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In 2002 the International Organization of Securities Commissions ('IOSCO') formulated a Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (the MMoU'). This MMoU standardizes the process by which securities commissions who are members of IOSCO can obtain information from other member securities commissions for enforcement purposes. IOSCO has hailed this MMoU as one of its greatest achievements to date. It appears that IOSCO envisages that this MMoU will become a key weapon in the arsenal of securities commissions to tackle securities fraud which increasingly is no longer confined to jurisdictional boundaries. However the impact of this MMoU appears to be more significant than just a mechanism to exchange information. Because of the fact that the MMoU requires that countries have in place certain laws before becoming signatories to the MMoU, it appears to be operating as an instrument to facilitate the convergence of securities regulation. This article examines this MMoU in this context, its limitations and whether or not it can serve as a model for other areas where international regulatory convergence is sought.
The International Organization of Securities Commissions (IOSCO) is a recognized international standard setter for securities markets. Development and implementation of an effective global regulatory and enforcement mechanism is one of the organization's major purposes. In 2002, IOSCO introduced the Multilateral Memorandum of Understanding Concerning Consultation and the Exchange of Information. The Memorandum promotes cross-border enforcement of securities laws through strengthening information exchange among securities regulators. This paper examines the reasons that led securities regulators to seek development and implementation of a mechanism for cross-border exchange of information and how IOSCO addressed the main issues of cross-border exchange of information in the Memorandum. In addition, this paper examines the problems of development and implementation of mutual assistance in freezing and repatriation of assets derived from violations of securities laws.
The globalisation of the securities markets, rapid technological advancement, the perpetration of widespread cross-border fraud and the proliferation of emerging capital markets have made international financial law an increasingly important area of regulation, practice and research. Its significance will continue to grow in the 21st century, making the advent of a book focusing on developments in international securities law extremely timely. Key topics covered in this book include disclosure requirements, insider trading regulation, global offerings, transnational regulatory co-operation, the role of the International Organization of Securities Commissions (IOSCO), memoranda of understanding and emerging capital markets. Discussion of these issues is supported by examination of the law and policy in numerous countries, including developed and emerging capital markets. The author makes detailed analysis of applicable legal principles with regard to a wide range of topics, discusses proposed standards for law reform and makes recommendations to enhance international cooperation.