IOSCO and the new international financial architecture: What role for IOSCO in the development and implementation of cross-border regulation and equivalence?

5 October 2018

(organised in collaboration with the University of Luxembourg and Luxembourg National Research Fund*)

In 2015, an International Organisation of Securities Commissions (IOSCO) Task Force published a major report on Cross-Border Regulation and what tools should be used in order to ensure a level playing field and recognition of regimes among jurisdictions. Equivalence or (unilateral or mutual) recognition of a foreign regulatory regime was described by IOSCO as one element in the regulatory tool-kit. Equivalence is the approach by which a securities regulator “recognizes” a foreign regulatory regime, or parts thereof, following an assessment of the foreign regulatory regime. This allows a foreign firm or issuer to do business in the host country without applying two sets of rules. Despite the support of the industry, the IOSCO 2015 report did not include strong follow up measures.

Since the Brexit, the issue of equivalence and recognition has become crucial in Europe. The United-Kingdom (UK) is subject to an equivalence assessment in order to be able to access the single financial market. The EU seems to be reluctant to grant equivalence to the UK.

The conference will the first one on this topic and will open the debate on how to assess equivalence, should it be bilateral and/or multilateral, and what could be the role of IOSCO and under which legal regime. This has only been discussed so far behind closed doors but there has been more interest recently academics on this topic, especially in the UK. The goal of the conference is to put the debate under a scientific light and discuss possible approaches.

In conjunction with the conference, a seminar for PhD students and early career researchers and academics will be organized on the 4th of October.

Seminar for PhD students and early career researchers: Call for application


* The conference and the seminar are supported by the FNR in the framework of its RESCOM programme (RESCOM_18_12469270_Conac)