Chairman of the FSMA re-elected vice-chairman of the international organization IOSCO as well as chairman of its European Regional Committee

Jean-Paul Servais, Chairman of the Financial Services and Markets Authority (FSMA), has been re-elected vice-chairman of IOSCO, the international organization of financial market supervisors, as well chairman of that body’s European Regional Committee.

At the annual general meeting held in Budapest, IOSCO re-elected Jean-Paul Servais vice-chairman of the organization for another two-year term. The chairman of the FSMA, who since October 2014 has also been serving as chairman of IOSCSO’s European Regional Committee, was re-elected to head that committee for another two-year term starting in May 2018.

IOSCO was founded in 1983 and comprises 126 supervisory authorities. The objective of the organization is to promote cooperation among market supervisors and to develop international standards and best practices. An important instrument in this regard is the IOSCO multilateral memorandum of agreement (MMoU).

The memorandum enables supervisory authorities to exchange information quickly among each other. The information may be used, among other things, in an investigation into market abuse practices, which increasingly have an international dimension and can in this way be tackled more efficiently. 118 supervisors, including the FSMA, have signed the memorandum.

The European Regional Committee, for its part, brings together the 50 European members of IOSCO. The Committee discusses IOSCO initiatives that relate to the strengthening of worldwide standards for financial markets, with particular attention to matters that are of relevance to the European region.

‘This dual re-election attests to the recognition and esteem enjoyed by the work done by the FSMA at both national and international levels. The vice-chairmanship of IOSCO and the chairmanship of the European Regional Committee in turn enable the FSMA to exert significant influence on the international standards that the IOSCO develops at the request of the G20 and of the Financial Stability Board, and that increasingly affect Belgian financial regulation. These mandates also make it possible to engage at international level in combating the distribution of binary options’, says Jean-Paul Servais.

The chairman of the FSMA also chairs IOSCO’s audit committee. On behalf of IOSCO he also chairs the IFRS Monitoring Board.

IOSCO has also published a media release to this effect.

Source: FSMA

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