Howard Wetston, chairman of the Ontario Securities Commission (OSC), was re-elected vice chairman of the International Organization of Securities Commissions (IOSCO) at the group’s annual conference in Rio de Janeiro Thursday.
IOSCO said Wetston was re-elected vice chairman and Greg Medcraft, chairman of the Australian Securities & Investment Commission (ASIC), was re-elected chairman at the inaugural meeting of IOSCO’s newly constituted board, which now has 34 members, including representatives from Ontario and Quebec. IOSCO says that the new board “better represents the geographical diversity of IOSCO’s membership”.
The creation of the new board marks the end of a two-year transition period for the organization, which began in 2012 with the creation of its first-ever board by merging its key policymaking body, known as the technical committee, with its executive committee and emerging markets committee, in a bid to streamline the organizational structure.
The ASIC’s Medcraft became chairman of the group in March 2013. Thursday, he said he is committed to working with the board, “with a clear focus on our work in building trust and confidence in the global markets we regulate.”
IOSCO also announced that Ranjit Ajit Singh, chairman of the Securities Commission Malaysia, was re-elected chairman of the IOSCO Growth and Emerging Market (GEM) Committee and he continues ex officio as vice chairman of the board. Regulators from Brazil and South Africa were re-elected as vice chairs of the GEM Committee, too.