International Organization of Securities Commissions (IOSCO)

The International Organization of Securities Commissions (IOSCO, external link) focuses on cooperation in the development, implementation and enforcement of international standards in the regulation and supervision of capital markets to protect investors, promote fair, efficient and transparent markets, and address systemic risks. Its activities also include information exchange and cooperation among the relevant capital market supervisory authorities in the conduct of supervision and related enforcement processes in matters concerning market abuse, the effective monitoring of international securities trading, sharing experience to foster market development, strengthening market infrastructure and implementing appropriate regulation, defining the legal framework for international cooperation among capital market supervisory authorities and collaborating with other international organisations. IOSCO members regularly use the Multilateral Memorandum of Understanding (MMoU) as part of their supervisory activities in the capital market.

The CNB’s membership in IOSCO was established in 2006 through the transfer of the agenda of the Securities Commission, which had been a member of IOSCO since September 1998. IOSCO currently has more than 200 members representing over 130 jurisdictions worldwide. Participation in its activities is possible through three types of membership: ordinary membership, associate membership and affiliate membership. IOSCO’s organisational structure includes standing committees (Presidents Committee, IOSCO Board, Growth and Emerging Markets Committee, Affiliate Members Consultative Committee, Assessment Committee, GEM Steering Committee, Regional Committees, Policy Committees) and working groups.

The CNB is represented on the European Regional Committee, the Growth and Emerging Markets Committee and the Presidents Committee, and participates in the IOSCO Annual Conference. Since March 2007, the CNB has also been a signatory to the IOSCO Multilateral Memorandum of Understanding (MMoU) on cooperation and information exchange. Under this agreement, the CNB actively cooperates with the relevant supervisory authorities and exchanges pertinent supervisory information on individual supervised entities with them.