media release

10-127AD ASIC re-elected to IOSCO'S key Executive Committee

Published

During the 35th Annual Conference of the International Organisation of Securities Commission (IOSCO) held in Montreal from 6-10 June 2010, ASIC was successfully re-elected for another two-year term as a member of IOSCO's Executive Committee. Only nine elected positions were available on the Executive Committee in an organisation of more than 100 securities regulators.

The Executive Committee acts as the principal executive body of IOSCO. It meets periodically during the year to make decisions and undertake all actions in support of achieving IOSCO's objectives. It currently comprises 19 members and is chaired by Ms Jane Diplock, head of the New Zealand Securities Commission.

IOSCO is an international association of securities regulators that was formed in 1983. As a member of the FSB, IOSCO participates in the policy and technical discussions aimed at coordinating the global response to the recent financial crisis and by providing input on behalf of global securities regulators.

IOSCO's Executive Committee has recently reviewed the Organisation's strategic direction for the next five years, in order to take into account IOSCO's increased role in:

  • maintaining and improving the international regulatory framework for securities markets by settling international standards
  • identifying and addressing systemic risks
  • advancing implementation of the newly revised IOSCO Objectives and Principles of Securities Regulation
  • pursuing full implementation of the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information.

By playing a continuing key role in IOSCO's activities, ASIC actively represents and promotes Australia's interests in major regulatory issues relating to international securities and futures transactions and in coordinating practical responses to these concerns. Through its re-election to the Executive Committee, ASIC has ensured it is in a position to continue to exercise a strong leadership role internationally.

Membership on the committee also underscores ASIC's third priority, which is to facilitate international capital flows and international enforcement.