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: Practicalities of Working with the Global LEI

A-Team Group recently held a webinar on the popular topic of The Practicalities of Working with the Global LEI, discussing the current thinking around best practices for entity identification and data management. You can register here to get immediate access to the webinar recording Download the accompanying Special Report here.

BLOG

A-Team Group Introduces 2021 Innovation Awards

Here at A-Team Group we have been working hard on plans to celebrate innovative projects and teams with the launch of our A-Team Innovation Awards. The awards are designed to reward teams that have found innovative ways to make use of new and emerging technologies to solve challenges at financial institutions in capital markets. The...

EVENT

Data Management Summit London

The Data Management Summit Virtual explores how financial institutions are shifting from defensive to offensive data management strategies, to improve operational efficiency and revenue enhancing opportunities. We’ll be putting the business lens on data and deep diving into the data management capabilities needed to deliver on business outcomes.

GUIDE

RegTech Suppliers Guide 2019

Welcome to our brand new RegTech Suppliers Guide. This unique guide provides detailed data profiles on close to 100 suppliers in the RegTech world, offering you an unrivalled selection of solutions for your most pressing financial regulatory challenges. The aim of the A-Team’s RegTech Suppliers Guide is to steer you through this complex marketplace, offering...