In collaboration with the University of Luxembourg and the Chambre of Commerce, the Max Planck Institute Luxembourg (MPI) is organising the conference I’OSCO and the new international financial architecture: What role for IOSCO in the development and implementation of cross-border regulation and equivalence?’ on Friday, 5 October 2018.
Date, time & location
Friday, 5 October 08:30 – 18:30
Conference Room 1, Chambre des Commerce, 7, rue Alcide de Gasperi, L-2981, Luxembourg (Kirchberg)
Participation is free, however, registration is required.
This conference is supported by the FNR via its RESCOM scheme.
Keynote speech by Mr Jean-Paul Servais, Vice-chair of IOSCO, Chair of the FSMA.
About the conference
In 2015, an International Organisation of Securities Commissions (IOSCO) Task Force published a major report on Cross-Border Regulation and what tools should be used in order to ensure a level playing field and recognition of regimes among jurisdictions. Equivalence or (unilateral or mutual) recognition of a foreign regulatory regime was described by IOSCO as one element in the regulatory tool-kit. Equivalence is the approach by which a securities regulator “recognises” a foreign regulatory regime, or parts thereof, following an assessment of the foreign regulatory regime. This allows a foreign firm or issuer to do business in the host country without applying two sets of rules. Despite the support of the industry, the IOSCO 2015 report did not include strong follow up measures.
Since the Brexit referendum, the issue of equivalence and recognition has become crucial in Europe. The United Kingdom (UK) is subject to an equivalence assessment in order to be able to access the single financial market. The EU seems to be reluctant to grant equivalence to the UK.
The conference will the first one on this topic and will open the debate on how to assess equivalence, should it be bilateral and/or multilateral, and what could be the role of IOSCO and under which legal regime. This has only been discussed so far behind closed doors but there has been more interest recently academics on this topic, especially in the UK. The goal of the conference is to put the debate under a scientific light and discuss possible approaches.