A meeting of the Board of the International Organization of Securities Commissions (IOSCO), hosted by the Securities and Futures Commission (SFC) in Hong Kong on 20-21 October, focused on key issues facing securities regulators and global financial markets (Note 1).
The IOSCO Board discussed ways to advance the organisation’s agenda for financial regulatory reform and also reviewed the progress of IOSCO’s work on margin requirements, central counterparties, asset management and market conduct.
Nearly 100 securities regulators from more than 30 member jurisdictions attended the meeting, which was the first chaired by the new IOSCO Board Chairman (Note 2), Mr Ashley Alder, SFC Chief Executive Officer.
Mr John C Tsang, Financial Secretary of the Hong Kong Special Administrative Region Government, gave a speech at the meeting’s welcome dinner. "It is essential that we be persistent in our effort in improving our regulatory regime to reduce systemic risks, ensure that the markets operate in an orderly manner, and protect the interests of investors," said Mr Tsang. "As an international financial centre, Hong Kong takes initiatives in strengthening the stability of the international financial system seriously. With Mr Alder as IOSCO Board Chairman, Hong Kong will certainly take on a more prominent role in the development of the international regulatory system."
"Closer international and regional cooperation is crucial in the context of today’s globally connected markets, especially as Hong Kong is an open market with expanding cross-border connections," said Mr Alder. "It is pivotal that the SFC takes an active role in global regulatory policymaking. Hosting the IOSCO Board meeting in Hong Kong underscores our effort to work closely with international counterparts in enhancing market integrity and strengthening investor protection at both global and local levels."
Notes:
- IOSCO is the leading international body that brings together securities regulators worldwide. The organisation develops, implements and promotes adherence to internationally recognised standards for securities regulation. It works closely with the G20 and the Financial Stability Board on the global regulatory reform agenda.
- Mr Alder was appointed as Chairman of the Board in May 2016 after serving as Vice-Chairman since December 2015. The IOSCO Board is the governing and standard-setting body of IOSCO and is comprised of 34 securities regulators, namely the securities regulatory authorities of Argentina, Australia, Belgium, Brazil, China, Egypt, France, Germany, Hong Kong, India, Indonesia, Ireland, Italy, Jamaica, Japan, Kenya, Korea, Malaysia, Mexico, the Netherlands, Nigeria, Ontario, Pakistan, Peru, Quebec, Saudi Arabia, Singapore, Spain, Sweden, Switzerland, Turkey, United Kingdom and the United States. Details are available on the IOSCO website.
