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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.
A collection of essays on topical contract issues, covering subjects including: Paradine v Jayne; foreign currency judgements; agency problems in insurance law; increased expense and frustration; failure of consideration; restitutionary consequences of illegality; and proprietary estoppel
The International Organisation of Securities Commissions (IOSCO) is an international network of securities regulators. Although it has no formal status in international law, over the last three decades it has emerged to become the world's central organisation responsible for the coordination of nations' securities laws and the enforcement of those laws. One of the main causes of IOSCO's rise in prominence is the fact that links between securities markets and shocks to the world's financial systems, such as the Global Financial Crisis, have led governments to recognize that effective domestic regulation and stability cannot be achieved solely by action and policy formation at an exclusively national level. This has resulted in bodies such as the G20 relying on IOSCO to develop the policies needed to strengthen and stabilise securities markets.Another key part of IOSCO success can be attributed to its Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (the 'MMoU'). Formulated in 2002, this MMoU standardizes and simplifies the process by which securities commissions who are members of IOSCO can obtain information from other members for the purpose of enforcing their securities laws. Spurred on by its success IOSCO has recently restructured and raised membership fees. It intends to continue to take steps towards its goals of achieving worldwide standardization of securities laws and improving enforcement of those laws. Given IOSCO's growing importance to the world's capital markets, this article examines its current role and how this may change in the future. This article also considers restraints upon its power and whether there are any ways in which it could work around these limitations.
This book explores how the globalization of securities markets has affected market manipulation and insider trading. It delves into the responses of securities regulators, discussing new regulations designed to deter such misconduct, as well as they ways in which detection, investigation and prosecution techniques are adapting to tackle insider trading and market manipulation that crosses international boundaries.
This paper assesses implementation of the International Organization of Securities Commissions' (IOSCO) objectives and principles of securities regulation in Spain. Spain exhibits a high level of implementation of principles. The legal framework is robust and provides the Comisión Nacional de Valores (CNMV) with broad supervisory, investigative, and enforcement powers. Arrangements for off-site monitoring of regulated entities are robust. However, some areas of supervision and enforcement require strengthening. In particular, the CNMV should make more use of on-site inspections for all types of investment service providers.
Examines international regulatory efforts to improve cross-border information sharing in securities and futures markets. Examines the need to share information, the strengths and weaknesses of different kinds of agreements, the types of information exchanged, and legal and regulatory obstacles to improving the exchange of information.