The Bank of Russia will join the IOSCO Multilateral Memorandum of Understanding (IOSCO MMoU)
On February 11th, 2015, the Decision Making Group of the International Organization of Securities Commissions (IOSCO) resolved to approve the application of the Bank of Russia to become signatory to the Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (IOSCO MMoU).
Upon completing an official IOSCO MMoU signing procedure, the Bank of Russia will be included to the Appendix A of the IOSCO MMoU, which lists all the IOSCO MMoU current signatories, and will thus become eligible to enter upon information exchange within the framework of the IOSCO MMoU
Joining the IOSCO MMoU will improve the effectiveness of the Bank of Russia in carrying out its oversight functions and will enable the full engagement of the Bank of Russia in IOSCO activities, namely in developing the principles for and standards of financial market regulation. Moreover in its capacity of an IOSCO MMoU signatory the Bank of Russia will benefit from enhanced cooperation with financial market regulative authorities, which are members of the IOSCO.
IOSCO MMoU was designed in 2002, aiming to promote information exchange among the securities regulators, holding IOSCO membership, as well as to counter malpractice in the financial market. To date 103 IOSCO jurisdictions have become signatories to the IOSCO MMoU.
Having more than 120 regulative authorities under its aegis, IOSCO is an international organization, which sets globally acknowledged standards of and approaches to securities market regulation.
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