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Iosco welcomes G20 communiqué

Date: Monday, April 6, 2009
Author: Hedgeweek.com

The International Organization of Securities Commissions has welcomed the statement of the G20 as an endorsement of its recent work to close the regulatory gaps in financial securities markets.

Jane Diplock, chairman of Iosco's executive committee (pictured), says: 'Iosco strongly supports the work of the G20 in developing effective responses to the global financial crisis, and welcomes its endorsement of recent actions taken by Iosco aimed at enhancing market transparency and underpinning market integrity.

'Iosco, as a member of the re-established Financial Stability Board, is committed to providing the necessary sectoral technical expertise to assist it in its enhanced role. Additionally, as an independent standard setter, Iosco will continue to formulate standards aimed at addressing gaps in securities markets regulation that it identifies.'

Diplock says that in recent months Iosco has undertaken a variety of projects in support of the G20's stated aims of strengthening transparency and accountability and promoting integrity in financial markets.

Its work has principally focused on: enhancing valuation methods and developing a single set of high-quality international accounting standards; updating Iosco's Code of Conduct for Credit Rating Agencies and assessing compliance with that code; developing recommended regulatory approaches to mitigating the potential risks posed by hedge funds; and proposing principles for the regulation of short selling. 

'Iosco has also forged ahead in facilitating easier and improved enforcement information exchange through both its Multilateral Memorandum of Understanding, which this week welcomed its 52nd signatory, and its efforts to generate improvements in cross-border cooperation with 'non-cooperative jurisdictions'. The latter has begun to yield significant results,' adds Diplock.