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The IOSCO Affiliate Members Consultative Committee (AMCC) met for the first time since it changed its name to reflect its wider membership. The AMCC discussed how best to draw on the collective experience and expertise of its members and to strengthen its role as a consultative committee to the Board of the International Organization of Securities Commissions (IOSCO).
At the meeting in Madrid on 13th December, members of the AMCC agreed to work together with IOSCO through the IOSCO General Secretariat on issues affecting securities markets and the broader IOSCO membership. AMCC members agreed to be proactive and forward looking in their approach, similar to the manner in which other IOSCO committees were seeking to do so.
The AMCC agreed in September to revise its internal organization in an effort to enhance its contributions to IOSCO´s ongoing policy and research work. Until then, the AMCC was known as the Self-Regulatory Organizations Consultative Committee (SROCC). The committee consists of SROs, securities exchanges, financial market infrastructures, investor protection funds, and other organizations.
At the Madrid meeting, the AMCC approved three new work streams and discussed with the IOSCO General Secretariat how to take this work forward. The following mandates, which are closely aligned with IOSCO´s research and policy work, were approved:
- Investment Management Data
- Emerging Risks
- Cyber Threats
Mr. José Carlos Doherty, Chairman of the AMCC and CEO of the Brazilian Financial and Capital Market Association (ANBIMA), highlighted the importance of these new steps for the inclusiveness of the committee and for its consultative role within IOSCO.
He said: Our members have a lot to contribute to these work streams as they have a practitioner perspective that complements the work of the securities regulators who constitute the ordinary membership of IOSCO.
IOSCO Secretary General David Wright said: I very much welcome this new forward-looking agenda and the priority global policy areas that the AMCC have agreed to work intensively on. It is very important that IOSCO draws together and benefits from the expertise of all its membership. There is no doubt the AMCC has a major contribution to make.
Participants at the meeting also discussed other areas of mutual interest, such as crowd-funding and technological issues on market infrastructure.
