On 3 November 2025, the International Organization of Securities Commissions (IOSCO) issued four new publications, which are part of the 2025 workplan and are outcomes of the IOSCO board meeting that took place in Madrid last week.

The publications are as follows:

• Final Report on Pre-Hedging: this report considers IOSCO members’ existing regulatory approaches to the practice of pre-hedging and identifies potential issues and gaps in current industry practices and codes, including setting out IOSCO’s definition of pre-hedging to promote a consistent interpretation and presenting recommendations as guidance for regulators.
• Final Report on ESG Indices as Benchmarks: this report provides an analysis between IOSCO’s Principles for Financial Benchmarks and ESG indices that are used as benchmarks, considering IOSCO’s Recommendations for ESG Ratings and Data Products Providers.
• Consultation Report on Recommendations for Secondary Markets Disclosures: this consultation seeks comments on proposed Recommendations for Secondary Markets Disclosures to provide a clear disclosure framework for jurisdictions that are establishing or reviewing their securities regulations related to periodic and event-driven disclosures by listed entities for the secondary markets and to promote greater clarity.
• Public Statement on the Importance of High-Quality Valuation Information in Financial Reporting: this statement emphasises the need for international consistency and quality of valuation information included in financial reporting to provide investors with relevant and reliable financial information.