IOSCO Addresses Emerging Challenges in Global Securities Markets

The Board of IOSCO met to discuss emerging challenges and recent developments in the global securities market. According to the press release, Board members discussed “the implications for global securities markets of slowing economic growth, declining commodity prices, continuing low or negative interest rates and market volatility.”

The Board:

• “agreed on further research on financial technology subsectors with particular relevance for securities regulators, including blockchain”;

• “supported further work on the use and regulation of automated advice tools in securities markets and understanding the risks arising from the use of cloud technology”;

• “discussed a report on IOSCO’s work addressing the challenges of cyber risk”; and

• “heard updates on the work of the Growth and Emerging Markets Committee on digitization and fintech.”

As to capacity building and co-operation, the Board:

• “approved the framework for a Global Certificate Program to be run in conjunction with the Program of International Financial Systems at Harvard University and designed specifically for market regulators”;

• “welcomed the completion of an Online Toolkit for Regulatory Capacity Building to be launched in March”;

• “progressed work on the enhanced IOSCO Multilateral Memorandum of Understanding on cooperation and the exchange of information, with a view to seeking Presidents’ Committee approval in Lima in May”; and

• “supported further work on regulator powers to compel witness statements on behalf of a foreign securities regulator and another proposal about regulators taking enforcement action based on sanctions in foreign jurisdictions.”