Global Policy Development Slows
A considerable focus at the IOSCO event was the waning of the global consensus that has driven reform in securities markets regulation since the global financial crisis. IOSCO has benefitted from clear guidance from political policy makers at the G20 level, which have then been focussed by the Financial Stability Board, turned into policy and principles at IOSCO, and then translated into globally co-ordinated national-level securities laws. This co-ordinated approach at a policy-maker level appears to be on the decline, with less focus (and less consensus) available from the G20. What then, is the ongoing source of global leadership in this area? It’s a pressing question and goes to the role of a number of international fora.