Greater regulatory cooperation is critical in strengthening resilience and regulatory expertise in relation to cyber threat, said Chairman of the GEM Committee and Vice Chairman of the IOSCO Board, Ranjit Ajit Singh.
“There was agreement among emerging market regulators to accelerate the development of sustainable finance, including the establishment of a Task Force on Sustainable Finance,” he said speaking at the the IOSCO Growth and Emerging Markets (GEM) Committee annual meeting and conference hosted by the Securities and Exchange Commission of Sri Lanka concluded at Cinnamon Grand last week.
Key issues and challenges regarding liquidity in emerging capital markets, as well as possible measures in promoting liquidity to help spur market growth and development were also discussed.
The new APRC Chairman, Jun Mizuguchi, Deputy Commissioner for International Affairs of the Financial Services Agency of Japan, said the APRC focused on issues, including initial coin offerings (ICOs), the effective supervision of harmful but legal conduct, common enforcement challenges for the region, the impact of European Union regulations on Asia-Pacific markets and capacity building initiatives in the region.
Participants also discussed how fintech is shaping capital markets and the balance between innovation and investor protection, particularly in areas such as crypto currencies and initial coin offerings (ICOs). “Fintech and cyber resilience have no borders and the public conference offered a unique opportunity for emerging market jurisdictions and members from our region to interact and share views on relevant issues, including these pressing matters.”
Participants discussed measures to address challenges in scaling up sustainable market based financing, including the role of policy makers, regulators and industry participants in promoting green financing solutions within emerging markets.
The GEM Committee also conducted a cyber simulation exercise developed in collaboration with market experts to strengthen regulatory capabilities and preparedness in tackling cyber threats. The regulatory workshop provided participants with a better understanding of key cyber developments, risks and threats impacting global financial markets.
IOSCO is the leading international policy forum for securities regulators and is recognized as the global standard setter for securities regulation. The organization’s membership regulates more than 95% of the world’s securities markets in more than 115 jurisdictions and it continues to expand.
The two day event attracted more than 300 participants from 50 jurisdictions and the GEM Committee annual meeting and conference were preceded by the meeting of the IOSCO Asia-Pacific Regional Committee (APRC).
Prime Minister Ranil Wickremasinghe, provided the keynote address at the Conference.
0 comments: