Our progress / Hot Topics

Financial markets megaregulator

Back to Media

IOSCO to Sign with Russia, Expediting CB Investigations

11.02.2015 17:01 / Interfax

The International Organization of Securities Commissions (IOSCO) has agreed to sign a Multilateral Memorandum of Understanding (MMOU) with Russia.

"IOSCO has agreed to sign an MMOU with Russia”, said First Deputy Chairman of the Bank of Russia Sergey Shvetsov at a Non-bank Financial Literacy expert board session hosted by the Central Bank. He did not mention the exact date of signing.

“The MMOU allows the Central Bank to request info for financial market crime investigation from other regulators”, confirmed Senior Vice President at NP RTS Andrey Salashenko.

Russia was due to join IOSCO back in October 2014. In December, Financial Markets Development Director at the Central Bank Elena Chaikovskaya said the regulator was forced to sign separate agreements with a number of countries, as the ascendancy process was stalling at the time.

“We can judge by the way Russia is ascending to IOSCO that it’s not our fault that the process is stalling... We have replied to all queries, but there is still no answer – neither a yes nor a no. Therefore, we have initiated the signing of bilateral agreements, primarily with Asian jurisdictions – Hong Kong, Singapore and China. Singapore and China have already agreed to sign, negotiations with Hong Kong are in progress”, she said at the time.

IOSCO takes part in drafting financial market regulation recommendations for the Financial Stability Board and G20. On of IOSCO’s key initiatives are regulators taking control over short sales of securities, regulation of hedge funds, and OTC clearing implementation, including trades in derivatives.

Today, the MMOU has been signed by 103 jurisdictions, covering over 95% of the global capital market, and IOSCO market regulation principles are part of the 12 standards, accepted by the Financial Stability Board as a basis for financial systems stability.

Financial markets megaregulatorProject Group №1