The International Organisation of Securities Commissions has said capital markets across the world are driving economic growth more than ever before. The organisation said this, while pledging that it would continue to strengthen capital markets as drivers of economic growth in a statement it published on its website. In line with this, the organisation had at its annual meeting in Rio de Janeiro, Brazil held public sessions focusing on the themes of enforcement, corporate governance, long-term financing for economic growth and investor protection and education as drivers of investor confidence. According to the statement, the public session had followed the conclusion of IOSCO’s private meetings in which members furthered their work to build robust and well-regulated global financial markets aimed at promoting sustainable long-term economic growth in all parts of the world. The Chairman, IOSCO Board, Mr. Greg Medcraft, was quoted as saying, “The markets we regulate are becoming increasingly important sources of finance driving global economic growth. Our work agenda continues to be about building trust and confidence in global capital markets which are fair, efficient, transparent and free of systemic risk.” The statement added that during the meeting the IOSCO Board, comprising securities regulators from both developed and growth and emerging markets, furthered a number of key initiatives. It said the initiatives were furthered from the perspective of securities regulators to help restore trust in securities markets through investor protection, address systemic risks and to allow markets to play their role in furthering economic growth. These, according to it, include steps to finalise the methodologies for identifying non-bank non-insurance systemically important financial institutions in the market intermediary and asset management space. It also includes work with the Basel Committee on Banking Supervision to support the development of sustainable securitisation markets as an important source of funding for the real economy, among others. The board also moved to strengthen audit quality through investigating the important role of audit committees in improving audit quality, strengthening IOSCO’s cooperation with other strategic partners, like the International Forum of Independent Audit Regulators, and contributing to reforms considered necessary in order to further strengthen the public interest in the Audit-Related Standard Setting Governance, among other things. The statement said, “Board members agreed for IOSCO to carry out work on the voluntary termination of collective investment schemes and to examine the products offered by credit rating agencies other than issuer or subscriber-paid credit ratings. “The Board also advanced a cross-sectoral initiative to address cyber risks in financial markets and agreed to further work aimed at improving the identification of emerging risks.” Copyright PUNCH. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH. Contact: editor@punchng posted on October 07, 2014 at 04:19AM Send an email to Joseph T. Obagbemisoye 08140584469 or 08086797418 Like JTNNG on facebook facebook/jtnng91 View Joseph T. Obagbemisoyes profile on facebook facebook/jtob91 Follow @jtob91 and get followed also jtnng.blogspot/
Posted on: Tue, 07 Oct 2014 03:34:24 +0000
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