Jean-Paul Servais, Chairman of the Financial Services and Markets Authority (FSMA), has been re-elected chair of the European Regional Committee of IOSCO, the international organization of financial market supervisors.
The European members of IOSCO re-elected Jean-Paul Servais to another two-year term as chair of the European Regional Committee, the European country group within IOSCO. He has held this position since October 2014.
IOSCO was founded in 1983 and comprises 129 supervisory authorities from 115 jurisdictions. The objective of the organization is to promote cooperation among market supervisors and to develop international standards and best practices. An important instrument in this regard is the IOSCO multilateral memorandum of agreement (MMoU).
The memorandum enables supervisory authorities to exchange information quickly among each other. The information may be used, among other things, in an investigation into market abuse practices, which increasingly have an international dimension and can in this way be tackled more efficiently. The memorandum has been signed by 123 supervisors, including the FSMA.
The European Regional Committee brings together the 50 European members of IOSCO. The Committee discusses IOSCO initiatives that relate to the strengthening of worldwide standards for financial markets, with particular attention to matters that are of relevance to Europe.
‘This re-election attests to the recognition and esteem for the work done by the FSMA at both national and international levels. Moreover, the chairmanship of the European Regional Committee enables the FSMA to exert significant influence on the international standards that the IOSCO develops at the request of the G20 and of the Financial Stability Board, and that increasingly affect Belgian financial regulation’, says Jean-Paul Servais.
The chairman of the FSMA is also vice chair of the IOSCO Board and chair of IOSCO’s audit committee. On behalf of IOSCO he also chairs the IFRS Monitoring Board.
More information about IOSCO’s activities can be found in the IOSCO work program for 2020.