General Information on IOSCO

Transcription

1 General Information on IOSCO The member agencies currently assembled together in the International Organization of Securities Commissions have resolved, through its permanent structures: to cooperate together to promote high standards of regulation in order to maintain just, efficient and sound markets; to exchange information on their respective experiences in order to promote the development of domestic markets; to unite their efforts to establish standards and an effective surveillance of international securities transactions; to provide mutual assistance to promote the integrity of the markets by a rigorous application of the standards and by effective enforcement against offenses. The Secretary General is Mr. Philippe Richard. STRUCTURE OF THE ORGANIZATION The Presidents Committee, which meets once a year during the Annual Conference, is made up of all the Presidents of member (regular and associate) agencies and has all the powers necessary or convenient to achieve the purpose 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 Executive Committee meets periodically during the year and, subject to the By-Laws of the Organization, takes all decisions and undertake all actions necessary or convenient to achieve the objectives of the Organization. Mr. Fernando Teixeira dos Santos, Presidente of the Comissão do Mercado de Valores Mobiliários of Portugal, is currently Chairman of the Executive Committee. IOSCO has the following four Regional Standing Committees, which meet to discuss specific regional problems of the members of the Organization that constitute them: the Africa / Middle-East Regional Committee, the Asia-Pacific Regional Committee, the European Regional Committee and the Interamerican Regional Committee. The Executive Committee of the Organization has established two specialized working Committees. The first one, the Technical Committee, is made up of sixteen 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. David A. Brown, Chairman of the Ontario Securities Commission, currently acts as Chairman of the Technical Committee. The work of the Technical Committee is divided into the following five major functional subject areas: Multinational Disclosure and Accounting; Regulation of Secondary Markets;

2 Regulation of Market Intermediaries; Enforcement and the Exchange of Information; Investment Management. The Technical Committee has set up specialized Working Groups to address each of the above mentioned subject areas. The members of these Working Groups meet several times during the year and tackle, almost on a continuous basis, the mandates that they receive from the Technical Committee. The second specialized Committee, the Emerging Markets Committee, endeavors to promote the development and improvement of 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. The Acting Chairman of the Emerging Markets Committee is currently Mr. Prasarn Trairatvorakul, Secretary General of the Office of the Securities and Exchange Commission of Thailand. It has set up Working Groups to address the following functional areas: Disclosure and Accounting; Regulation of Secondary Markets; Regulation of Market Intermediaries; Enforcement and the Exchange of Information; Investment Management Self-Regulatory Organizations (SROs), that are affiliate members of the Organization, are members of the SRO Consultative Committee, which is currently chaired by Mr. Robert K. Wilmouth, President and CEO of the National Futures Association of the United States of America. IOSCO recognizes the importance of maintaining a close dialogue with the SROs and international organizations that make up its affiliate membership and of allowing them to make a constructive input in the work of the Organization. The SRO Consultative Committee has designated contact persons with the Technical Committee Working Groups and is therefore able to provide substantive input related to their regulatory initiatives. IOSCO has an Internet Home Page where public information about the Organization can be found. The members also have access to specialized databases through this Web page. ANNUAL CONFERENCES IOSCO members meet every year at the Annual Conference to discuss important issues related to world securities and futures markets. Observers may attend. Registration forms for the Annual Conferences can be obtained from the General Secretariat of IOSCO. The 2001 Conference will take place in Stockholm and will be hosted by the Finansinspektionen of Sweden. The documents made public during the Annual Conferences can be obtained from the General Secretariat.

3 ANNUAL CONFERENCES OF IOSCO Caracas Venezuela September 1974 Lima Peru January 1976 Buenos Aires Argentina November 1977 Queretaro Mexico November 1978 Rio de Janeiro Brazil November 1979 Montreal Quebec September 1980 Washington, D.C. United States of America May 1982 Quito Ecuador April 1983 Toronto Ontario August 1984 Cartagena Colombia June 1985 Paris France July 1986 Rio de Janeiro Brazil September 1987 Melbourne Australia November 1988 Venice Italy September 1989 Santiago Chile November 1990 Washington, D.C. United States of America September 1991 London United Kingdom October 1992 Mexico City Mexico October 1993 Tokyo Japan October 1994 Paris France July 1995 Montreal Quebec September 1996 Taipei Chinese Taipei November 1997 Nairobi Kenya September 1998 Lisboa Portugal May 1999 Sydney Australia May 2000

4 Stockholm Sweden June 2001 Istanbul Turkey May 2002 Seoul Korea in 2003 Jordan in 2004 CATEGORIES OF MEMBERS There are three categories of members: ordinary, associate and affiliate. Each ordinary member has one vote. The associate members have no vote and are not eligible for the Executive Committee; however, they are members of the Presidents Committee. The affiliate members have no vote, are not eligible for the Executive Committee and are not members of the Presidents Committee. The affiliate members, which are SROs, are however members of the SRO Consultative Committee. CONTRIBUTION OF MEMBERS The Organization is financed by an annual contribution of its members that is currently set at 6 750$ U.S. APPLICATIONS FOR MEMBERSHIP A securities commission, or a similar government body, that is not presently a member is eligible for ordinary membership of the IOSCO. If there is no governmental regulatory body in a country, a self-regulatory body, such as a stock exchange, from that country is eligible for ordinary membership of the Organization. The following bodies can apply to become associate members of the Organization: 1. if the national regulatory body of a country is already an ordinary member, an association that consists of the public regulatory bodies with jurisdiction in the subdivisions of that country is eligible for associate membership; 2. any other eligible body with an appropriate responsibility for securities regulation. An SRO, or an international body, with an appropriate interest in securities regulation, is eligible for affiliate membership of the Organization. All applications for membership must be sent to the Secretary General accompanied by a prescribed initial contribution of 6 750$ U.S. If the application is for ordinary membership, it must also include: 1. a brief description of securities regulation in that applicant s country, including the bodies which exercise regulatory functions with regard to securities in that country; 2. a translation of the primary securities legislation of that country in one of the official languages of the Organization (English, French, Portuguese and Spanish);

5 3. a declaration, signed by the president of the applicant, that the body has received and accepts the present By-Laws and Resolutions adopted by the Presidents Committee. If the application is for associate membership, it must also include a description of the applicant and its mission. If the application is for affiliate membership, it must also include: 1. a description of the applicant and its mission; 2. a recommendation letter by the ordinary member, or ordinary members, of the applicant s country (if applicable). A body will become a member if its application is accepted by the Presidents Committee upon the recommendation of the Executive Committee. REQUESTS FOR INFORMATION SHOULD BE SENT TO: GENERAL SECRETARIAT INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS (IOSCO) Plaza de Carlos Trías Bertrán, 7 Planta 3ª Madrid ESPAÑA Telephone: +34 (91) Facsimile: +34 (91) mail@oicv.iosco.org Internet: