United Kingdom (and EU regulation)

Meeting the challenges of the new financial world

The International Organization of Securities Commissions (IOSCO) has issued a media release concerning its annual conference in London.

Among the points made in the media release:

on asset management, the IOSCO board concluded that a full review of asset management activities and products in the broader global financial context should be the immediate focus of international efforts to identify potential systemic risks and vulnerabilities. This review is to take precedence over further work on methodologies for the identification of systemically-important asset management entities;
on market conduct, the IOSCO board acknowledged that high conduct standards are essential to promoting fair and efficient markets. It agreed to consider what work IOSCO should undertake in order to further strengthen the current global framework to address misconduct by firms and individuals in retail and wholesale markets. The IOSCO board also underlined the importance of ensuring the integrity of financial benchmarks and discussed ways to progress IOSCO’s work to date; and
proposals for work on over-the-counter retail leveraged products and the functioning of the ISDA Credit Determinations Committee and CDS auction processes were also discussed.