IOSCO/MR/09/2020
Madrid, 08 April 2020
The Board of the International Organization of Securities Commissions (IOSCO) has agreed to pause or delay some of its work in 2020 in order to redirect its resources to focus on the multiple challenges securities markets regulators are addressing as a result of the COVID-19 crisis.
This decision means that the work priorities outlined in IOSCO´s 2020 annual work program needed to be reconsidered. In deciding on which priorities to pause or delay, the Board was guided by four overarching principles:
1. A recognition that a delay would relieve untoward pressure on IOSCO members who are addressing core crisis challenges;
2. A recognition that operational constraints on financial institutions would likely impede their ability to contribute to IOSCO projects and/or follow up on final reports;
3. A recognition that in many cases it may be inappropriate to issue reports during this crisis given that they may become wholly or partly overtaken by events and/or they would need to be modified to take account of lessons learned or factor in a substantially changed financial landscape as a result of the crisis; and
4. A recognition that IOSCO, the Financial Stability Board and other Standard Setting Bodies with whom IOSCO collaborates are focusing substantial efforts (which is resource intensive) to address the crisis which is now the priority.
Article source: https://www.iosco.org/news/pdf/IOSCONEWS562.pdf