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IOSCO Members Report Having Mostly Implemented Secondary Market Principles

Date 12/02/2019

A report published today by the IOSCO Assessment Committee (AC) indicates that the implementation of the IOSCO Secondary and Other Market Principles is generally high across most of the member jurisdictions that the committee reviewed.

The report on IOSCO Standards Implementation Monitoring (ISIM) on Secondary and Other Market Principles is based on an AC Review of 40 IOSCO member jurisdictions from both emerging and advanced markets. The ISIM program calls for participating members to report the results of their self-assessments regarding the status of the implementation of selected IOSCO Principles and Standards.

The main objective of the Review was to establish a global overview of the status of implementation of each of the five Secondary and Other Market Principles by participating member jurisdictions, based on their self-assessments.

The Review identified gaps in the implementation of the five market principles, particularly in nascent and emerging market jurisdictions. The Review also offered  examples of good practices in implementing these principles. The scope of the Review was limited to authorized exchanges and is based on information as of 15 October 2018.

The Secondary and Other Market Principles form part of IOSCO’s 38 Objectives and Principles of Securities Regulation, which provide core elements of an essential regulatory framework for securities regulations.

The five principles (IOSCO Principles 33-37) seek to promote fair, efficient and transparent markets.  Principles 33 and 34 refer to authorization, oversight and ongoing supervision requirements; Principle 35 covers transparency requirements; Principle 36 covers detection and deterring market misconduct; and Principle 37 deals with managing risks, such as monitoring large exposures, default procedures and short selling.

The gaps revealed during the Review indicate the need for the respective jurisdictions to consider further reforms to strengthen the implementation of the IOSCO principles.