Earlier this week, in a presentationi to a meeting of the IOSCOii European Regional Committee, representatives of the GFSC advocated an assessment of the potential for developing a template or multilateral instrument to help the ongoing evolution of mutual recognition regimes within the funds industry.
The GFSC’s representatives who attended the meeting noted that IOSCO’s seminal 2015 work in this area has, through dissemination and citation, become a generally accepted benchmark in the policy debate around mutual recognition processes, suggesting it might be timely to further develop this work.
The GFSC’s contribution to the debate was welcomed and it was invited to present its views in more detail at the next meeting of the European Regional Committee in October in Luxembourg.
Commenting on the matter, Director General William Mason said:
"We were pleased to be able to make this contribution at the IOSCO European Regional Committee. Our instinct is that development of a template and/or multilateral instrument could provide a foundation and catalyst for the recognition of funds regimes. We believe that taking it forward would help enhance the opportunities for investment growth – opportunities that are needed if the global pensions gap is to be bridged."
i NB The text of the presentation can be accessed by clicking here .
ii IOSCO – The International Organisation of Securities Commissions