The International Financial Services Centres Authority (IFSCA) has become an associate member of the International Organization of Securities Commissions (IOSCO).
IOSCO is the international organisation that brings together the world’s securities regulators, covering more than 95 per cent of the world’s securities markets, and it also sets the global standard for the securities sector.
The organisation also works closely with the G20 and the Financial Stability Board (FSB) in setting up the standards for strengthening the securities markets. The IOSCO Objectives and Principles of Securities Regulation have been endorsed by FSB as one of the key standards for sound financial systems.
“The membership of IOSCO would provide IFSCA the platform to exchange information at the global level and regional level on areas of common interests. Further, the IOSCO platform would enable IFSCA to learn from the experiences and best practices of the regulators of other well established financial centres,” said a Finance Ministry statement.
It said that the IOSCO’s membership is a significant milestone in connecting IFSCA with the regulators of securities markets globally and would contribute immensely towards the development and regulation of the financial products, financial services and financial institutions at the Gujarat International Finance Tec-City International Financial Services Centre.