IOSCO'S Secondments Policy
The purpose of this secondment policy is to boost the skilled human resources available to the IOSCO General Secretariat, without impacting on the fees payable by members, in order to provide a better level of service to the organization from the General Secretariat, in particular:
- Conducting technical assistance projects at the request of member jurisdictions, focused initially on the Multilateral MMoU;
- Coordinating and undertaking assessments of IOSCO member jurisdictions against the IOSCO Principles, in order to agree on action plans to address identified gaps and weaknesses;
- Providing drafting and Secretariat support for IOSCO working committees, to improve the timeliness and quality of IOSCO reports; and
- Contributing to improved consultation with industry and investor groups on IOSCO's work.
The benefit for secondees and their sponsoring entities will derive from the experience they gain in the IOSCO General Secretariat. The clear expectation is that the secondees would return to their home organizations at the end of the agreed secondment period.
All IOSCO Member Organizations are invited to support nominations of qualified staff members. The final decision on offering a position resides with the Secretary General.
Roles of secondees
Secondees are expected to play an important role in the Secretariat, at the Advisor or Senior Advisor level. Depending on the needs that arise, they may be expected to contribute in the areas of:
- Technical Assistance related to the implementation of the IOSCO MMoU and to IOSCO Principles' Assessments;
- design and delivery of Educational Programs;
- providing Secretariat level support to IOSCO work teams on technical issues such as accounting and auditing, the regulation of secondary markets, market intermediaries or collective investment schemes, and enforcement; and
- the implementation of the IOSCO Strategic Direction more generally, as varied from time to time.
Qualifications of a secondee
The mandatory qualifications of a secondee include:
- Expertise in securities regulation,
- Good proficiency in written and spoken English, and
- Ability to operate as a member of a multi-background and multi-disciplinary team.
Other desirable qualifications include:
- Proficiency in one or more of the other official IOSCO languages (Portuguese, French and Spanish),
- Expertise in international regulation or negotiation,
- Expertise in the securities industry, and
- Expertise in regulation of the financial services industry more generally.
More specific areas of expertise that are required would be indicated at the start of the relevant recruitment period. For example if the need at the particular time was for a person to assist with assessments of the IOSCO Principles in emerging market jurisdictions, experience in an emerging market or experience in conducting assessments could be specified as a particular qualification desired of applicants in that round of recruitment.
Administration and financial considerations
Secondments will be subject to bilateral agreements between the IOSCO General Secretariat and the sponsoring entities.
The sponsoring entities will be expected to cover the secondees' salaries and other related employment expenses, such as pension entitlements and medical insurance coverage. The General Secretariat will cover the moving costs.
The sponsoring entities will also be expected to cover a part of the travel expenses of the secondees, to be negotiated.
IOSCO will be responsible for expenses associated with IOSCO activities that are not covered by the terms of the secondment, such as provision of an office, office equipment, computer equipment, travel costs not covered by the sponsoring entity, telephone etc.
Potential seconding entities should consider the costs of living in Madrid, Spain, and take into account possible differences with the costs of living in their jurisdiction before offering to sponsor a secondee. The General Secretariat can provide information about living costs on request.
Preferably, the full amount of the secondee's salary, benefits or allowances should be transferred to the IOSCO General Secretariat, so that the secondee can benefit from the advantages of having an employment contract with the IOSCO General Secretariat, in particular income tax exemption (if the secondee is not a Spanish national or a resident in Spain prior to accepting the contract with IOSCO) and other benefits deriving from the employment contract. This will reduce the costs of all parties to the secondment arrangements. This is not, however, an essential element of the secondment policy.
Duration of the secondment
In general, the preferred duration of the secondments will be one year but could be extended to two, depending on the characteristics of the case. The preferred duration will be advised in the invitation for candidates, and applicants will be invited to indicate the period to which they are able to commit. Requests for secondments for specific positions may include minimum terms longer than one year if the tasks expected from the secondee require it.
Status and Confidentiality
The secondees will be considered a member of the staff of the IOSCO General Secretariat for the duration of the secondment, and therefore are expected to be responsible to IOSCO Secretary General for reporting, work direction, monitoring, and confidentiality purposes.
Secondees will be expected to sign a confidentiality agreement regarding the information available for Members only within IOSCO.