EghtesadOnline: The Security and Exchange Organization's systemic attempts to elevate its position from "associate" member to "ordinary" member of International Organization of Securities Commissions, has finally borne fruit.
Shapour Mohammadi, the chairman of SEO told the Securities and Exchange News Agency (SENA) that the membership of ordinary category in IOSCO indicates evolution of Iran’s capital market at the global level and in doing so all the existing SEO regulations and standards were tallied with IOSCO standards.
IOSCO is an international body that brings together the world securities regulators and is recognized globally as a standard setter for security markets. Eligibility for membership falls into three categories, namely ordinary, associate, and affiliate membership.
Affiliate members of IOSCO may attend the presidents’ committee but are not entitled to vote in the committee. Associate members are members of the same committee but also are not entitled to vote, according to Financial Tribune.
Ordinary members of IOSCO are members of the committee and have one vote at the committee meetings and other committees to which they may belong.
Mohammadi said the SEO's presence in IOSCO facilitates sharing information with supervisory bodies at the highest levels of the capital market and offers extraordinary opportunities for technology transfer and training courses in the capital market.
He expressed the hope that the promotion would pave the way for more foreign investment in the domestic capital market.
Merits of membership at this level include the right to vote in all IOSCO elections, membership of all its committees, and participation in all its events.
He emphasized that other capital market bodies, such as the Tehran Stock Exchange, Iran Energy Exchange, Iran Mercantile Exchange, Fara Bourse, Central Securities Depository of Iran can also become IOSCO members.
It should be mentioned that as an ordinary member of IOSCO, SEO is also entitled to become a member of the IOSCO board and become president or deputy chairman of member committees, including the Regional Committees of North Africa and Middle East and the Growth and Emerging Markets Committee.