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Global Financial Regulation

International Financial Regulators

Organization for Economic Co-operation and Development (OECD)

The mission of the Organization for Economic Co-operation and Development (OECD) is to promote policies that will improve the economic and social well-being of people around the world. The OECD provides a forum in which governments can work together to share experiences and seek solutions to common problems. While the OECD does not engage in direct regulatory activities, they nevertheless influence regulatory policy, through such instruments as The policy framework for effective and efficient financial regulation: general guidance and high-level checklist.

 

The World Bank (WB)

Established in 1944, the World Bank offers support to developing countries through policy advice, research, analysis, and  technical  assistance. The World Bank’s analytical work often underpins World Bank financing and helps inform developing countries’ own investments. In addition, the organization supports capacity development in the countries they serve. The World Bank also sponsors, hosts, or participates in many conferences and forums on issues of development, often in collaboration with partners. While they do not play a direct role in relation to financial regulation, their work often informs the regulatory policies of various nations across the world.

 

Bank of International Settlements (BIS)

Established on 17 May 1930, the Bank for International Settlements (BIS) is an international financial organisation owned by 60 member central banks, representing countries from around the world that together make up about 95% of world GDP. Its head office is in Basel, Switzerland and it has two representative offices: in the Hong Kong Special Administrative Region of the People's Republic of China and in Mexico City. The mission of the BIS is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks.

 

International Council of Securities Association (ICSA)

The International Council of Securities Association (ICSA) is the global organization of securities industry associations representing securities firms operating in domestic and cross-border markets across the globe, including East and West Asia, Latin America, North America, and Europe. ICSA advocates appropriate regulatory policies and regulations, policy approaches and techniques across jurisdictions, and public policy initiatives to promote efficient and well-functioning securities markets, and the efficient flow of cross-border capital in global capital markets. ICSA also provides a forum for member associations to understand market and industry developments across indigenous and cross-border markets, exchange views on the conduct of regulatory and public policy in domestic markets, and collaborate for more efficient capital markets. ICSA assists regulators and government authorities in understanding the global, consolidated and non-biased position of industry as it relates to proposed policy and regulatory reform initiatives in global capital markets.

 

International Association of Insurance Supervisors (IAIS)

Established in 1994, the IAIS is a voluntary membership organization of insurance supervisors and regulators from more than 200 jurisdictions, constituting 97% of the world's insurance premiums. Its mission is to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders and to contribute to global financial stability.

 

International Organization of Securities Commissions (IOSCO)

The International Organization of Securities Commissions (IOSCO) is the international body that brings together the world's securities regulators and is recognized as the global standard setter for the securities sector. IOSCO develops, implements and promotes adherence to internationally recognized standards for securities regulation. It works intensively with the G20 and the Financial Stability Board (FSB) on the global regulatory reform agenda. Established in 1983, IOSCO members regulate more than 95% of the world's securities markets in more than 115 jurisdictions with securities regulators in emerging markets accounting for 75% of its ordinary membership.

 

International Securities Services Association (ISSA)

ISSA is a neutral non-profit Association domiciled in Zurich (Switzerland). Currently, it has over 110 members such as custodian banks, brokers, asset managers and various types of infrastructure institutions in around 50 countries. ISSA brings together influential securities services leaders, regulators and other industry stakeholders to foster international coordination and collaboration across the securities services industry.

 

International Capital Market Association (ICMA)

ICMA is a membership association, committed to serving the needs of its wide range of members representing both the buy side and sell side of the industry. Its membership includes issuers, intermediaries, investors and capital market infrastructure providers. ICMA currently has more than 500 members located in over 60 countries worldwide. Working actively with its members in all segments of the wholesale market, ICMA focuses on a comprehensive range of regulatory, market and other relevant issues, which impact market practices and the functioning of the international debt capital markets.

 

International Swaps and Derivatives Association (ISDA)

Since 1985, the International Swaps and Derivatives Association have worked to make the global derivatives markets safer and more efficient. With over 850 member institutions from 68 countries, ISDA’s pioneering work in developing the ISDA Master Agreement and a wide range of related documentation materials, and in ensuring the enforceability of their netting and collateral provisions, has helped to significantly reduce credit and legal risk. The Association has been a leader in promoting sound risk management practices and processes, and engages constructively with policymakers and legislators around the world to advance the understanding and treatment of derivatives as a risk management tool.

 

International Organization of Pension Supervisors (IOPS)

IOPS currently has 83 members and observers representing 72 countries and territories worldwide. The organization co-operates closely with other international organizations involved in pension supervision policy development and dialogue, including the OECD, World Bank, ISSA, IAIS and IMF. The major goal of the IOPS is to improve the quality and effectiveness of the supervision of private pension systems throughout the world, thereby enhancing their development and operational efficiency, and allowing for the provision of a secure source of retirement income in as many countries as possible.

 

Financial Stability Board (FSB)

The FSB promotes international financial stability by coordinating national financial authorities and international standard-setting bodies as they work toward developing strong regulatory, supervisory and other financial sector policies. It fosters a level playing field by encouraging coherent implementation of these policies across sectors and jurisdictions. The FSB, working through its members, seeks to strengthen financial systems and increase the stability of international financial markets. The policies developed in the pursuit of this agenda are implemented by jurisdictions and national authorities.

 

Financial Action Taskforce (FATF)

The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions.  The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.  The FATF is therefore a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.

 

North American Securities Administrators Association (NASAA)

Organized in 1919, the North American Securities Administrators Association (NASAA) is the oldest international organization devoted to investor protection. NASAA is a voluntary association whose membership consists of 67 state, provincial, and territorial securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada, and Mexico. NASAA members license firms and their agents, investigate violations of state and provincial law, file enforcement actions when appropriate, and educate the public about investment fraud.

 

Institut Francophone de la Régulation Financière (IFREFI)

Conscious of the privileged links created by the common use of the French language, the financial market regulators of the Francophone area created a Francophone Institute for Financial Regulation (IFREFI). This common Francophone forum promotes training, coordination, and technical cooperation among its members, as well as the study of any issue related to financial regulation.

 

Arab Monetary Fund (AMF)

The Arab Monetary Fund is a Regional Arab Organisation made up of 22 members states and founded in 1976. The AMF aims at contributing to the achievement of the following objectives: correcting disequilibria in the balance of payments of member States, striving for the removal of restrictions on current payments between member States, establishing policies and modes of Arab monetary co-operation, promoting the development of Arab financial markets, paving the way towards the creation of a unified Arab currency and promoting trade among member States.

 

Committee for Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC)

The Organization of the Islamic Cooperation (OIC) is the second largest inter-governmental organization after the United Nations, with a membership of 57 states spread over four continents. The Organization is the collective voice of the Muslim world and ensuring to safeguard and protect the interests of the Member States in the spirit of promoting international peace and harmony among various people of the world. In 2009, the OIC established a Standing Committee for Economic and Commercial Cooperation in the Organization of the Islamic Cooperation (COMCEC) in order to develop a cooperation mechanism for capital markets regulatory bodies of the OIC Member States.