International financial regulators flood MoBay
Financial regulators from around the world are now in Montego Bay, St James, for the 42nd annual conference of the International Organisation of Securities Commissions (IOSCO) which gets under way today.
Delegates and IOSCO secretariat staff started arriving in Jamaica from last Friday and it is expected that close to 500 local and international participants will benefit from the panel discussions, presentations, meetings and networking.
The delegates, including financial regulators, academics, lawyers and industry specialists, will join their local and regional counterparts in participating in the five-day event titled 'The Role of Markets and Markets Regulators in the Post-Crisis World', hosted by Jamaica's Financial Services Commission.
The Montego Bay Conference Centre is hosting the private session which ends on Tuesday, and the public sessions being held on Wednesday and Thursday.
IOSCO is the international body that sets global standards for the securities sector. It also unites the world's leading securities, futures and capital market regulators, as well as other financial institutions, including stock exchanges, fund managers, securities, and more.
Established in 1983, the IOSCO membership regulates 95 per cent of the world's securities market in more than 115 jurisdictions, including major emerging markets.
IOSCO is the international body that brings together the world's securities regulators and is recognised as the global standard setter for the securities sector. It develops, implements, and promotes adherence to internationally recognised standards for securities regulation, and works intensively with the G20 and the Financial Stability Board on the global regulatory reform agenda.
The holding of an IOSCO international conference in Jamaica, the first in this region, sends a signal to the international financial community that Jamaica is fully committed to the global standards established and has signed the requisite memoranda on international cooperation.
It is a unique opportunity for members of the Jamaican and regional financial sectors to interact with those who develop international standards, so they can participate in the deliberations and negotiations, and also gain insight as to what is on the agenda for implementation.
The public session will be declared open on Wednesday by Minister of Finance and the Public Service Audley Shaw.
The IOSCO Objectives and Principles of Securities Regulation sets out 38 principles of securities regulation, which are based upon three objectives of securities regulation. These are:
- Protecting investors.
- Ensuring that markets are fair, efficient and transparent.
- Reducing systemic risk.