Iran’s Securities and Exchange Organization officially joined IOSCO in 2016 as an associate but managed to promote itself to a junior member this year thanks to its adherence to all obligations set by the IOSCO and sense of responsibility to respond to all specialized questions raised by the international body.
“The promotion will provide us with a chance to attract more foreign investment and expand our cooperation with all related watchdogs involved in the global capital markets,” SEO’s Head Mohammad Fetanat was quoted as saying in a report by the Iranian government’s official website dolat.ir.
Information technology exchanges with other players of the world’s capital markets, promotion of Iran’s capital market knowhow, sharing of experiences with other watchdogs are among other main achievements of the membership promotion for the Islamic Republic, he added.
Experts say the membership status promotion of the SEO in the international body reveals the growth and developments made in Iran’s capital market, and that it is now operating within the international standards of the IOSCO.
From now on, Tehran Stock Exchanges, Iran’s Fara Bourse, Iran Mercantile and Energy Exchange and Central Securities Depository of Iran along with other active centres in the capital market can join the IOSCO and enjoy its membership advantages.
The promotion of the SEO also brings international credit for the Islamic Republic and reveals that exchanges in Iran enjoy appropriate infrastructure and are carried out within the international standards. The SEO will use the new capacities for further development of exchanges across the country.
The new membership status means that the Islamic Republic can join all committees of the international body, even its board of directors and enjoy the right to have a vote in making most decisions after taking some training courses.
Established in 1983, IOSCO serves as the most important international council involved in the global markets. It is made up of the world’s regulatory agencies setting international standards and coordination among stock exchanges across the world.
Its main goals are establishing cooperation among member states to promote standards in order to create strong, neutral, efficient markets, exchanging experiences to promote local markets, making concerted efforts to create high standards in stock exchanges and preparing the ground for mutual cooperation through removing the current obstacles.
It is made up of three main committees: executive, technical and growth. It also has a regional committee.
The body works intensively with the G20 and the Financial Stability Board on the global regulatory reform agenda Securities regulators in emerging markets account for 75% of its ordinary membership.