Final Communique of the 32nd Annual Conference of the International Organization of Securities Commissions

    MUMBAI, INDIA, April 12 /CNW/ - The world's securities and futures
regulators as well as other members of the international financial community
have successfully concluded their meeting in Mumbai, India which took place
from 9-12 April 2007 on the occasion of the 32nd Annual Conference of the
International Organization of Securities Commissions (IOSCO).

    This year's conference which attracted more than 500 delegates from
around the world and which included representatives from more than 100
countries was hosted by the Securities and Exchange Board of India.

    The conference was officially opened by Mr. P. Chidambaram, The Hon.
Finance Minister of India, whose presence along with other high level
dignitaries indicated a strong level of support for the international
collaborative efforts of the world's financial regulators. In his opening
remarks to the Conference, Mr. Chidambaram said "the protection of the
interests of the investors and the promotion and development of the securities
market are inseparable twin objectives".

    The Chairman of the Securities and Exchange Board of India, Mr. M.
Damodaran, confirmed the importance of this year's event to India by stating
that: "India has become a front runner among the emerging markets in
implementing international financial standards. This IOSCO Conference while
being yet another significant step in increasing cooperation among securities
regulators, has helped to showcase the development and progress which has been
achieved in the Indian securities market".

    The Chairperson of the IOSCO Executive Committee, Ms Jane Diplock,
revealed that the organization continues to make substantial progress in
further promoting the cause of international cooperation among securities
regulators in particular via the IOSCO Multilateral Memorandum of
Understanding Concerning Consultation and Cooperation and the Exchange of
Information (IOSCO MOU).

    Ms Diplock said that "the increased capability of regulators to cooperate
is vital as capital markets become increasingly global. The effort which IOSCO
is driving via the MOU as well as other initiatives is already delivering
positive results and will continue to bring major benefits to securities
markets worldwide including to investor confidence".

    In his remarks to the Conference, the Chairman of the IOSCO Technical
Committee, Mr. Michel Prada, noted the increased trend towards international
convergence as evidenced in the organization's current activities: "The issues
we are working on are slowly but inevitably converging from region to region
and also globally, be they related to issuers, such as internal control and
disclosure, to intermediaries such as trading and potential conflicts of
interest, or related to retail investors such as those regarding the
suitability of financial products".

    At the conclusion of the Conference, IOSCO outlined the issues which
represent the organization's main areas of focus at this time including:

    IOSCO Memorandum of Understanding

    The organization expressed satisfaction with the progress made as the
number of signatories to the IOSCO MOU continues to steadily increase. Adopted
in May 2002, the IOSCO MOU provides for improved enforcement related
cooperation and the exchange of information among regulators. It represents
one of the organization's most significant contributions yet to delivering on
better regulatory cooperation and more effective cross-border enforcement.

    There are currently 41 IOSCO members who have signed the MOU. New
signatories who were welcomed during the Conference included:

    --  Bermuda Monetary Authority

    --  Financial Services Commission of the British Virgin Islands

    --  China Securities Regulatory Commission

    --  Commission de surveillance du secteur financier of Luxembourg

    --  Securities Commission of Malaysia

    An additional 15 members have expressed their commitment in accordance
with Appendix B requirements to the IOSCO MOU. This means that they have
expressed a formal commitment to seek the legal authority that would enable
them to become signatories. The most recent additions are:

    --  Financial Supervisory Commission of Chinese Taipei

    --  Securities & Exchange Commission of Ghana

    --  Conseil du marche financier of Tunisia

    --  Superintendencia General de Valores of Costa Rica

    IOSCO continues to monitor the progress of each member currently listed
on Appendix B as they seek to make the transition to become full signatories.

    It is noted that the Emerging Markets Committee has recently carried out
a project to examine the obstacles that emerging markets face in adopting the
MOU. The project concluded that some emerging markets may face obstacles in
meeting the requirements but that training programs provide invaluable

    Related to these developments is the IOSCO MOU Assistance Program which
aims to help members throughout their application process. The Program which
is coordinated by the IOSCO General Secretariat provides experienced
specialists to work with members requiring technical assistance in order to
help them conform to the necessary international regulatory standards.

    To date a wide range of members have or are currently in the process of
benefiting from this Program including those from the following jurisdictions:
Costa Rica, Indonesia, Kenya, Uganda, Tanzania, Thailand, Mauritius, Vietnam,
Brunei and Philippines. Third party funding for the Program, in particular
from other international financial institutions including regional development
banks such as the Asian Development Bank, is also being explored and has
successfully been secured in several instances.

    Private Equity

    IOSCO has established a new Task Force to explore the regulatory risks
associated with private equity which has in recent years become an
increasingly important component in capital markets. The project is
considering the risks associated with private equity markets and assess
whether the activity of private equity firms poses any concerns for securities

    The IOSCO Task Force on Private Equity is chaired by the Financial
Services Authority of the United Kingdom.

    Admission of New Members

    IOSCO is pleased to welcome the following as new members to the

    Financial Services Commission of the British Virgin Islands (Ordinary

    Korea Deposit Insurance Corporation (Associate Member)

    Autoregulator del Mercado de Valores of Colombia (Affiliate Member)

    Abu Dhabi Securities Market (Affiliate Member)

    Dubai Financial Market of the United Arab Emirates (Affiliate Member)

    Bombay Stock Exchange Limited (Affiliate Member)

    Muscat Stock Exchange of Oman (Affiliate Member)

    Tel Aviv Stock Exchange (Affiliate Member)

    Jasdaq Securities Exchange of Japan (Affiliate Member)

    Future Conferences

    IOSCO will hold its next Annual Conference in Paris, France from 26-29
May 2008. Thereafter, the Annual Conference for 2009 will take place in Tel
Aviv, Israel. During meetings this week, IOSCO voted for Montreal, Canada, to
be the host for the Annual Conference in 2010.

    To view the detailed document on IOSCO 2007 proceedings, please click on
the link below:

For further information:

For further information: IOSCO Philippe Richard, +34 91 417 5549 / +34
650 378 899 IOSCO Secretary General Andrew Larcos, +34 91 417 5549 / +34 679
969 004 IOSCO Secretariat

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