IOSCO emerging market regulators want greater voice

Global emerging market securities regulators meeting in Panama City have called for a more active role in global regulation by being involved and consulted at the early stages of new international regulatory reforms.

The group has renamed the Emerging Market Committee as the Growth and Emerging Markets Committee to better reflect the nature of the markets in which its members operate. IOSCO’s 86 members include some of world’s fastest growing economies and 10 of the G-20 members.

The GEM Committee will seek to provide greater focus towards balancing growth and implementation of regulation, including looking at greater inclusiveness, strengthening channels of communication and developing greater regulatory capacity for emerging markets.

The membership also expressed support for the IOSCO Foundation, which will assist members in their market development and capacity building efforts via its three pillars of research, education and training, and technical assistance.

Increased funding of these activities will be of significant benefit to emerging market members, especially at a time of growing demand for market-based financing, the organisation said.

Ranjit Ajit Singh, chairman of the Securities Commission Malaysia, was elected chairman of the EMC. Bert Chanetsa, deputy executive officer capital markets, Financial Services Board, South Africa, was elected as the vice chair of the EMC.

Singh said there is a major opportunity for emerging markets to contribute to global discussions and for the committee to be a highly visible, effective and inclusive grouping for emerging markets.

“…Emerging markets must have a stronger and more inclusive voice and be supported by an efficient structure and process,” he said. “The contribution to global regulatory debate must be enhanced. Market development and capacity building efforts remain critical for many emerging markets and we look forward to the establishment of the IOSCO Foundation.”

The chair of the Board of IOSCO, Greg Medcraft, said the leadership of the EMC is critical to ensure IOSCO is seen as effective, pro-active and forward looking.”

IOSCO is the leading international policy forum for securities regulators and is recognized as the global standard setter for securities regulation. The organization’s membership regulates more than 95% of the world’s securities markets in more than 115 jurisdictions.

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