OVERVIEW OF THE WORK
OF
THE COUNCIL OF SECURITIES REGULATORS OF THE AMERICAS
COSRA provides a forum for mutual cooperation and communication to enhance the efforts of each country in the region to develop and foster the growth of sound securities markets that are fair to all investors. Formed in 1992, COSRA is a vibrant international organization that has proven, through its principles listed below, to have a significant impact on the international cooperative efforts of securities regulators throughout the region.
One of COSRA’s strengths is the participation of regulators throughout the region, including developed and developing markets. Membership in COSRA is open to all securities regulatory authorities of North, South, and Central America, as well as the Caribbean; due to an effective outreach program, the membership of COSRA has grown from 17 members in 1992 to 31 members of 26 countries today. COSRA members are working together to develop the highest quality and most compatible regulatory structures so that market integrity is maintained while the aggregate regulatory burden placed on the market is minimized.
Objectives:
At its formation, the membership agreed to concentrate in the following areas:
More detailed information may be obtained in COSRA’s BY-LAWS.
Reports Issued:
COSRA already has done much to promote compatible securities regulation by creating and adopting principles that commit securities regulation in the Americas to the development of the world’s safest, fairest, and most transparent securities markets. Main reports issued by COSRA are:
1998 Work Program
Investor Education
For capital markets to grow and mature, there need to be widespread participation in the markets. It is the responsibility of securities regulators to ensure that individual investors learn how to invest wisely and avoid fraud and abuse.
For these reasons, COSRA developed an investor education and protection campaign that should serve as a catalyst throughout the region. To better communicate the importance of investor education throughout the hemisphere, COSRA launched an investor education and protection awareness week during March of 1998. All COSRA members conducted investor education initiatives in their countries. Core information about the importance of investing, how to choose investments wisely, and use of investment professionals were communicated to investors, including through the use of a brochure developed by COSRA.
Collective Investment Schemes
COSRA members agreed upon a work on collective investment schemes (both open and closed-ended) to establish ways to enhance investor protection, and facilitate the safe custody of collective investment schemes.
The provision of investment management services through collective investment schemes has proliferated throughout the region and COSRA members believe it important that collective investment schemes are operated fairly and their assets are safeguarded. To enhance investor protection, COSRA members examined ways to ensure fair dealings in the management of collective investment schemes.
1999 Work Program
Clearance and Settlement Systems
COSRA recognizes the importance of regulatory oversight of clearance and settlement systems. Regulators should have the authority to promote efficiency, safety and fairness through the oversight of system membership and operating standards.
COSRA members produced a report that provides information about the mechanisms used in the region to supervise clearance and settlement activities, general trends in regulatory approaches, and various operational approaches to the development of clearance and settlement systems. This report aim at enhancing investor protection by providing alternative mechanisms for improving clearance and settlement systems that are useful for those countries that are developing their regulatory schemes, as well as those seeking to enhance current schemes.
Investor Education
COSRA members decided to continue the investor education and protection awareness week held in April of 1999. This year, the campaign centered on teaching the youth of the Americas – those who were still in school or just entering the work force – the basis of saving and investing. COSRA members also participated in other initiatives like: town meetings, radio and television shows, seminars, brochures, public service announcements and toll free telephone numbers for investor questions and complaints.
COSRA members also agreed to continue this campaign for a third year, the year 2000.
Election of COSRA Leadership
The COSRA membership elected the Comisión Nacional de Valores of Argentina as the Chair and the Superintendencia de Valores y Seguros of Chile as the Vice-Chair for 1999-2000.
Participants
This year, the British Columbia Securities Commission of Canada joined COSRA.
2000 Work Program
Corporate Governance
Corporate Governance is the framework through which a company’s objectives are set, and the board and management are motivated to pursue objectives that are in the interest of the company and its shareholders. COSRA will examine corporate governance practices within its member countries with the goal of encouraging adherence to high quality internationally acceptable principles of corporate governance.
Clearance and Settlement Systems
COSRA members agreed to continue their work on securities clearance and settlement systems with a view to updating its report on clearing and settlement by enlarging its scope in the following areas:
Investor Education
As decided in 1999, the campaign for investor education will continue to be realized. At the February 2000 roundtable, COSRA members will join together to announce the 2000 Campaign.
Current work Program
Current work program is mainly on market access for small and medium enterprises
COSRA's Former and current Presidents
Addresses of COSRA’s President and Vice-president