The board of the global umbrella group of securities regulators IOSCO has announced the re-election of Jean-Paul Servais as its chairman for another two-year term. Jean-Paul Servais is also chairman of the European Regional Committee (ERC) of IOSCO and the Financial Services and Markets Authority of Belgium.
Shigeru Ariizumi, Deputy Minister of International Affairs, Financial Services Agency, Japan, and Rostin Behnam, Chairman of the US Commodity Futures Trading Commission, were also re-elected as Vice Chairs of the IOSCO Board.
Dr. Mohamed Farid Saleh, Executive Chairman of the Financial Regulatory Authority, Egypt, was re-elected Chairman of the Development and Emerging Markets (GEM) Committee and continues ex-officio as Vice-Chairman of the IOSCO Board.
Their term began on 27 May with the inaugural meeting of the IOSCO Board of Directors, which took place during the IOSCO 2024 Annual Meeting in Athens, Greece.
Commenting on his re-election, Jean-Paul Servais said:
“When I was first elected, I emphasized the importance of moving with pace on priorities such as sustainability disclosures and the crypto asset market. I am proud that IOSCO has achieved its goals. In my second mandate, we should persevere, among other things, by focusing on the implementation of our newly established standards. Given the growing role of market-based finance, IOSCO’s work as a global standard-setter is more relevant than ever, as evidenced by our recently updated work programme. It is therefore a privilege to serve the IOSCO Board as its Chair and I am honored to be re-elected for a further term.”
The four IOSCO Regional Committees also elected their Chairs, namely:
- Chair of the Africa / Middle East Regional Committee (AMERC): Ms. Nezha Hayat, President and CEO, Moroccan Capital Market Authority, Morocco.
- Chair of the Asia Pacific Regional Committee (APRC): Ms Julia Leung, CEO of the Hong Kong Securities and Exchange Commission.
- President of the Inter-American Regional Commission (IARC): Ms. Lucia Buenrostro, Vice President of Regulatory Policy, National Banking and Securities Commission, Mexico.
- President of the European Regional Commission (ERC): Mr. Jean-Paul Servais.
IOSCO Associate Members Advisory Committee (AMCC): Andrew Kriegler, President & CEO of the Canadian Investment Corporation.
The IOSCO Board of Directors consists of 35 members and two observers.
About IOSCO
IOSCO is the leading international policy forum for securities regulators and the global standard setter for the regulation of financial markets. It develops, implements and promotes adherence to internationally recognized standards for the regulation of financial markets and works closely with other international organizations as part of the global regulatory reform agenda. The organization’s members regulate more than 95% of the world’s securities markets in approximately 130 jurisdictions. By providing high quality technical assistance, education and training, IOSCO supports its members to come together to achieve the following three goals.
- Improving investor protection.
- Ensuring markets are fair and efficient.
- Promoting financial stability by reducing systemic risk.
The IOSCO Council is IOSCO’s governing and standard-setting body and consists of 35 securities regulators. Mr. Jean-Paul Servais, Chairman of the Financial Services and Markets Authority of Belgium (FSMA) is the Chairman of the Board of IOSCO. The Development and Emerging Markets (GEM) Committee is the largest Committee within IOSCO, representing over 75% percent of IOSCO’s membership, including ten of the G20 members. Dr. Mohamed Farid Saleh, Executive Chairman of the Financial Regulatory Authority, Egypt, is the Chairman of the GEM Committee. The Commission brings together members from developing and emerging markets and communicates their views to other global regulatory discussions.