The International Organization of Securities Commissions (IOSCO) is pleased to announce the appointment of Maria Helena Santana as Chairman of IOSCO’s Executive Committee. Ms. Santana will take up her appointment at the close of the Annual Conference in Cape Town on Thursday 21 April. Her term will run until 2012 when IOSCO will merge its constituent committees into the IOSCO Board.
Ms. Santana is the Chairperson of the Comissão de Valores Mobiliários (CVM) of Brazil and will replace Jane Diplock AO, Chairman of the Securities Commission of New Zealand, who is stepping down after 6 years leading the organisation. Mr. Fulin Shang, Chairman of the China Securities Regulatory Commission, will continue in his role as Vice-Chairman.
Jane Diplock, Chairman of the Executive Committee, welcoming the appointment said:
“I would like to extend my congratulations to Maria Helena on her appointment as Chairman of the Executive Committee and wish her well in what are dynamic times for global markets regulation.
“Maria Helena brings with her a wealth of regulatory and market experience from one of the fastest developing and dynamic economies of the last decade, and I am confident that she will successfully lead IOSCO through this period of transition.”
Prior to her appointment as the Chairperson of the CVM, Ms. Santana was a Commissioner of the CVM from July 2006 to July 2007 and was the Head of Listings and Issuer Relations at the São Paulo Stock Exchange (BOVESPA) from 2000 to 2006, where she had worked since 1994.
Ms. Santana is also a member of the Latin-American Roundtable on Corporate Governance, an OECD/World Bank Group.
Background
- IOSCO is the leading international policy forum for securities regulators. The organization's membership regulates more than 95% of the world's securities markets in over 100 jurisdictions and its membership is steadily growing.
- Ms. Jane Diplock, Chairman of the New Zealand Securities Commission, is the Chairperson of the Executive Committee;
Mr. Hans Hoogervorst, Chairman of the Netherlands Authority for the Financial Markets (AFM) 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. - 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.
- 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. Mr. Hans Hoogervorst, Chairman of the Netherlands Financial Markets Authority (AFM) is the Chairman of the Technical Committee.. 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.
- 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.
- 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.