latest (and final) incarnation, and explores what needs to be done in order to meet these needs on a cost-effective and company-wide basis.