Fashion Regulations For FinTech Risks, IOSCO Urges Securities Regulators

Fashion Regulations For FinTech Risks, IOSCO Urges Securities Regulators

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Post Views: 668 Board chairman of the International Organisation of Securities Commissions (IOSCO) Ashley Alder, wants securities regulators across th...

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Board chairman of the International Organisation of Securities Commissions (IOSCO) Ashley Alder, wants securities regulators across the globe to explore regulatory responses around the risk around technology.
The warning is coming against the backdrop of the fact that Financial Technology (FinTech) continues to take the front burner in every human endeavour, offering huge and attractive opportunities.
Speaking at the official Opening ceremony of the 43rd Annual Conference in Budapest, Hungary, Thursday, May 10, 2018, Alder said IOSCO remains committed to sustaining investor protection in its regulations and confidence across all its jurisdictions.
He reminded participants that the job of securities regulators is to work with the industry to recognise the present realities. This, he said, would address the problem of risk so as to ensure that investors are well protected.
The role of the securities regulator is becoming increasingly vital, he added, especially after the 2008 global financial crisis, following which IOSCO must maintain confidence, regardless of technological change and policy shift.
In that way, he said the financial system would continue “to deliver value to the public”.
Also speaking, Secretary General of IOSCO, Paul Andrews agreed that the organisation is committed to investor protection, fair and efficient markets as well as systemic risk reduction adding that IOSCO must be at the forefront of issues that affect capital market operators.
“Right now, we are focused on issues around Initial Coin Offerings (ICOs), market volatility, cyber threats among others. We need to forge greater co-operation among Regulators and that includes assisting Emerging Markets to be able to provide proper regulations,” he added.
Recall that Ms. Mary Uduk, acting Director-General of Securities & Exchange Commission (SEC) Nigeria, at a media parley after the recent Capital Market Committee (CMC) in Lagos, reaffirmed the commitment of her management team to protect retail investors and ensure that they enjoy the benefits of investing.
According to her, “members of the new management team have worked in the Commission for many years with experiences in different department of the Commission and aspects of the capital market.
“We have always been part of the Commission’s efforts at improving investors’ confidence and implementing the Capital Market Master Plan.
She affirmed that the Capital Market Master Plan will continue to be the commission’s working document, just as management would continue to implement initiatives that will promote investors’ confidence such as E-Dividend registration, Direct Cash Settlement, Dematerialization, Complaint Management Framework, Financial Literacy and Investors’ Protection Fund, among others.

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