Jerusalem – At its 2006 Annual Conference in Hong Kong, the International Organization of Securities Commissions (IOSCO) announced last Thursday that the Israel Securities Authority has been accepted as a full signatory to the IOSCO Multilateral Memorandum of Understanding (MMoU) for cross-border cooperation in securities law enforcement. The MMoU sets the terms for cross-border cooperation between the signatories in the enforcement of securities law. The Israel Securities Authority (ISA) joins 33 other securities regulators from the world’s leading economies in what is a preliminary step towards international harmonization of securities regulation. Israel’s acceptance to the MMoU marks the first time a signatory to Annex B of the agreement receives full signatory status. It comes after Israel modified its legislation to meet the high standards set by IOSCO for international enforcement cooperation.
“Joining the IOSCO agreement is an important step for Israel, which is increasingly becoming a part of the global financial community”, stated Moshe Tery, ISA Chairman. “In our experience with the US SEC and others, we have found cross-border cooperation to be an invaluable tool in securities enforcement. We have also benefited greatly from our membership in IOSCO and look forward to playing an even more active role in this vitally important forum”. The Secretary General of IOSCO, Philippe Richard, was among the first to welcome the ISA aboard the MMoU: “This achievement is important for IOSCO as the ISA is the first member to pass from Appendix B of the IOSCO MMoU to a status of a full signatory to it, after successfully removing the required legal impediments.”
Last Tuesday the ISA won its bid to host the IOSCO Annual Conference in Tel Aviv in 2009. This conference brings together securities regulators and international standard setters from all over the world and is considered the most important event in the field of securities law and regulation.
The IOSCO conference also sets the stage for the signing of a bilateral Protocol between the ISA and the U.S. Commodity Futures Trading Commission (CFTC). The Protocol establishes a framework to facilitate cooperation in the administration and enforcement of futures laws as well as the exchange of information between the ISA and the CFTC.
