Mandate of ITF SC
The role of ITF SC is to support the AC in achieving its objectives of promoting full, effective and consistent implementation of the IOSCO Principles across the IOSCO membership and promoting IOSCO as the recognized standard setter for securities regulation. The ITFSC's mandate is to maintain and update the IOSCO Principles and Methodology and support users of the Methodology.
In carrying out its work, the ITFSC will be guided by the following objectives:
- Ensure that the IOSCO Principles continue to provide a broad general framework that is recognized globally as setting out key regulatory standards for the regulation of securities markets and participants;
- Enhance the accessibility of the IOSCO Principles and Methodology so that all IOSCO members can more easily access, use and apply them;
- Streamline and improve the Methodology so that it is a practical, informative, clear and coherent document by which to undertake self-assessments and assessments of the IOSCO Principles; and
- Develop formal guidance, Frequently Asked Questions (FAQs) or other tools designed to assist users to implement the IOSCO Principles and apply the Methodology.
Responsibilities of ITF SC
The core responsibilities of the ITFSC are to:
- Advise on requests from members and assessors about the meaning of the IOSCO Principles and Methodology.
- Develop and update Guidance Notes, FAQs and the E-Methodology.
- Provide a forum in which assessors and assessed jurisdictions can share their experiences in applying the IOSCO Principles and Methodology.
- Develop and implement a dynamic process for reviewing and updating the Methodology.
- Assess on an ongoing basis the need to update the IOSCO Principles, balancing the need for stability in guidance with the need to reflect changes and contemporary approaches to regulation.
The ITFSC's focus is to provide guidance and assistance on how to interpret and apply existing IOSCO Standards that are reflected in the Methodology and not to create Standards. The responsibility for developing Standards generally rests with IOSCO Committees or Task Forces, and with the Board, which is responsible for approving new Standards.
Activities of ITF SC