IOSCO team here to conduct a country review
View(s):The International Organisation of Securities Commission (IOSCO), recognised as the global standard setter for securities regulation, is visiting Sri Lanka this week as part of a country assessment study, officials said. ”The IOSCO team comprising officials from the US, Australia, etc came today,” a Securities and Exchange Commission (SEC) official told the Business Times. He said they will start meeting with the stakeholders from tomorrow. He said the SEC has sent a comprehensive plan on the Sri Lankan situation and they have also sent a questionnaire to SEC. “They’ll be interviewing stakeholders including stockbrokers, he said. The IOSCO’s country review will involve reviewing self-assessments prepared by the SEC about the implementation of IOSCO principles.
“The aim of these reviews will be to evaluate the status of implementation of these principles and to recommend a roadmap to address any gaps in implementation,” the official said. He said it will also entail identifying risks arising from securities markets, including market activities, technology and product development, and unintended consequences of changes or proposed changes in laws and regulations. The country review will also strive to strengthen cooperation and exchange of information, taking into account recent developments in markets, technology and enforcement practices.
As Sri Lanka is a signatory to the IOSCO Multilateral Memorandum of Understanding (MMOU) which sets forth the authorities intent with regard to mutual assistance and the exchange of information to enforce and secure compliance with the respective laws, the IOSCO will be giving certain suggestions on gaps that may be identified in terms of the IOSCO principles. Once this assessment is done, it’ll boost the confidence of international portfolio investors, he said. “This will have a lot of positivism in attracting international portfolio managers and to consider Sri Lanka favourably.”