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The International Organization of Securities Commissions (IOSCO) announced that Greg Tanzer, its current Secretary General, will stand down as Secretary General at the end of December 2011 in order to take up an appointment as a Commissioner of the Australian Securities and Investments Commission (ASIC).
Maria Helena Santana, Chairman of IOSCO’s Executive Committee, said:
“I would like to express my appreciation for Greg’s service as Secretary General since 2008. During his term in office Greg has been instrumental in raising IOSCO's profile, refocusing its strategic direction, and leading a growing Secretariat. I warmly congratulate him on his new appointment.”
Greg Tanzer, Secretary General, said:
“The past four years working in IOSCO, and living in Spain, has been one of the most demanding, yet rewarding, experiences of my professional life and I hope to continue my association with the organisation in my new role at ASIC.”
The Executive Committee of IOSCO will now begin the process of recruiting a successor to Mr. Tanzer and the post will be advertised shortly on IOSCO’s website.
Background
1. Greg Tanzer was appointed Secretary General of IOSCO in November 2007 for an initial term of 3 years, which was renewed in January 2011 https://www.iosco.org/news/pdf/IOSCONEWS107.pdf.
2. IOSCO is the leading international policy forum for securities regulators and is recognised as the global standard setter for securities regulation. The organization's membership regulates more than 95% of the world's securities markets in 115 jurisdictions and it continues to expand.
3. Ms. Maria Helena Santana, Chairperson of the Comissão de Valores Mobiliários (CVM) of Brazil, is the Chairperson of the Executive Committee;
Mr. Masamichi Kono, Vice Commissioner for International Affairs at the Financial Services Agency of Japan (JFSA), is the Chairman of the Technical Committee; and
Mr. Vedat Akgiray, Chairman of the Capital Markets Board of Turkey, currently acts as Chairman of the Emerging Markets Committee.
4. The Executive Committee is the body elected by the membership of IOSCO which takes all decisions and actions, subject to the By-Laws of IOSCO, necessary to achieve the objectives of the organization. The Executive Committee is presently composed of the following 19 members: the Chairmen of the Technical and Emerging Markets Committees, the Chairmen of each Regional Committee, 1 ordinary member elected by each Regional Committee from among the ordinary members of that region, and 9 ordinary members elected by the Presidents' Committee.
5. The Technical Committee, a specialised working group established by IOSCO’s Executive Committee, is made up of eighteen agencies that regulate some of the world’s larger, more developed and internationalized markets. Its objective is to review major regulatory issues related to international securities and futures transactions and to coordinate practical responses to these concerns. The members of the Technical Committee are Australia, Brazil, China, France, Germany, Hong Kong, India, Italy, Japan, Mexico, the Netherlands, Ontario, Quebec, Spain, Switzerland, United Kingdom and the United States.
6. The Emerging Markets Committee is a specialised working group established by IOSCO’s Executive Committee, representing the world’s emerging financial markets. It endeavors to promote the development and improvement in efficiency of emerging securities and futures markets by establishing principles and minimum standards, preparing training programs for the staff of members and facilitating exchange of information and transfer of technology and expertise.
7. IOSCO aims through its permanent structures:
- to cooperate in developing, implementing and promoting adherence to internationally recognised and consistent standards of regulation, oversight and enforcement in order to protect investors, maintain fair, efficient and transparent markets, and seek to address systemic risks;
- to enhance investor protection and promote investor confidence in the integrity of securities markets, through strengthened information exchange and cooperation in enforcement against misconduct and in supervision of markets and market intermediaries; and
- to exchange information at both global and regional levels on their respective experiences in order to assist the development of markets, strengthen market infrastructure and implement appropriate regulation.
