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The effects of Covid-19 on the global securities industry featured prominently at the annual gathering of global regulators.

Following the annual meeting of the International Organization of Securities Commissions (IOSCO) — which was originally scheduled for Dubai in June, but was ultimately held online in November — the IOSCO board approved the addition of two new items to the global regulatory agenda.

For 2021, the group has pledged to address financial stability and systemic risks in the shadow banking sector, as well as a variety of pandemic-related issues, including operational resilience, remote working and the emergence of frauds, scams and misconduct stemming from the pandemic.

IOSCO’s board also approved a report from its Retail Market Conduct Task Force that aims to help local regulators deal with “emerging conduct issues in retail markets arising from the pandemic and other similar crises.”

“The board discussed further work for the task force aimed at strengthening investor confidence and trust in the markets,” IOSCO said.

Additionally, the board agreed to take on several emerging issues, including the impact of the pandemic on securities trading market structure, the operations of trading venues and business continuity planning.

IOSCO’s board also agreed to develop recommendations for audit committees on goodwill impairment; to examine potential valuation issues in financial reporting, auditing and disclosure; and to have its task force on sustainable finance examine ways to enhance sustainability disclosures and related financial reporting.

“Though the annual meeting was virtual this year, members made tremendous progress in addressing the emerging risks arising from the Covid-19 pandemic and other critical matters such as climate change and financial stability issues,” said Ashley Alder, chair of the IOSCO board.