Financial Services Authority, Bali, January 19, 2016: The Financial Services Authority (OJK) once again participated in the International Organization of Securities Commission (IOSCO) Forum called The Growth and Emerging Markets Committee (GEM-C). The forum held a conference in Nusa Dua, Bali, from January 19 to 22, 2016, to discuss important issues and challenges that IOSCO members would face as policymakers or regulators in their own countries.
The challenges here related to changes, in terms of technology, regulations, and what the public needed from financial authorities. These were the reasons why the conference had to be held as a forum for discussing various pressing issues and significant challenges that global capital markets would face today.
The OJK (formerly the Capital Market Supervisory Agency) represented Indonesia in the conference and it has joined IOSCO since 1984. Indonesia is one of the first countries outside the American continent, besides France, South Korea, and United Kingdom, that applied to become the organization's member. As an organization that brings together capital market regulators, the IOSCO have a number of objectives. They include protecting investors, creating and maintaining fair, efficient, and transparent markets, and reducing systemic risks.
To achieve its objectives, the IOSCO has established 30 principles comprised of those applicable to regulators, issuers, securities companies, and investment managers, collective investment contracts, and secondary markets.
The IOSCO was founded in April 1983, transition from an association of capital market regulators in the American continent. The general secretariat of this international organization, which in the beginning had 11 countries from North and South America as its members, is located in Madrid, Spain.
The IOSCO serves as the main forum for interaction and cooperation among capital market supervisory agencies worldwide and now more than 170 institutions, which consist of government bodies, self-regulatory organizations (SRO), and other securities-market-related institutions, have become its members. These members are divided into three categories: ordinary, associate, and affiliate.
At a glance: IOSCO GEM-C
The Growth and Emerging Markets Committee is the largest committee within IOSCO, representing over 75% of the IOSCO's ordinary membership. The Committee is responsible for developing and bringing greater efficiency to capital markets by establishing principles and minimum standards that its members should satisfy. In addition, still as part of its efforts to develop emerging capital markets, this Committee also prepares training programs, facilitates information exchange and technology transfer, and provides experts in securities markets for its members.
The GEM Committee comprises 86 members who include the world's fastest growing economies and 10 of the G-20 members (including Indonesia). So far, the size of emerging capital markets has amounted to around US$ 146 trillion. The committee also regularly holds annual meeting (GEM-C Meeting) that aims to facilitate discussions about actual issues and challenges faced by its members.
IOSCO GEM-C Meeting 2016
The goal of this annual conference was to discuss important issues and challenges that would confront IOSCO members as policymakers and regulatory agencies in their respective countries. The challenges here referred to changes, in terms of technology, regulations, and public needs for financial authorities. These changes constituted a background for the conference, which was held as a forum for discussing critical issues and serious challenges that global capital markets would have to address in today's world.
This year's conference was held from January 19 to 22, 2016, at the Sofitel Hotel, Nusa Dua, Bali.
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