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IS THERE A FUTURE FOR THE SELF- REGULATORY ROLE AT FOR-PROFIT EXCHANGES?

IS THERE A FUTURE FOR THE SELF- REGULATORY ROLE AT FOR-PROFIT EXCHANGES? IOSCO PERSPECTIVES AND PRINCIPLES FOR SROs Tajinder Singh Deputy Secretary General IOSCO 4 MAY 2011. Disclaimer Views expressed are personal and do not necessarily reflect IOSCO’s views.

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IS THERE A FUTURE FOR THE SELF- REGULATORY ROLE AT FOR-PROFIT EXCHANGES?

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  1. IS THERE A FUTURE FOR THE SELF- REGULATORY ROLE AT FOR-PROFIT EXCHANGES? IOSCO PERSPECTIVES AND PRINCIPLES FOR SROs Tajinder Singh Deputy Secretary General IOSCO 4 MAY 2011

  2. Disclaimer Views expressed are personal and do not necessarily reflect IOSCO’s views

  3. LOOKING THROUGH THE LENS OFIOSCO PRINCIPLES AND METHODOLOGY • What are IOSCO Principles? • (Whatis IOSCO?) • Whatis IOSCO Methodology?

  4. IOSCO Principles applicable to Exchanges • IOSCO Principle on SROs • IOSCO Principles on Secondary Markets • Other IOSCO Principles • Listedcompanies (Issuers) • Otherprinciples- assessingthe “regulatoryframework”

  5. IOSCO Principle on SROs • Principle 9: Where the regulatory system makes use of Self-Regulatory Organizations (SROs) that exercise some direct oversight responsibility for their respective areas of competence, such SROs should be subject to the oversight of the Regulator and should observe standards of fairness and confidentiality when exercising powers and delegated responsibilities.

  6. IOSCO (draft) Methodology on SROs • Q1: Istherean SRO? • If yes, then: • Conditionforauthorisation? • Regulatoryoversight? • Fairness and confidentiality? • Conflicts of interest?

  7. What are the most important issues for exchange SROs given the profit motive? • Capacity and commitment of resources to regulatoryfunction • Conflicts of interest Regulatoryfunction- a cost centre?

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