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IOSCO Annual Conference 2012 closed in Beijing

By Li Zhenyu (People's Daily Online)

16:32, May 21, 2012

The public session of the 37th IOSCO Annual Conference was opened on May 16, 2012 in Beijing. (People's Daily Online/Li Zhenyu)

The 37th International Organization of Securities Commissions (IOSCO) Annual Conference, undertaken by the China Securities Regulatory Commission (CSRC), rang down the curtain on May 17 in the capital of China.

It is the first time in history that the IOSCO has held its annual meeting in the Chinese mainland. Insiders believe that it manifests the umbrella body for the world's securities regulators' confidence in the development and supervision of China's securities market.

The CSRC, which has been a member of the IOSCO since 1995, was elected as a member of the new IOSCO Board at the conference.

The new decision-making board was constituted at the Annual Conference through a three-way merger of IOSCO's Technical Committee, the Executive Committee and the Emerging Markets Committee Advisory Board.

The IOSCO Annual Conference is of great significance in discussing cooperation regarding global capital market reform and supervision. Being a transition and an election year, this year's edition is more unique to the IOSCO.

The five-day international event in Beijing consisted of two sections, private meeting and public session.

From May 13 to 15, about 500 representatives from securities regulatory authorities in more than 203 countries and regions convened in the private meeting.

Highlights of this section include introducing the IOSCO's new organizational structure and confirming the future role of the Emerging Markets Committee.

The public session, ran from May 16 to 17, was comprised of an opening ceremony and four seminars.

The opening ceremony featured a string of high-profile people, with China's central bank governor Zhou Xiaochuan, Beijing Mayor Guo Jinlong and the CSRC chairman Guo Shuqing delivering a speech, respectively.

In their speeches, Zhou Xiaochuan urged to use innovative methods for reforming China's capital markets; Guo Jinlong said Beijing will continue to work on its policy to strengthen the city's financial sector and capital market; and Guo Shuqing focused on the opening up of China's capital market and the nation's capital account convertibility.

The Panel Session highlighted a number of issues regarding regulators' strategies for market supervision, challenges facing them and ways to improve market performance.

The first seminar, with the theme of "New Financial Architecture and International Standards Setting in the Post-Crisis Era", dealt with a number of issues including the cause of the global financial crisis and lessons learned, building a new financial architecture and improving relevant international standards, changing perimeter of securities regulation and supervision pre-and post-subprime, prevention and monitoring of systematic risks and cross-border risks, the importance of cross-border cooperation, information sharing and the IOSCO's interaction with the Financial Stability Board (FSB) and G20.

The second panel discussion, which was held under the title "Financial Market Infrastructures, OTC Derivatives, and Market Integrity", focused on issues concerning the challenges of building a multilevel capital market and improving financial market infrastructures, investor protection and market integrity, regulation of OTC derivatives, development of institutional investors and regulation of PE and hedge funds.

Under the title of "Capital Markets Development and Regulatory Trends in Emerging Markets", the third seminar discussed issues like the opening up and development of capital markets in emerging economies, development and regulation of corporate bond markets, and building of international financial centers.

The fourth session, with the theme of "Regulation of Commodity Futures and Financial Derivatives", handled issues about regulation of commodity futures and financial derivatives, cross-border cooperation and information sharing of derivatives regulation, trends and regulation in major commodity futures markets, etc.

Attendees of the five-day international conference included heads of financial market regulators, board chairpersons and director generals of many international economic and financial services institutions, representatives of investment banks and international financial market experts, among others.

IOSCO, the umbrella body for the world's securities regulators, aims at boosting cooperation among its member market regulators, in addition to the World Bank (WB), the International Monetary Fund (IMF) and some various financial and monetary institutions. Being recognized as the international standard setter for securities markets, the IOSCO has over 200 members that regulate more than 95 percent of the world's securities markets.

(Read the Chinese-language coverage at: 中国证监会成功承办国际证监会组织第37届年会)

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