The International Organization of Securities Commissions (IOSCO) has announced the appointment of Mr. Jean-Paul Servais as Chair of the new IOSCO Board.
Mr. Servais, Chairman of Belgium’s Financial Services and Markets Authority (FSMA), Vice Chair of the IOSCO Board and Chair of the European Regional Committee, was appointed IOSCO Chair during the Board’s inaugural meeting at IOSCO’s 2022 Annual Meeting in Marrakesh.
Mr. Servais will replace Mr. Ashley Alder as Chairman of the Board. The new Board also appointed two Vice Chairs to succeed Mr Servais: Mr. Ariizumi Shigeru, Vice Commissioner for International Affairs, Financial Services Agency, Japan, and Mr. Rostin Behnam, Chair of the U.S. Commodity Futures Trading Commission. Dr. Mohamed Farid Saleh, Executive Chairman of the Financial Regulatory Authority, Egypt is Chair of the Growth and Emerging Markets (GEM) Committee and continues ex oficio as an IOSCO Board Vice Chair.
The new Board acknowledged Mr. Alder’s outstanding contribution to IOSCO. During his six-year tenure, Mr. Alder worked to enhance the relationship between IOSCO and the Financial Stability Board. Today, the two organizations work more effectively together to mitigate financial stability risks and protect investors.
Also, under Mr. Alder´s guidance, the Board improved its priority-setting process, enabling IOSCO to tackle from a position of strength pressing regulatory challenges as they arose. IOSCO assumed a leading role on regulatory work regarding sustainable finance, market fragmentation and technological innovation, among others.
Mr. Servais is a well-known figure in international regulatory circles.
He represents IOSCO as chair of the IFRS Foundation Monitoring Board and as co-chair of the Monitoring Group on audit standard setting and leads a number of IOSCO committees such as the Finance and Audit Committee and the SPACs Network. He is also a member of the Board of Supervisors of the European Securities and Markets Authority (ESMA), the European Systemic Risk Board (ESRB) and sits on a number of supervisory colleges that coordinate the (cross-border) supervision of several financial institutions and infrastructures.
Mr. Alder said: “Jean-Paul brings a wealth of international experience to this job, having been Chair of various IOSCO committees and held prominent positions at European and international level. The road ahead promises to be difficult, given the current geopolitical and economic context. But with the support of IOSCO´s membership and with his years of experience, Jean-Paul is well positioned to help IOSCO meet the challenges that lie ahead.”
Mr. Servais said: “I am delighted to assume the mantle of IOSCO Chair at this challenging but exciting time for global financial markets. As Vice-Chair of the Board and Chair of the European Regional Committee, I have been closely involved in IOSCO’s work for many years. It is therefore an honour and a pleasure to continue this work in my new role as Chair of the Board. IOSCO plays an increasingly important role in ensuring the smooth functioning of today´s capital markets and protecting investors, and I look forward to building on Ashley´s legacy after his six fruitful years at the helm of IOSCO.”
The new Board constituted in Marrakesh has 35 members who represent the geographical diversity of IOSCO’s membership.
Composition of the IOSCO Board 2022-2024
Australia: Australian Securities and Investments Commission
Bahamas: The Securities Commission of the Bahamas
Bangladesh: Bangladesh Securities and Exchange Commission
Belgium: Financial Services and Markets Authority
Brazil: Comissão de Valores Mobiliários
China: China Securities Regulatory Commission
Egypt: Financial Regulatory Authority
France: Autorité des marchés financiers
Germany: Bundesanstalt für Finanzdienstleistungsaufsicht
Greece: Hellenic Capital Market Commission
Hong Kong: Securities and Futures Commission
India: Securities and Exchange Board of India
Ireland: Central Bank of Ireland
Italy: Commissione Nazionale per le Società e la Borsa
Japan: Financial Services Agency
Korea: Financial Services Commission/Financial Supervisory Service
Kuwait: Capital Markets Authority
Malaysia: Securities Commission
Mauritius: Financial Services Commission
Mexico: Comisión Nacional Bancaria y de Valores
Morocco: Autorité Marocaine du Marché des Capitaux
The Netherlands: The Dutch Authority for the Financial Markets
Oman: Capital Market Authority
Ontario: Ontario Securities Commission
Peru: Superintendencia del Mercado de Valores
Quebec: Autorité des marchés financiers
Saudi Arabia: Capital Market Authority
Singapore: Monetary Authority of Singapore
Spain: Comisión Nacional del Mercado de Valores
Sweden: Finansinspektionen
Switzerland: Swiss Financial Market Supervisory Authority
Turkey: Capital Markets Board
United Kingdom: Financial Conduct Authority
United States: Commodity Futures Trading Commission United States: Securities and Exchange Commission
…
