ORGANIZATIONS OF SECURITIES REGULATORS

IOSCO

COSRA

IIMV

 

 

 

IOSCO
Link to IOSCO's Home Page

INTERNATIONAL ORGANZATION OF SECURITIES COMMISSIONS

The International Organization of the Securities Commissions - IOSCO was created in 1983. Currently, it has more than 130 members from 80 different countries, which are responsible for almost all of the world's market capitalization. Consequently, the organization has become the leading international forum for the authorities which regulate the securities and futures markets.

Its objectives are the following: to promote, through cooperation, high regulatory standards to keep markets secure, efficient, and fair; to exchange the information and experience required for the development of domestic markets; to combine forces to establish international standards for accounting and auditing, and an efficient system to oversee international transactions on capital markets; provide mutual assistance on investigations, to ensure rigorous enforcement of laws and sanctions against breachers.

IOSCO is composed of the following committees:

Presidents Committee: determines the issues that are deemed necessary to achieve the organization's goals, through annual meetings; it is made up of the various presidents of commissions or governmental regulatory authorities.

Executive Committee: oversees operations and makes the decisions necessary to achieve the Organization's objectives, including approval of the annual budget and recommendations on the admission of new members. Nineteen countries form the membership.

Regional Committees: these have the responsibility of debating specific regional issues. There are four regional committees, namely: Africa/Middle East; Interamerican; Asia/Pacific; and European.

Technical Committee: created in May, 1987, to study the main technical issues connected with global securities markets. It is made up of the regulatory agencies from: Australia, Germany, Canada-Ontario, Canada-Quebec, France, Hong Kong, Italy, Japan, Mexico, the Netherlands, Spain, Sweden, Switzerland, the United Kingdom, and the United States of America (Securities and Exchange Commission and the Commodity Futures Trading Commission).

Emerging Markets Committee: comprised of IOSCO members which regulate emerging securities markets. Its goal is to promote the development of emerging markets through the exchange of technical information, harmonization of rules, and standardization of procedures.

Consultative Committee: formed by the self-regulatory organizations, its objective being the support to the ongoing work of the other IOSCO committees. The Rio de Janeiro Stock Exchange- BVRJ, the São Paulo Stock Exchange - BOVESPA, and the Commodities and Futures Exchange - BM&F are members of IOSCO and participate in the Committee.

IOSCO has also compiled a series of Resolutions whose objective is to incentive the exchange of information, harmonize regulatory standards, and fix standards which will encourage compliance, mainly regarding cross-border issues. The IOSCO Resolutions are the following:

  • Resolution Concerning Mutual Assistance (the Rio Declaration);

  • Resolution on Cooperation;

  • Resolution on Principles for the Oversight of Screen-Based Trading Systems for Derivative Products;

  • Resolution on International Conduct in Business Principles;

  • Resolution on Money Laundering;

  • Resolution Concerning International Standards on Auditing;

  • Resolution on the Supervision of Financial Conglomerates;

  • Resolution on Transnational Securities and Futures Fraud;

  • Resolution Concerning Accounting Standards (IAS7);

  • Resolution on Coordination Between Cash and Derivatives Markets;

  • Resolution on Commitment to Basic IOSCO Principles of High Regulatory Standards and Mutual Cooperation and Assistance.

The CVM was a founding member of IOSCO, which, during its early days, was focused on the Americas. The CVM has already hosted two annual conferences of IOSCO in Rio de Janeiro, in 1979 and 1987.

The CVM has played an active role in the work carried out by IOSCO and, as a result, it has been given the chairmanship of the Interamerican Committee from 1995 to 1996 and of the working group responsible for enhancing the regulation on investment funds.

Moreover, the CVM is represented in the other 4 working groups of the Emerging Markets Committee, more specifically: disclosure and accounting; regulation of secondary markets; regulation of intermediaries; enforcement and exchange of information. It has also produced a series of technical reports and has frequently made its presence felt at the panels during IOSCO conferences.

Currently, the CVM is also a member of the Executive Committee. As a result, the CVM may influence the formulation of policy and administrative decisions which are crucial both for the organization and for capital markets worldwide.

Another initiative that CVM is part is the Join Task force between IOSCO and BIS/CPSS. CVM has initiated its collaboration with this Task Force in mid 2000. Since then, we have participated in the elaboration of two studies, both edited by the International Compensation Bank (BIS): Recommendations for Securities Settlement Systems, which goal was to establish minimum standards for the bonds and securities settlement industry, and its complement, the Assessment Methodology for Recommendations for Securities Settlement Systems, which envisioned the creation of an assessment methodology to implement the Recommendations. Nowadays, the Task Force is working on a new study, which goal is to establish risk management standards to clearing & settlement entities that act as central counterparts. CVM is the only institution of South America represented at the Task-Force.

This combined series of initiatives has led to a noticeably higher quality of the domestic regulatory panorama and to proposals to improve the quality of our legislation.

 

COSRA
COSRA

EspañolLos documentos COSRA podrán ser obtenidos en Español en la sección de documentación

 

IIMV
IIMV

IBEROAMERICAN INSTITUT FOUNDATION

The IberoAmerican Institut Foundation, is a non-profitable organization, and its main objectives are to promote a better knowledge of the structure and regulatory enviroment of the securities market of the region, to develop transparency and integrity at this market, and also enhance the relationship between regulators, market profissionals, and the private enterprises.

Intending to achieve these goals, the Foundation created a plan containing diferent programs, such as:

  • Disclosure program - which includes the difusion of an electronic newsletter, publication of a magazine every four monhts, and setting a website in the internet;

  • Research program - which includes the organization of seminars and workshops to search regulatory issues;

  • Cooperation program - which includes the hosting of an annual meeting.

Brazil has been recently elected chairman of the Board of Chairmans, and will be represented by current CVM´s Chaiman, Mr. José Luiz Osorio de Almeida Filho. The headquarters of the Foundation is located in Madrid, Spain.

 

 

E-mail: intl@cvm.gov.br