Andrew Procter, FSA Director of Enforcement, said: “As financial services markets become increasingly globalised, so the opportunities for cross-border crime and other misconduct proliferate. In the light of these trends, international co-operation amongst financial services regulators is growing increasingly important. Becoming a signatory to the IOSCO MoU ensures that the FSA can continue to play a key role in this area. "We are also pleased to announce the appointment today of the FSA's Loretta Minghella to two important positions within IOSCO. First, Loretta has been appointed to the Chair of the IOSCO Technical Committee’s Standing Committee on Enforcement and Exchange of Information - it has responsibilities for considering and developing practical responses to the key enforcement issues of the day.
“As Chair of the Standing Committee, Loretta also becomes co-chair of the Screening Group of the IOSCO MoU. This Group has an important part to play in determining whether applications from prospective signatories to the MoU are accepted and in making sure applications from countries wishing to become signatories are dealt with fairly and expeditiously. Whilst it is of benefit to all MOU signatories that regulators from as many jurisdictions as possible are able to participate, it is equally important that those jurisdictions whose applications are accepted are properly empowered to deliver the co-operation expected of them.
“We are confident that Loretta's expertise and experience in international regulatory matters will enable her to take forward the challenging work of these important groups successfully."
The Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information was introduced today at the 2003 Annual IOSCO Conference in Seoul, South Korea. It provides for the exchange of essential information in investigating cross-border securities and derivatives law violations, including bank, brokerage, and client identification records. The MoU also enables regulators to use that information to enforce compliance with securities and derivatives laws and regulations, including through civil and criminal prosecutions.
The conference also adopted today the Methodology for Assessing Implementation of the IOSCO Objectives and Principles of Securities Regulation - a new instrument to assist its members in drafting more effective securities regulations.
Background
- Loretta Minghella is Head of Law, Policy and International Co-operation of the FSA’s Enforcement Division.
- An IOSCO Press Release containing more details about the conclusions of the 2003 Annual Conference is attached. More information about IOSCO can be found on its Website www.iosco.org.
- IOSCO, based in Madrid, Spain, is the primary forum for international cooperation among securities regulators and is recognized as the international standard-setter for the securities sector. IOSCO currently has 181 members from more than one hundred jurisdictions.
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection of consumers; and fighting financial crime.
- The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.
