International Organization of Securities Commissions (Iosco) revealed the conclusion of its private meetings in which members furthered their work to build robust and well-regulated global financial markets.

Iosco board, comprising securities regulators from both developed and growth and emerging markets, furthered a number of key initiatives from the perspective of securities regulators to help restore trust in securities markets.

The initiatives focused on investor protection, addressing systemic risks and allowing markets to play their role in furthering economic growth.

“The markets we regulate are becoming increasingly important sources of finance driving global economic growth.  Our work agenda continues to be about building trust and confidence in global capital markets which are fair, efficient, transparent and free of systemic risk,” Board Chairman Greg Medcraft said.

Steps taken include nearing finalisation of the methodologies for identifying non-bank non-insurance systemically important financial institutions. Iosco also continued their work with the Basel Committee on Banking Supervision to support the development of sustainable securitisation markets.

The board addressed the strengthening audit quality through investigating the important role of audit committees in improving audit quality and strengthening IOSCO’s cooperation with other strategic partners.

Enforcement regimes, small and medium enterprises (SMEs), cross-border issues, the voluntary termination of collective investment schemes and cross-sectoral initiative to address cyber risks in financial markets also made the agenda.

The Board noted that these initiatives are consistent with the current G20 efforts on regulatory reform and encouraging economic growth.

Iosco’s growth and emerging market (GEM) Committee, the largest of Iosco’s committees with 90 members, also met during the week and reinforced the importance of strengthening collective regulatory capacity, including in systemic risk management and contingency planning.

“We will continue to intensify our efforts to strengthen the capital market's resilience against short-term volatility, while focusing on initiatives to build capital markets that can promote sustainable and inclusive growth. I welcome the Iosco presidents committee’s endorsement of the proposal to raise fees temporarily for permanent Board members to be channelled towards capacity building. This will allow us to begin ramping up our collective capacity building efforts,” said Ranjit Ajit Singh, the GEM committee chair.