Saturday, April 14, 2007

BVI FSC to Become the Ordinary Member of the International Organization of Securities Commissions

The International Organization of Securities Commissions (IOSCO) invited British Virgin Islands Financial Services Commission as an ordinary member, during IOSCO's Annual Conference which took place in Mumbai, India from 9 till 12 April of 2007. This was made because of the BVI FSC's international co-operation framework and long-standing commitment to comply with international standards.

BVI have become member of this organization as a result of changes made to its legislation and responding to the principles outlined in the IOSCO MMOU. IOSCO's Executive Committee concluded that the BVI had complied with all of the standards and requirements in the Multilateral Memorandum of Understanding concerning Consultation and Co-operation and the Exchange of information (IOSCO MMOU).

British Virgin Islands is the first country admitted to ordinary membership of IOSCO based on changes made to its legislation. Also it is the only jurisdiction welcomed to the organization as an ordinary member, out of the eight new members announced in Mumbai.

For the purposes of international co-operation and transparency, the FSC has published an extensive Handbook on International co-operation and information exchange that explains and details the statutory mandates and regulations established in the jurisdiction to enhance international co-operation, and serves as a guide for law enforcement officials and regulators.

IOSCO is the main organization that sets international standards for securities markets, and membership is widely sought after by securities regulators. The Organization's membership regulated more than 90% of the world's securities markets in more than hundred jurisdictions.

No comments: