IOSCO Report on Implementing FSB Recommendations on Securities Markets
IOSCO published report on implementation of the G20/FSB post-crisis recommendations aimed at strengthening securities markets. This implementation report was prepared by IOSCO’s Assessment Committee and is designed to provide further clarity on the recommendations and the role of securities market regulators in overseeing how these recommendations are implemented.
For this report, IOSCO has coordinated with FSB to analyze responses to securities-related recommendations in the five reform areas—that is, hedge funds; structured products and securitization; oversight of credit rating agencies (CRAs); measures to safeguard the integrity and efficiency of markets; and commodity derivative markets. IOSCO also coordinated with FSB to analyze responses to FSB’s 2017 Implementation Monitoring Network survey. The IOSCO Implementation Monitoring Report finds that most responding jurisdictions have taken steps to implement the G20/FSB recommendations and IOSCO guidance in each of the designated areas.
The report provides additional insights and analysis on the status of implementation of reforms in each of the five reform areas based on self-reporting by national authorities in FSB jurisdictions. Implementation is most advanced with respect to hedge funds, structured products and securitization, and the oversight of CRAs. In the area of safeguarding the integrity and efficiency of markets, where progress in implementation has lagged, jurisdictions reported that they have undertaken some work to harmonize and strengthen their rules. Given the focus of the post-crisis recommendations on strengthening financial stability, this exercise is consistent with IOSCO’s core objective of reducing systemic risk, in addition to the other two core objectives of protecting investors and ensuring fair, efficient, and transparent markets.
Related Link: Implementation Report (PDF)
Keywords: International, Securities, Hedge Funds, Structured Products, Securitization, CRA, Commodity Derivatives, Implementation Report, FSB, IOSCO
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