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opacity in financial regulation: iosco August 6, 2008

Posted by Bradley in : Uncategorized , trackback

IOSCO recently published a document with the title An Overview of the Work of the IOSCO Technical Committee in which it describes ongoing projects. The introduction to the document states that IOSCO plans to engage further with “stakeholders”, which IOSCO describes as “including the financial services community”. The document describes commentators on the prior consultation report as:

coming principally from securities market dealers, financial institutions and exchanges and organizations representing them, and from audit firms and auditor professional bodies. One submission was received from an organization of corporate treasurers.

There isn’t much indication beyond this about who the “stakeholders” are. But:

IOSCO has decided to organize once a year a high-level meeting with Stakeholders on an informal basis to exchange views on topics of mutual interest.

And also, as usual, when IOSCO describes reactions of various stakeholders to its proposals, it doesn’t identify the specific stakeholders, or state which views are held by which stakeholders. Over 3 years ago, the International Bar Association asked for greater transparency at IOSCO. More recently IOSCO actors have claimed a commitment to transparency. But that just doesn’t seem to be what we are getting.

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