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Six Jurisdictions To Join IOSCO In Fight Against Cross Border Securities Market Misconduct

International Organization of Securities Commissions (IOSCO) has invited six more securities regulatory authorities to become full signatories of the IOSCO multilateral memorandum of understanding (MMoU) concerning consultation, cooperation and the exchange of information.

The MMoU provides a mechanism through which securities regulators share with each other essential investigative material, such as beneficial ownership information, and securities and derivatives transaction records, including bank and brokerage records.

It sets out specific requirements for the exchange of information, ensuring that no domestic banking secrecy, blocking laws or regulations prevent the provision of securities enforcement information amongst securities regulators.

The number of jurisdictions which have been accepted as signatories to the MMoU now stands at 67, and will increase to with a further 43 jurisdictions which have been through the full verification process and are now expected to work to remove the impediments to full Appendix A signatory status. The full MMoU signatories can now request and share confidential information in the pursuit of cross-border securities offences.

Jane Diplock, chairman of the executive committee, said: “This is further proof of IOSCO’s members’, and their governments, commitment to protecting investors and the integrity of global capital markets from the risks posed by cross-border market misconduct. The expansion of the network of signatories will help to reduce the ability of offenders to evade detection where activities take place across different jurisdictions.”

Kathleen Casey, chairman of IOSCO’s technical committee, said: “IOSCO members’ promotion of cooperation and information exchange is a clear example of securities regulators’ commitment to the integrity of the global marketplace and gives further support to the G-20s’ aim of promoting information sharing and international standards with respect to policing and sanctioning market misconduct.”

Guillermo Larrain, chairman of IOSCO’s emerging markets committee, said: “ This action by emerging markets regulators demonstrates their commitment to improving investor protection which also increases the attractiveness of their markets to inward investment.”