The umbrella group of global securities regulators, the International Organization of Securities Commissions (IOSCO), is streamlining its structure.
At its annual conference in Beijing Wednesday, IOSCO announced that a transitional board was created to absorb the functions of its executive committee; its key policymaking body, known as the Technical Committee; and its emerging markets committee. The group said that the merger of these committees streamlines its governance structure and decision-making process.
The new board will hold its inaugural meeting on May 17, and at that time, the 32 members of the new board are expected to appoint a new chair and vice-chairs for the duration of the two-year transitional period.
Additionally, during the conference, IOSCO members have been discussing the need for alternative sources of financing, including the possible creation of a foundation. It says that new funding would go towards expanding services to its members, including technical assistance, education and training, and research on global securities market issues.
A substantial portion of that funding would be earmarked for capacity building in emerging markets, it adds. And, a task force has therefore been formed to define the role of the emerging markets committee within the new IOSCO architecture.
The public sessions at the conference focus on financial market infrastructures and market integrity, capital markets development in emerging markets, and regulation of commodity futures and financial derivatives.
The next IOSCO annual conference is slated for Luxembourg in September 2013.