The International Organization of Securities Commissions (IOSCO) Task Force on cross-border regulation has this week published its final report.
Following a period of consultation launched in November 2014, the report presents a ‘Toolkit’ of cross-border regulatory tools commonly used by IOSCO members to regulate cross-border securities market activities. This includes the following ‘tools’:
- National Treatment – by which entities domiciled in or operating from foreign jurisdictions are generally treated in the same manner as domestic entities in terms of market access and ongoing regulatory requirements;
- Recognition – by which a host regulator is able to recognize a foreign regulatory regime, or parts thereof; and
- Passporting – by which a common set of rules may be applicable in multiple jurisdictions covered by the passporting arrangement.