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IOSCO

The International Organization of Securities Commissions (IOSCO) is the leading forum for international cooperation between securities regulators. IOSCO has more than 200 members from around 100 countries around the world. The organization promotes adherence to internationally recognized standards for securities regulation, adopted by its members.  

IOSCO Principles have gained recognition as the leading benchmark by international bodies such as the IMF, the World Bank and the G20, as well as the basis for state-level regulation. IOSCO members include securities and exchange commissions and it sets the agenda for regulators in the world of securities. 

In recent years, the ISA has expanded its participation in IOSCO working groups and committees and is currently taking a significant and active part in the following forums within the organization: 

- MMoU Screening Group: Since joining as a member in 2007, the ISA has been taking an active part in the screening processes of members seeking to be accepted as a signatory to the Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information ("IOSCO MMoU"). The Group is closely examining the legal infrastructure of candidates in the face of the rigid principles of cooperation set by the organization. 

- Committee on Issuer Accounting, Audit and Disclosure (C1): The committee is dedicated to improving the development of accounting and auditing standards, and enhancing the quality and transparency of the information that investors receive from listed companies, including financial institutions. The ISA take part in the committee which is focused on financial disclosure.  

- Committee on Regulation of Market Intermediaries (C3): The committee seeks to promote investor protection and market efficiency through its recommendations on issues relating to market intermediaries. The ISA was first accepted as a member of the Committee at the end of 2018. Since joining the ISA’s representatives have participated in discussions and drafting of policy papers of the committee on conflicts of interest arising from capital raising procedures, leveraged products sold to retailers over-the-counter, and uses of artificial intelligence in the capital markets.  

- Committee on Enforcement and the Exchange of Information (C4): The committee seeks to implement global enforcement cooperation under the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU), the international standard for cooperation and information exchange. The ISA is taking an active role in the work of the committee dedicated to strengthening cooperation between member states to help prevent and detect breaches of securities laws. In recent years, the committee's agenda has focused on complex enforcement issues such as crypto-assets activity, privacy and information protection issues, cross-border money movements and other threats in the online sphere. 

- Committee on Investment Management (C5): The Committee addresses issues relating to investment management. Its recent work responds to the challenges posed by the financial crisis, including the development of a global template to gather data from hedge funds and policy recommendations for money market funds. The ISA’s is taking an active role in the in working groups discussing key issues in the international arena regarding investment management, including collective investment plans (CISs) and hedge funds. 

- Committee on Credit Rating Agencies (C6): The Committee role is to create regulations on Credit Rating Agencies (CRAs) The ISA was part of the committee and had made efforts for regulating the activity of credit rating companies in Israel. The Committee is currently not fully active. 

- Committee on Retail Investors (C8): The committee's key roles include outlining policy on retail investors’ financial education as well as providing advice to the IOSCO board on investor protection. The ISA’s took part in the working group that initiates and coordinates the International Investors Week (WIW) campaign, aimed to raise awareness of prudent and responsible financial consumerism among the general public. 

- European Regional Committee (ERC): The ERC is one of four regional committees constituted by IOSCO to focus on regional issues relating to securities regulation. The ISA is a member of a committee dealing with various issues related to the European regulation, as well as trends and risks in European markets. The committee also addresses current issues on the organization agenda. 

- Assessment Committee: The Committee carries out assessments of securities authorities from various members in the organization and examines the extent to which they have implemented the IOSCO Principles. In recent years, the ISA has been a member of a working group that examined the existing regulation in 40 jurisdictions on the supervision of secondary markets and its adherence to IOSCO principles.  

- Committee on Emerging Risks: The ISA operates within the working group that is focused on identifying systemic risks to the stability of the global financial system. As part of its work, the ISA participated, among other things, in a subgroup of work that conducted a survey on the use of monitoring and supervision technologies by regulators. 

- Sustainable Finance Network (SFN): The ISA is a member of the network established by IOSCO at the end of 2018, which aims to serve as the primary platform for exchanging information and views between regulators on financial sustainability, including corporate responsibility and climate change.

In addition, the ISA participates in special forums on financial technology and digital developments: 

- IOSCO Fintech Network: In 2018, IOSCO established a network to facilitate exchanges among members on their experience regarding Fintech developments. The network aims to promote a deeper understanding of the potential risks and benefits of noble technologies such as Artificial Intelligence, Distributed Ledger Technology (DLT) and the use of regulatory and supervisory technologies (RegTech and SupTech). The Authority is a member of this network from its inception. 

- ICO Consultation Network - As part of the growing interest in crypto-assets around the world, a network has been set up to share information between regulators on the activity in these instruments. The ISA is a member of this network from its inception 

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