Jean-Paul Servais, Chairman of the Financial Services and Markets Authority (FSMA), has been elected the new chair of IOSCO, the international organization of securities commissions. This is the first time a Belgian has been chosen to chair this international body.
IOSCO is a network of more than 130 national supervisory authorities, which are legally responsible for supervising financial markets and for conduct and product supervision. The organization was established in 1983 and its membership regulates 95% of the international financial sector.
At the annual meeting of IOSCO in Marrakech, the chairman of the FSMA, Jean-Paul Servais, was elected chair of the IOSCO Board for a two-year term.
“My election is a token of appreciation of the work the FSMA has already done at both national and international levels. The fact that the Belgian supervisory authority was chosen to lead IOSCO is a sign of the confidence of its fellow supervisors in the FSMA’s know-how. I would like to thank the members of the IOSCO Board for their support and their trust,” Jean-Paul Servais stated after the vote.
The chairman of the FSMA has been very active within IOSCO in recent years. He has held the post of vice-chair of the organization since 2016. He also chairs the European Regional Committee, was chair of the IOSCO Finance and Audit Committee, and headed up a working group on the regulation of special purpose acquisition companies (SPACs). On behalf of IOSCO, he chairs the IFRS Foundation’s Monitoring Board, which oversees the work on sustainability reporting done by the International Sustainability Standards Board. He is also co-chair of the Monitoring Group responsible for monitoring international audit standard-setting.
IOSCO’s objective is to promote fair and sound market practices worldwide and thereby to contribute to investor protection and the integrity of the financial markets. To this end, it works to intensify collaboration among market supervisors, in particular by enforcing financial legislation and exchanging information about matters such as market abuse. It also develops standards and makes recommendations about good practices for the use of national supervisors.
In recent years, IOSCO has worked closely with the Financial Stability Board (FSB), the international body that monitors the stability of the financial system. Under Jean-Paul Servais’ chairmanship, IOSCO will further strengthen the ties with the FSB and work together on topics such as shadow banking, the digitalization of financial services, cryptoassets and financial risks due to climate change.
The members of the new IOSCO Board are:
|
Australia, ASIC Bahamas, SCB Bangladesh, BSEC Belgium, FSMA Brazil, CVM China, CSRC Egypt, FRA France, AMF Germany, BaFin Greece, HCMC Hong Kong, SFC India, SEBI Ireland, CBI Italy, CONSOB Japan, FSA Korea, FSC/FSS Kuwait, CMA Malaysia, SC Mauritius, FSC |
Mexico, CNBV Morocco, AMMC Netherlands, AFM Oman, CMA Ontario, OSC Peru, CMV Quebec, AMF Saudi Arabia, CMA Singapore, MAS Spain, CNMV Sweden, FI Switzerland, FINMA Turkey, CMB United Kingdom, FCA United States, CFTC United States, SEC AMCC Chair, NFA Europe, ESMA |
IOSCO has published this press release about its new chairman.
