International Organization of Securities Commissions

IOSCO was born in 1983 from the transformation of its ancestor the "Inter-American Regional Association" (created in 1974) into a truly global cooperative. In 2003, IOSCO endorsed a comprehensive Principles Assessment Methodology. This tool allows the organization to objectively assess how well its members are implementing the IOSCO Principles and to help them create plans to fix any issues found. Then in 2005 IOSCO MMoU become the benchmark for international cooperation among securities regulators. ==Membership==

As of August 2024, IOSCO had 225 members. IOSCO members are divided into three main categories: • Ordinary members (120): primary securities and/or futures markets regulators in a jurisdiction. A stock exchange or self-regulatory organization may be an ordinary member, but only if it is the jurisdiction's primary securities regulator. Each ordinary member has one vote. • Associate members (33): other securities and/or futures regulators in cases where there's more than one per jurisdiction. For example, the Commodity Futures Trading Commission (CFTC) and the North American Securities Administrators Association in the United States are associate members of IOSCO given that the U.S. Securities and Exchange Commission is the ordinary member from the United States. Associate members have no vote and are not eligible for the executive committee; they are, however, members of the Presidents' Committee. • Affiliate members (72): include stock exchanges, self-regulatory organizations, and various stock market industry associations. Affiliate members have no vote, are not eligible for the executive committee, and are not members of the Presidents' Committee. Affiliate members that are self-regulatory organizations (SROs), are, however, members of the SRO Consultative Committee. == Governance and Oversight ==

Monitoring Group IOSCO chairs and participates in the Monitoring Group (MG), a collaborative body of international regulatory organizations established in 2003. The group was formed to modernize the governance of international audit and ethics standard-setting, ensuring it remains independent of the profession and responsive to the public interest. Key functions include: • Oversight and Nominations: The group is responsible for the selection and appointment of the members of the Public Interest Oversight Board (PIOB). The Monitoring Board acts as a formal link between the IFRS Foundation Trustees and public authorities. Its primary responsibilities include: • Governance and Appointments: Participating in the selection and approval of the IFRS Foundation Trustees. • Oversight of Standard-Setting: Reviewing the Trustees' oversight of the IASB and ISSB's due process and technical agendas. • Public Interest Referral: Referring accounting or sustainability disclosure issues of broad public interest to the IFRS Foundation for consideration. As of 2025, the Monitoring Board is chaired by Takashi Nagaoka of the Japan Financial Services Agency (JFSA) and consists of the following members: • The International Organization of Securities Commissions (represented by the IOSCO Board and the Growth and Emerging Markets Committee) • The European Commission • The Financial Services Agency of Japan (JFSA) • The Securities and Exchange Commission (SEC) of the United States • The Comissão de Valores Mobiliários (CVM) of Brazil • The Financial Services Commission (FSC) of South Korea • The Ministry of Finance of the People's Republic of China • The Financial Conduct Authority (FCA) of the United Kingdom • The Basel Committee on Banking Supervision (non-voting observer) == Structure ==

The organization is made up of a number of committees that meet several times a year at locations around the world supported by a permanent administrative General Secretariat. Administratively, IOSCO is run by a General Secretariat based in Madrid, Spain. The IOSCO Board is IOSCO's governing and standard-setting body. It is composed of 35 securities regulators; Jean-Paul Servais, Chairman of the Financial Services and Markets Authority, is the chair of the IOSCO Board. He is supported by a vice chair: Dr. Mohamed Farid Saleh, Executive Chairman, Financial Regulatory Authority, Egypt. Regional committees The Growth and Emerging Markets (GEM) Committee is the largest Committee within IOSCO and represents more than 75 percent of the IOSCO membership, including ten of the G20 members. Dr Mohamed Farid Saleh, Executive Chairman of the Financial Regulatory Authority, Egypt, is Chair of the GEM Committee. The GEM Committee comprises 92 members and 25 non-voting associate members who include the world's fastest-growing economies. Emerging economies are expected to represent a growing portion of IOSCO membership as new members continue to join. IOSCO is the only international standard setter that has a committee solely responsible for emerging market issues. This inclusiveness increases IOSCO's effectiveness and positions it to play a bigger part in shaping the global regulatory framework: The GEM has been allocated a seat on the IFRS Foundation Monitoring Board. IOSCO counts four regional committees: Africa / Middle-East (AMERC) chaired by H.E. Waleed Saeed Al Awadhi, chief executive officer, Securities and Commodities Authority, United Arab Emirates, Asia & Pacific (APRC) chaired by Ms. Julia Leung Chief Executive Officer of the Hong-Kong Securities and Futures Commission, European Regional Committee (ERC) chaired by Mr. Jean-Paul Servais Chairman of Belgium's Financial Services and Markets Authority, and Inter-American Regional Committee (IARC) chaired by Ms. Lucia Buenrostro Vice President of Regulatory Policy at the Mexican Comisión Nacional Bancaria y de Valores. == External cooperation ==

IOSCO is a member of, participates as an observer in, or coordinates with a number of other organizations. One of its most important relationships is with the Joint Forum of international financial regulators. IOSCO, along with the Basel Committee on Banking Supervision and the International Association of Insurance Supervisors, make up the Joint Forum. The IOSCO MOUs are considered the primary instruments to facilitate cross border cooperation, reduce global systemic risk, protect investors, and ensure fair and efficient securities markets. Additionally, IOSCO is a member of, participates as an observer in, or coordinates with a number of other international organizations, including the OECD, FSB, Financial Action Task Force on Money Laundering, IASB, PIOB, IMF, World Bank, and European Commission. == Policies ==

IOSCO adopted in 1998 a comprehensive set of Objectives and Principles of Securities Regulation (IOSCO Principles). These continue to be developed and expanded. IOSCO recommends all its members to adopt these and helps its members assess the level of compliance with the principles. These include; • Regulatory principles designed to improve auditor independence and auditor oversight • Regulatory principles for corporate financial disclosure and transparency • Regulatory principles regarding conflicts of interest for financial analysts • A code of conduct for credit rating agencies • A set of "core principles" for securities regulation designed to outline for IOSCO members what makes up "good" securities regulation • A multilateral memorandum of understanding on enforcement co-operation, through which IOSCO members pledge to provide each other with collecting information and witness statements in an enforcement investigation ==Leadership==

Secretary-General of IOSCO: • Paul Guy, 1987 - 1994 • Eudald Canadell, 1995 - 1998 • Peter B. Clark, 1998 - 2001 • Philippe Richard, 2001 - 2007 • Greg Tanzer, January 2008 - January 2012 • David Wright, March 2012 - March 2016 • Paul Andrews, March 2016 - December 2020 • Martin Moloney, September 2021 - August 2024 • Tajinder Singh (acting), August–December 2024 • , since January 2025 == Appendix ==

Ordinary Members The 120 Ordinary Members are: Associate Members The 33 Associate Members are: Affiliate Members The 72 Affiliate Members are: ==See also==