The European Regional Committee of the International Organization of Securities
Commissions (IOSCO) will hold its upcoming annual meeting in Budapest, on October
4, 2002. The host of the international event is the Hungarian Financial Supervisory
Authority (HFSA). In addition to the Secretary General of IOSCO and the Secretary
General of the Committee of European Securities Regulators (CESR), 43 representatives
of 31 countries' supervisory authorities will participate, including the presidents
of the Greek, the Portuguese, the Czech, the Romanian, the Slovakian, the Slovenian,
the Yugoslavian, the Macedonian and the Cyprian securities supervisory authorities.
IOSCO has been functioning as an international organization for defining international
regulatory standards, as an umbrella for supervisory authorities since 1983. It
develops important regulatory and operational principles, while providing a forum
for the international exchange of experiences. Presently IOSCO encompasses 174
securities commissions and self-regulatory organizations (SRO) of more than 80
countries, stock exchanges, furthermore, outstanding organizations like OECD and
IFC.
The agenda of the Budapest meeting includes:
-
Review of the work of CESR, an organization integrating supervisory authorities
in the European Union; The review is especially significant in light of Hungary's
approaching accession to the EU and because of the regulatory reform of the securities
market within the Union, the so called Lámfalussy process;
-
Report of the Consultative Group of Capital Market Regulators of the Candidate
Countries for Accession to the European Union on the progress of joint preparation;
and
-
Discussion of IOSCO's Multilateral Memorandum of Understanding
Issues will be discussed during the meeting, which have outstanding importance
on the development of capital markets; on the one hand, participants will reflect
on capital market events, on the other hand, IOSCO's several years of efforts
to set up international standards will be continued.
The organization of the Budapest Meeting is an important manifestation of HFSA's
international recognition.
Hungarian Financial Supervisory Authority