Jean-Paul Servais, chairman of the Financial Services and Markets Authority (FSMA), has been re‑elected vice chair of IOSCO, the international organization of financial markets supervisors.
On 9 June 2020, the IOSCO Board re-elected Jean-Paul Servais as vice chair of the organization for a new two-year term. He has held this position since 2016. Last February, the chairman of the FSMA was also re-elected for another two-year term as chair of the European Regional Committee, the body comprising all the European countries within IOSCO. He has chaired that committee since October 2014.
IOSCO was founded in 1983 and its membership comprises 129 supervisory authorities from 115 countries. These members regulate over 95% of the world’s capital markets. The objective of the organization is to promote cooperation among market supervisors and to develop international standards and best practices.
The European Regional Committee, for its part, is made up of the 50 European members of IOSCO. The Committee discusses IOSCO initiatives that relate to the strengthening of international standards for financial markets, with particular attention to matters that are of relevance to the European region.
As Jean-Paul Servais notes, ‘This re-election is a recognition of the work done by the FSMA at both national and international levels, as is evident from the many initiatives taken by the FSMA that are rightly regarded internationally as examples to be followed. The FSMA will continue to commit itself fully to its role, which enables it to make an important contribution to the development and support of financial supervisory standards at international and European levels. The impact of the latter at national level is becoming increasingly important’.
IOSCO has also published a media release to this effect.