International Organizations - Who's Who
The OSC participates actively in the International Organization of Securities Commissions (IOSCO), the International Joint Forum of Financial Regulators (International Joint Forum), the Council of Securities Regulators of the Americas (COSRA) and the North American Securities Administrators Associations (NASAA). Please click the links below for descriptions of each of these organizations.
International Organization of Securities Commissions (IOSCO)
2008 IOSCO Annual Conference
The IOSCO 2008 Annual Conference will take place in Paris, France from May 25 to 29, 2008. The Conference is being hosted by the Autorité des marchés financiers (France). The Preliminary Program for the Conference, including registration and hotel reservation forms, can be found at: http://www.iosco2008.org/index.php?lang=en.
The conference will provide an opportunity for market participants and regulators from around the world to discuss diverse aspects of financial regulation. Special panel discussions will focus on trends in market organisation, asset management and the development of alternative investment vehicles, financial reporting and corporate governance, and market intermediaries. IOSCO also intends to present its priorities and most recent reports. Particular emphasis will be placed on recent changes in European Union regulations and cross-border initiatives.
OSC Participation on IOSCO Task Forces
The OSC is an active member of the IOSCO Technical Committee Subprime Task Force and Credit Rating Agencies Task Force.
Subprime Task Force
The IOSCO Technical Committee’s Subprime Task Force was created in November 2007 to review the issues facing securities regulators as a result of events in the global credit markets. The Task Force intends to address the following four areas in a report to be published in Spring/Summer 2008: (a) issuer transparency and investor due diligence, (b) firm risk management and prudential supervision, (c) asset valuation and accounting, and (d) the role of credit rating agencies.
Credit Rating Agencies (CRA) Task Force
The Subprime Task Force is working with the IOSCO CRA Task Force to assess the role of CRAs in the subprime crisis. The CRA Task Force is determining whether and to what extent the IOSCO CRA Code of Conduct (IOSCO Code) should be revised in light of recent market events. A consultation paper, together with proposed revisions to the IOSCO Code, were published for consultation on March 26, 2008 for a 30-day consultation period until April 25, 2008. See www.iosco.org for a copy of the news release, consultation report and proposed revisions to the IOSCO Code. See also the attached OSC Staff Notice 11-761 regarding IOSCO’s initiative: www.osc.gov.on.ca/Regulation/Rulemaking/Current/Part1/sn_20080328_11-761_iosco-creditrating.jsp.
The OSC is also working actively with its Canadian Securities Administrators (CSA) colleagues on issues relating to the global credit crisis, as described in the attached CSA news release: www.osc.gov.on.ca/Media/NewsReleases/2007/nr_20071220_csa-global-credit.jsp.
Background
IOSCO provides a forum for securities regulators around the world to:
- cooperate to promote high standards of regulation that maintain just, efficient and sound markets;
- exchange information on their respective experiences to promote the development of domestic markets;
- unite their efforts to establish standards and effective surveillance of international securities transactions; and
- help each other to promote market integrity by rigorously applying and effectively enforcing the standards.
International Joint Forum of Financial Market Regulators
The Basel Committee on Banking Supervision (Basel Committee), International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS) established the International Joint Forum in 1996. It focuses on issues of common interest to the three financial sectors. Because it brings together regulators from different financial sectors and countries, the International Joint Forum is particularly interested in:
- identifying core regulatory principles that are common to all three sectors;
- identifying differences in regulation across the sectors;
- assessing the potential for these differences to lead to regulatory gaps, or regulatory arbitrage; and
- examining the supervision of large, complex financial groups, such as financial services firms that operate in several sectors and countries.
Publications and Recent Activities
The International Joint Forum does not have its own website. You can, however, download papers published by the International Joint Forum from the Public Documents section in IOSCO's On-Line Library. You can also download a Bibliography of research papers and other documents published by the International Joint Forum and other international organizations.
Council of Securities Regulators of the Americas (COSRA)
COSRA was established in 1992 as a forum for securities regulators in North, South and Central America, as well as the Caribbean. Like IOSCO, COSRA focuses on subjects such as investor protection, the maintenance of market integrity, regulatory cooperation and information-sharing. Because COSRA brings together in a regional forum regulators from developed and developing countries, COSRA is also particularly interested in promoting reforms to strengthen capital markets and enhance investor protection in the Americas. For example, COSRA strives to:
- propose and implement reforms that promote broad-based participation in securities markets;
- removing barriers that have no regulatory purpose and impede securities market development;
- creating market incentives to stimulate investment; and
- establishing links among markets to provide liquidity and enhance investor access.
Membership and Canadian Participation in COSRA
COSRA currently has 31 members representing 26 countries. The OSC, AMF, ASC and BCSC belong to COSRA.
OSC Vice-Chairs Jim Turner represents the OSC in COSRA matters.
Publications and Current Activities
COSRA does not have its own website. You can find COSRA publications, however, on the website of the Brazilian Securities and Exchange Commission on its English language webpage devoted to international affairs. You can also download its Bibliography of research papers and other documents published by COSRA and other international organizations.
North American Securities Administrators Association (NASAA)
NASAA was established in 1919. Like IOSCO and COSRA, NASAA's objectives include investor protection, the maintenance of market integrity, and promoting the enforcement of securities laws. It also places significant emphasis on:
- educating current and potential investors;
- educating NASAA members and law enforcement agencies through seminars, publications and economic crime prevention programs; and
- promoting uniform securities legislation, policies, forms and exams.
Since many securities firms, issuers and investors have links to both Canadian and US capital markets, it is important for Commission staff to be familiar with US securities laws, practices and regulatory authorities. NASAA provides a forum for state securities regulators in the United States and Canadian securities regulators to discuss issues of mutual concern and learn from each other's experience.
Membership and Canadian Participation in NASAA
NASAA has 66 member agencies, including all of the state securities regulators in the United States, the thirteen provincial and territorial securities regulators in Canada, the Mexican Comisión Nacional Bancaria y de Valores and the Financial Institutions Commission in Puerto Rico. The current president of the NASAA is Ralph Lambiase (Connecticut). Vice-Chair Larry Ritchie represents the OSC in NASAA.
NASAA carries out its work through standing Section Committees and Project Groups. Support teams assist the Project Groups in collecting information about local regulatory practices. OSC staff participate in several of these Section Committees, Project Groups and support teams.
Publications
NASAA's library of public documents contains Statements of Policy, Model Legislation, Memoranda of Understanding, Comment Letters sent to regulators and self-regulatory organizations, Reports and Surveys.
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