The rejigged board for the group of global securities regulators, will initially be headed by the former head of its key policymaking committee.
Wednesday, at its annual conference in Beijing, the International Organization of Securities Commissions (IOSCO) announced that it is merging its policymaking committee, known as the technical committee, with its executive committee, and its Emerging Markets Committee Advisory Board, in order to streamline its structure.
On Thursday, IOSCO said that the former head of the technical committee, Masamichi Kono (vice commissioner for international affairs at the Financial Services Agency of Japan), has been appointed the first chairman of the new board.
Kono indicated that he plans to step down from the position in March 2013, and so the board also elected Greg Medcraft, chairman of the Australian Securities & Investment Commission (ASIC), to take over as chair when Kono departs. Medcraft will assume leadership of the board at its meeting in Sydney next March, and will serve until its annual conference in September 2014, which will be held in Rio de Janeiro.
The board also appointed two vice chairs: Ethiopis Tafara, the director of the Office of International Affairs at the US Securities and Exchange Commission, and Dr. Vedat Akgiray, chairman of the Capital Markets Board of Turkey.