International Organization of Securities Commissions (IOSCO) has resolved to focus on key issues affecting regulators worldwide and proffer ways of tackling the challenges.
A statement issued by the Acting Head, Communications Department of the Securities and Exchange Commission (SEC) Nigeria, Mrs. Efe Ebelo, on the outcomes of the conference indicated that the International Organisation’s expressed commitment to assist member organizations tackle their challenges was part of the resolutions reached at the its 43rd Annual Conference in Budapest, Hungary.
According to her, the public sessions of the conference deliberated on four key issues: (1) the sale of unsuitable products to retail investors; (2) the challenges of Fintech and digitalization, (3) the shift from active to passively managed collective investment schemes, and (4) SME access to funding through capital markets.
She stated that the Board discussed how best to approach the continuing growth of Initial Coin Offerings (ICOs). It agreed to develop a Support Framework to assist members as they consider how to address the domestic and cross-border issues stemming from coin offerings that could impact investor or consumer protection.
The Chair of the IOSCO Board, Ashley Alder, was quoted as saying that “IOSCO members have taken important steps this week to advance IOSCO´s priority work in focused areas such as market resilience, financial technologies, and information sharing among securities market regulators, while addressing the biggest risks to investor protection, market integrity and financial stability.”
The Acting Director General of SEC Nigeria, Ms Mary Uduk, promised the determination of the SEC in advancing the initiatives which, she said, were aimed at protecting investors, ensuring fair, efficient and transparent markets, and mitigating systemic risk.
The conference also featured meetings of the IOSCO Board, IOSCO´s Growth and Emerging Markets (GEM) Committee, the four Regional Committees and the Affiliate Members Consultative Committee (AMCC).
