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FSMA becomes Chair of the Monitoring Board of the International Accounting Standards Board

Press release

The chairman of the Financial Services and Markets Authority (FSMA), Jean-Paul Servais, has been named the new chairman of the IFRS (International Financial Reporting Standards) Foundation Monitoring Board.

The Monitoring Board was created in 2009 with the aim of overseeing the IFRS Foundation, whose Trustees in turn exercise oversight over the IASB (International Accounting Standards Board). The IASB, as an independent, private-sector international body, sets international standards for reporting in annual reports and financial statements (IFRSs). The IASB is based in London and employs a staff of 150.

The Monitoring Board is made up of members of various prominent market regulators. At the moment, the Monitoring Board consists of representatives of securities regulators from the United States, Brazil, Japan and South Korea and representatives of the Chinese Ministry of Finance, the European Commission and IOSCO. The Basel Committee on Banking Supervision participates in the meetings of the Monitoring Board as an observer. The Monitoring Board consults regularly with the Trustees and the chairman of the IASB regarding accounting matters of general interest, and is the linchpin of the public accountability of the IASB and the IFRS Foundation. The Monitoring Board strives to ensure the development of high-quality IFRS standards that are currently used in more than 80 per cent of jurisdictions worldwide. In the European Union, around 6000 issuers on the regulated market apply the IFRSs.

The Monitoring Board elected Jean-Paul Servais as the successor to Ryozo Himino, vice-minister at the Japanese financial supervisory authority. The chairman of the FSMA will head the Monitoring Board for a period of two years. His term of office begins on 1 March 2017. The FSMA Chairman became a member of the Monitoring Board as a representative of the International Organization of Securities Commissions (IOSCO), of which he has been vice-chairman since last year.