<p>The International Organization of
Securities Commissions (IOSCO), has appointed Jean-Paul Servais, the Chairman
of the Belgian Financial Services and Markets Authority (FSMA), as its new
Chair.</p><p>Servais was appointed at the Annual
Meeting of <a href=”https://www.financemagnates.com/cryptocurrency/regulation/iosco-and-bis-call-for-same-risk-same-regulation-for-stablecoins/”>IOSCO</a> held
in Marrakech, Morocco, the global standard setter for securities regulation
announced on Friday.</p><blockquote class=”twitter-tweet”><p dir=”ltr” lang=”en”>IOSCO Annual Meeting discusses major challenges and emerging risks facing global securities markets today.Press release: <a href=”https://t.co/OadeuWSVob”>https://t.co/OadeuWSVob</a> <a href=”https://t.co/GK8q07FvE1″>pic.twitter.com/GK8q07FvE1</a></p>— IOSCO Press (@IOSCOPress) <a href=”https://twitter.com/IOSCOPress/status/1583414516024766464?ref_src=twsrc%5Etfw”>October 21, 2022</a></blockquote><p>The Belgian FSMA head is taking over the
position from Ashley Alder, the Chief Executive Officer of the Hong Kong
Securities and Futures Commission (SFC) who has been in the position since May 2016. </p><p>Adler had been <a href=”https://www.financemagnates.com/executives/moves/iosco-re-elects-hong-kongs-sfc-ceo-as-chair-of-board/”>re-elected chair</a> of the
international policy forum for securities regulators in 2020 for a two-year
term.</p><p>Speaking on his appointment, Servais noted
that he would focus on driving sustainable finance as well as crypto and
financial stability.</p><p>He added that IOSCO’s role in ensuring the
smooth running of global capital markets and fighting against climate change
remains important, now more than ever.</p><p>“Global financial markets depend on IOSCO
to ensure that those markets continue to work effectively despite geopolitical
uncertainty,” Servais said.</p><p>”We need to continue on our path of relentlessly developing the
effectiveness of global regulatory oversight and coordination to protect
investors, ensure market integrity and support global financial stability,” he added.</p><p>Meanwhile, Adler believes that Servais,
who served as Vice Chair under him, “will lead IOSCO to new heights.”</p><p>Servais will introduce
“fresh policy initiatives to increase investor protection, safeguard market
integrity and mitigate risks to financial stability from rising interest rates,
geopolitical tensions and market fragmentation, among other things,” the outgoing Chair said.</p><p>MMOU Is 20</p><p>Meanwhile, in a separate press statement also
released on Friday, IOSCO said it was celebrating the 20th anniversary of the
Multilateral Memorandum of Understanding (MMoU).</p><p>The <a href=”https://www.financemagnates.com/tag/mou/” target=”_blank”>MMoU</a>, which was introduced in
2002, provides securities regulators across the world with the tools to
combat cross-border fraud and misconduct to prevent the weakening of global capital markets
and the undermining of investor confidence.</p><blockquote class=”twitter-tweet”><p dir=”ltr” lang=”en”>The IOSCO MMOU: 20 Years of Facilitating Cross-Border Enforcement Cooperation.Check out our press release: <a href=”https://t.co/IoSpdNmZgf”>https://t.co/IoSpdNmZgf</a> <a href=”https://t.co/AjAHsoa7Hk”>pic.twitter.com/AjAHsoa7Hk</a></p>— IOSCO Press (@IOSCOPress) <a href=”https://twitter.com/IOSCOPress/status/1583385665374326784?ref_src=twsrc%5Etfw”>October 21, 2022</a></blockquote><p>In 2017, IOSCO upgraded MMoU to the Enhanced
Multilateral Memorandum of Understanding (EMMoU) in response to changes
sweeping through the global securities markets. </p><p>These changes were driven by “new
technologies and the growing role of non-bank financial intermediation,” IOSCO said.</p><p>EMMOU expanded the enforcement powers of
signatory securities regulators in order to help them deter financial misconduct and fraud.</p><p>New Signatories</p><p>Meanwhile, IOSCO disclosed that the total number
of information exchanged via the MMoU surged from 56 in 2003 to 5,532 last
year.</p><p>Additionally, 15 member securities regulators of IOSCO formally signed either the MMoU or EMMoU at a Signing Ceremony held during the Annual Meeting.</p><p>The members had met the requirement to append the memoranda over the last three years but were not able to sign them at an IOSCO Annual
Meeting because of restrictions arising from the COVID-19 pandemic. </p><p>The new signatories are securities
regulators from Kazakhstan, Georgia, Ghana, India, Monaco, Abu Dhabi, Canada
and Brazil.</p><p>Others were from the United Arab Emirates,
Israel, New Zealand, Peru and Switzerland. </p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
