The Chairman of the Financial Services and Markets Authority (FSMA), Jean-Paul Servais, has been re-elected to the IOSCO Board.
'I am delighted that the FSMA continues to be represented on the IOSCO Board. This is a sign of the confidence our fellow supervisors have in the FSMA. It is also important for Belgium and for the FSMA, since serving in this capacity will enable us to strengthen and further develop our international cooperation on market supervision and the supervision of the integrity of market participants,' commented Jean-Paul Servais.
IOSCO, the international organization of securities commissions, held its annual general meeting this week in Beijing. The organization was founded in 1983 and currently has a membership of 155 national regulators. IOSCO's objective is to promote fair and sound market practices worldwide. To this end, it works to intensify collaboration among securities regulators and by developing standards and best practices.
A Multilateral Memorandum of Understanding (MMoU) has been developed by IOSCO, to which 86 countries, including Belgium, have signed on. The MMoU enables the regulators to exchange information quickly among themselves on matters such as investigations of market abuse.
At the general meeting, IOSCO adopted a new system of governance. The aim of the change is to ensure that IOSCO has a strengthened organizational structure that enables it to fulfil its role as leading international standard-setter of financial markets and to respond appropriately to requests from the G-20 and the Financial Stability Board.
Jean-Paul Servais was elected member of the IOSCO Board by the European Regional Committee. The Board (formerly the Executive Committee) is the governing body of IOSCO and has 32 members. The FSMA has also strengthened its presence within the various IOSCO working groups, which are responsible for preparing the standards and best practices which the organization establishes.