IOSCO MMoU Against Financial Misconduct Gains 100th Signatory

The International Organization of Securities Commission is reporting that the Indonesian Financial Services Authority has become the 100th signatory to its multilateral memorandum of understanding on cooperation and enforcement.  IOSCO describes the event as follows:

Securities regulators use the MMoU to share with each other essential investigative material, such as beneficial ownership information, and securities and derivatives transaction records, including bank and brokerage records. The MMoU sets out specific requirements for the exchange of information, ensuring that no domestic banking secrecy, blocking law or regulation prevents the provision of enforcement information among securities regulators.

Gaining the 100 signatories to the MMoU--out of a total of 125 eligible IOSCO members--marks a watershed for the organization. Established in 2002, the MMoU is the cornerstone of IOSCO’s efforts to eradicate potential safe havens for wrong doers. As long as jurisdictions remain outside the international enforcement regime of the MMoU, they create gaps in IOSCO’s global enforcement network.