On May 16th, the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) announced that they will get through the IOSCO Board as a delegate of the Asia Pacific Regional Committee (APRC) during the 37th annual general meeting in Beijing.
The International Organization Of Securities Commissions (IOSCO) was founded in 1974 to maintain the sound capital market, exchange information among supervisory institutions and enhance the mutual cooperation with the members. In 2007, the G20 required the international organizations, which are mostly based on advanced countries, to expand the emerging markets to cope with the international financial crisis. To meet the requirement, the IOSCO decided to establish the Board that includes the members from the emerging markets. With 32 members, the IOSCO Board will play a pivotal role such as setting the standard to supervise the international stock exchange and seeking some effective ways hereafter to regulate the capital market.
<The Organization Chart of the IOSCO>
Source. Financial Services Commission
Both the FSC and FSS put forth a multilateral effort into this selection to gain supports from the major members; 1) developing our capital market and approaching to globalization, 2) gaining ample experience of supervising international finance, 3) hosting primary IOSCO meetings and 4) carrying out the international supervision standard. As a result, Korea was finally chosen to enter the IOSCO Board with Singapore and Pakistan as a delegate of the APRC.
The debut will allow Korea to work as one of the members of the advanced countries in the international finance organizations. As well, Korea will be able to strengthen its position and excercise the right to speak more actively in the international society.
안 소 빈 / An, So Bin (firstname.lastname@example.org)