IOSCO published a report that sets out the findings of the thematic review on the progress jurisdictions have made in adopting legislation, regulation, and other policies in relation to the IOSCO principles in the 2014 report titled, “Recommendations Regarding the Protection of Client Assets.” The review reports on the status of adoption measures taken by participating jurisdictions and finds that a majority have generally adopted a client asset protection regime described by the IOSCO principles. The report includes a detailed discussion of implementation on a principle-by-principle basis and sets out overarching themes; it also describes differences in approaches and adoption measures taken by the participating jurisdictions under each of the eight principles.
The thematic review identifies the implementation progress of 38 IOSCO members from 36 jurisdictions in adopting legislation, regulation, and other policies in relation to intermediaries holding client assets addressed by the principles for the protection of client assets. Implementation progress varied by jurisdiction and across the eight principles. By jurisdiction, the progress was most advanced in the EU member jurisdictions and North America. In some other regions, including Latin America, implementation progress was less advanced. The most implemented principles were 2, 7, and 8 on Statements of Accounts, Regulators’ Oversight of Compliance, and Information on Foreign Jurisdictions, respectively. In contrast, Principle 3 on Arrangements to Safeguard Clients Assets was the least implemented. The review was a desk-based exercise, using responses provided by jurisdictions to a self-assessment questionnaire.
Keywords: International, Securities, Thematic Review, Client Asset Protection, IOSCO
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