MMoU

2013 List of Non-signatories to the MMoU

The IOSCO Multilateral Memorandum of Understanding (MMoU), established in 2002, provides a global framework for enforcement co-operation between securities regulators, thereby helping to ensure effective regulation and to preserve the strength of securities markets. Signatories represent approximately 95% of global securities markets, and the IOSCO MMoU is the leading instrument for multi-lateral co-operation in the enforcement of securities regulation. A full list of MMoU signatories can be found here.

Prior to signing the MMoU, applicant regulators must demonstrate their ability to provide assistance to other regulators in enforcement investigations. That will include being able to obtain specific forms of information and disclose that information to overseas regulators.

Applicants are required to undergo a rigorous screening process, during which their capacity for co-operation is examined in detail by a group of experts. Often initial applications prove unsuccessful, and applicants are required to enhance their powers by effecting legislative or other changes. IOSCO members who have previously applied unsuccessfully to become signatories, but have formally expressed their commitment to taking the steps necessary to achieve MMoU compliance, are listed on Appendix B to the MMoU.

In some instances, and to obtain a provisional view, regulators will provide draft legislation, regulations or other measures to IOSCO (that may form all or part of the proposals intended to meet the MMoU requirements) prior to submission to their domestic legislatures or equivalent approving bodies. This may potentially improve the prospects of a swift and successful re-application in due course. In other instances, however, IOSCO will be provided with the legislation, regulations or other measures intended to achieve MMoU compliance only shortly before or indeed after they have come into force, in the course of the re-application process.

In all cases, IOSCO's experts (the MMoU Screening Group, which meets to consider applications and re-applications three times a year) must be wholly satisfied with an applicant's ability to co-operate under the MMoU before they can be invited to become signatories.

In 2005, IOSCO asked all members of IOSCO (with primary responsibility for securities regulation within their jurisdictions) to become MMoU signatories, or to be listed under Appendix B of the MMoU, having demonstrated their commitment towards becoming signatories. Then in 2010, IOSCO asked all of those listed on Appendix B to apply to become signatories by 1 January 2013. In May 2012, the Presidents Committee resolved that the IOSCO Board would, at its first meeting of 2013 evaluate the overall MMoU implementation situation and, if necessary, propose to the Presidents Committee graduated additional measures to encourage those members who have failed to become MMoU signatories.

IOSCO is committed to ensuring the application of the MMoU across the globe, and wishes to encourage all eligible members to take the necessary steps to become signatories. In the current global environment, not being a signatory of the IOSCO MMoU may weaken international enforcement efforts and may create the perception that a non-signatory jurisdiction presents an attractive location for those who would perpetrate crime and misconduct. The MMoU has been in operation for over ten years and, in line with IOSCO resolutions, a list of members who have not yet become signatories is published below. The list includes objective information as to the progress made by those non-signatory members towards becoming signatories.

2013 List of MMoU Non-Signatories

* The Executive Committee decided that IOSCO should create a list after 1 January 2013 to include members who had fail to make an application to advance to Appendix A of the IOSCO MMoU. The list is called '2013 List', but it is kept updated

NON-SIGNATORY	PROGRESS TOWARDS BECOMING AN MMOU SIGNATORY
	Q1) Has the regulator formally expressed its commitment to achieving MMoU compliance¹ (and therefore been listed on Appendix B to the MMoU)?	Q2) Has the regulator provided to IOSCO², part or all of the draft legislation, regulation or other measures intended to achieve MMoU compliance?	Q3) Has the regulator sent the draft legislation, regulations or other measures intended to achieve MMoU compliance for approval by the relevant domestic authorities, such as parliament?	Q4) Has the regulator indicated when these measures are likely to take effect?	Q5) Has the regulator formally re-applied³ to become a signatory?
	(Y + date of Appendix B listing / N)	(Y/N)	(Y/N)	(Y/N)	(Y/N)
Financial Services Commission BARBADOS	YES October 2009	YES	YES	NO	NO
Autoridad de Supervisión del Sistema Financiero BOLIVIA	YES February 2015	NO	NO	NO	NO
Superintendencia General de Valores COSTA RICA	YES April 2007	YES	YES	NO	NO
Securities and Exchange Commission GHANA	YES April 2007	YES	YES	YES	NO
State Agency for Financial Surveillance and Accounting KYRGYZ REPUBLIC	An initial application is currently under consideration	-	-	-	-
Securities Commission PAPUA NEW GUINEA	YES October 2009	YES	YES	YES	YES
Securities and Exchange Commission PHILIPPINES	YES February 2007	YES	YES	YES	NO
National Securities and Stock Market Commission UKRAINE	YES Feb 2016	YES	YES	NO	NO
Center for Coordination and Control over Functioning of Securities Market UZBEKISTAN	YES Aug 2014	YES	YES	YES	YES

¹ Unsuccessful applicants who formally confirm their commitment to becoming MMoU signatories are listed on Appendix B to the MMoU.

² Either informally or through the Screening Group's more formal Preliminary Assessment process.

³ A regulator can only re-apply to become a signatory once the intended remedial legislation, regulations or other measures have been enacted.