By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)- The board of the International Organisation of Securities Commissions (IOSCO) said on Friday it met in Seoul this week to push forward the Commissions work on securing strong, safe and efficient securities markets, which are drivers of global economic growth, a statement from the Commission affirmed.

This is coming on the heels of a round table discussion on the impact of technical innovation – or digital disruption— on financial markets and services.

IOSCO says its board discussed with industry experts how the fast pace of the digital revolution is changing the way financial markets operate, and how securities regulators should address the new challenges and opportunities that emerge.

“The round table discussion was a good example of IOSCO’s resolve to anticipate significant change and understand the different types of emerging risks that could weaken global markets and undermine investor trust. We need to work with all stakeholders to harvest the opportunities that new technologies can deliver, while mitigating the potential risks,” Greg Medcraft IOSCO’s chairman said.

According to him, the board of the global securities regulator discussed and advanced policy, organisational and strategic issues.

On policy issues the board discussed its priorities for 2015 and advanced IOSCO’s important work with the FSB on non-Bank on-Insurance SIFI’s and discussed the timing of implementation of margin requirements for non-cleared OTC derivatives.

Also discussed on the policy issues include the Commission’s mainstream role and contributions to FSB priorities in 2015, including central counterparties (CCPs), asset management and conduct risk.

Still on policy issues, IOSCO said it supported development of new mandates on secondary bond market liquidity and order routing incentives.

IOSCO affirmed that it also focused on current risks in capital markets and provided direction on a proposal to identify the risks and vulnerabilities in market based financing and a proposal to develop tools for identifying data gaps and eliminating barriers to data gathering.

In the same vein, IOSCO says it discussed it’s important work on cyber resilience, investor protection, credible deterrence, IOSCO’s Extended Multilateral Memorandum of Understanding on cooperation and the exchange of information and cross border regulation.

The Commission further affirmed that it received updates from the UK Financial Conduct Authority about their ‘fair and effective markets review’ and the opportunities for IOSCO to better understand the role it might play in the important global dimensions of that work.

IOSCO said it discussed a forward plan for its Assessment Committee to monitor and assess implementation of its Principles and Standards.

Medcraft says the board’s work plan underscores IOSCOs commitment to building trust and confidence in the markets members regulate.  “Without this trust and confidence, the markets we regulate won’t do their job of supporting economic growth,” he added.

Similarly on the organisational and strategic issues, the board heard updates on a project to agree, resource and fund a Strategic Direction to 2020.   

The global securities regulator said its board moved forward on shaping IOSCO’s future capacity building, which seeks to build strong regulatory frameworks in emerging capital markets.

It added that the board discussed details of a new Online Toolkit for Regulatory Capacity Building and the design of new modules for education and training and technical assistance on risk-based supervision and enforcement, in addition to two regional training seminars for the coming year in.  

Also, the board of the global securities regulator said it agreed in principle to establish pilot IOSCO regional capacity-building hubs hosted by member jurisdictions. “The pilot hubs will support IOSCO’s integrated capacity building approach by delivering capacity building activities and programs to securities regulators in the various regions,” it affirmed.

The Commission disclosed as part of its ongoing efforts to promote international cooperation on enforcement, it invited the Bank of Russia and the Financial Services Commission of Jamaica to become signatories of the MMoU on cooperation and the exchange of information, which would bring to 105 the total number of signatories.

The MMoU is the instrument used by securities regulators around the world to fight cross-border fraud and misconduct.