Featured Product

    IOSCO Board Sets Out Work Priorities for 2023-2024

    April 05, 2023

    The Board of the International Organization of Securities Commissions (IOSCO) sets out its 2023-2024 work plan to further its core objectives of protecting investors, maintaining fair, efficient, and transparent markets, and addressing systemic risks. Additionally, IOSCO published a report on international work to develop a global assurance framework for sustainability-related corporate reporting.

    The 2023-2024 Work Program builds on ongoing priorities identified in the 2021-2022 work program, the internal workplans of the Board-level Financial Stability Engagement Group (FSEG) and Board Taskforces, selected sectoral initiatives of IOSCO Board Committees, as well as new workstreams to emerge from the Board prioritization discussions of October 2022 that were supported by the 2023 Risk Outlook. As part of the 2023-2024 work priorities, IOSCO will:

    • maintain its resolve to strengthen the financial resilience of the global capital markets by addressing the pre-identified vulnerabilities in the Non-Bank Financial Intermediation sector (NBFI), in tandem with the Financial Stability Board (FSB).
    • identify and assess emerging risks and vulnerabilities within the private finance sector as a new priority for the 2023-2024 work program. The work will seek to understand how and whether risks in this area could spill over to public capital markets (that is, the primary issuance and secondary trading markets) and/or harm investors, undermine market integrity, or potentially give rise to systemic risk.
    • focus on delivering work under its core mandates of supporting market effectiveness and protecting investors.
    • focus on follow up work stemming from IOSCO’s Retail Market Conduct Task Force stock-take of regulatory approaches regarding conduct in retail markets, published in first quarter of 2023.
    • continue its efforts in contributing to the urgent goal of improving the completeness, consistency and comparability of sustainability reporting under the stewardship of its Board-level Sustainability Taskforce (STF).
    • review the first set of standards developed by the IFRS International Sustainability Standards Board (ISSB) to determine whether they can be endorsed as a global framework for sustainability related corporate disclosures.
    • maintain the momentum reached under its July 2022 crypto-asset roadmap, to assess and respond to the risks associated with crypto-asset market activities and decentralized finance under the stewardship of the Board-level Fintech Taskforce (FTF).
    • sustain its efforts in other important areas, including matters of special importance to growth and emerging markets (GEM), its collaboration with the FSB and standard setting bodies, as well as implementation monitoring, capacity building for its members and supporting investor education as a critical pillar of investor protection.

    The report on sustainability-related corporate reporting elaborates on IOSCO’s support for the ongoing work of the international standard-setters—the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA)—to develop profession-agnostic assurance and ethics (including independence) standards over sustainability-related information. Both standard-setters aim to issue exposure drafts in the second half of 2023, approving the standards on a timeframe that should allow for issuers and assurance providers to familiarize themselves with the content ahead of the end-2024 reporting period. The report findings show that there is growing demand among investors for high-quality assurance over sustainability-related information. Thus, IOSCO encourages continued strong system-wide engagement by all stakeholders in the development of a high-quality assurance framework and supporting capacity building across the ecosystem.

     

    Related Links


    Keywords: International, Banking, Securities, Reporting, Work Program, Sustainable Finance, Disclosures, ESG, NBFI, Regtech, Decentralized Finance, Crypto-Assets, ISSB, IOSCO

    Featured Experts
    Related Articles
    News

    ECB Finds Banks Unprepared for Pillar 3 Climate Risk Disclosures

    The European Central Bank (ECB) published results of the 2022 supervisory assessment of climate-related and environmental risk disclosures among significant institutions (103) and a selected number of less significant institutions (28).

    April 21, 2023 WebPage Regulatory News
    News

    NCUA Assesses Credit Union Exposure to Climate-Related Physical Risks

    The National Credit Union Administration (NCUA) released a Research Note that examines the exposure of credit unions to climate-related physical risks. In a related development

    April 21, 2023 WebPage Regulatory News
    News

    EBA Issues Multiple Regulatory and Reporting Updates for Banks

    The European Banking Authority (EBA) is seeking comments, until July 31, 2023, on the draft Guidelines on the proposed common approach to the resubmission of historical data under the EBA reporting framework.

    April 21, 2023 WebPage Regulatory News
    News

    EC Adopts Regulation on Own Funds, Issues Other Updates

    The European Commission adopted Delegated Regulations on own funds and eligible liabilities, on requirements for the internal methodology under the internal default risk model

    April 20, 2023 WebPage Regulatory News
    News

    CDP Platform to Report Plastic-Related Impact, Issues Other Updates

    The Carbon Disclosure Project (CDP) announced that its global environmental disclosure platform has enabled reporting on plastic-related impact for nearly 7,000 companies worldwide

    April 19, 2023 WebPage Regulatory News
    News

    IASB to Enhance Reporting of Climate Risks, Proposes IFRS 9 Amendments

    The International Accounting Standards Board (IASB) updated its work plan to enhance the reporting of climate-related risks in the financial statements,

    April 19, 2023 WebPage Regulatory News
    News

    BIS Addresses Data Gaps and Macro-Prudential Policy for Climate Risks

    The Financial Stability Institute (FSI) of the Bank for International Settlements (BIS) published a brief paper that examines challenges associated with the use of macro-prudential policies to address climate-related financial risks.

    April 17, 2023 WebPage Regulatory News
    News

    FCA Sets Out Business Plan, Launches TechSprint on Greenwashing

    The Financial Conduct Authority (FCA) published its business plan for 2023-24. The plan sets out details of the work planned for the next 12 months to achieve better outcomes for consumers and markets

    April 17, 2023 WebPage Regulatory News
    News

    UK Committee Sets Out Recommendations for Next Phase of Open Banking

    The Joint Regulatory Oversight Committee (JROC), comprising the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) as co-chairs and the HM Treasury and the Competition and Markets Authority (CMA) as members

    April 17, 2023 WebPage Regulatory News
    News

    ECB Publishes Multiple Regulatory Updates for Banking Institutions

    The European Central Bank (ECB) published the results of the 2022 climate risk stress test of the Eurosystem balance sheet,

    April 17, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8873