The Board of the International Organization of Securities Commissions (IOSCO) has published a report on the implementation of the G20/FSB post-crisis recommendations aimed at strengthening securities markets.
The Implementation Report: G20/FSB Recommendations related to Securities Markets was prepared by IOSCO’s Assessment Committee and is designed to provide further clarity on the recommendations and the role of securities market regulators in overseeing how these recommendations are implemented. For this report IOSCO coordinated with the Financial Stability Board (FSB) to analyse the responses to the FSB’s 2017 Implementation Monitoring Network (IMN) survey.
IOSCO’s Implementation Monitoring Report finds that most responding jurisdictions have taken steps to implement the G20/FSB recommendations and IOSCO guidance in each of the designated areas.
Similar to last year, implementation is most advanced with respect to hedge funds, structured products and securitisation, and the oversight of credit rating agencies (CRAs). In the area of safeguarding the integrity and efficiency of markets, where progress in implementation has lagged, jurisdictions reported that they have undertaken some work to harmonise and strengthen their rules.
The report covers the following areas relating to securities markets:
- Hedge funds;
- Structured products and securitisation;
- Oversight of CRAs;
- Measures to safeguard the integrity and efficiency of markets; and
- Commodity derivative markets.
Since 2010, the FSB has conducted an annual IMN survey on implementation of agreed G20/FSB recommendations. On 3 July 2017, the FSB published Implementation and Effects of the G20 Financial Regulatory Reforms, which reported on the high-level summary of jurisdictions’ implementation status to the G20 Leaders’ Summit in Hamburg. On 3 November, the FSB published Implementation of G20/FSB financial reforms in other areas, which provides a detailed analysis of the status of implementation based on jurisdictions’ responses to the 2017 FSB IMN survey.