Chairs of the Committees

Mr. Ashley Ian Alder

Mr. Ashley Ian Alder, Chair of the IOSCO Board

Ashley Alder is the Chief Executive Officer of the Hong Kong Securities and Futures Commission. Mr. Alder came to Hong Kong in 1989 with the international law firm Herbert Smith, practicing corporate and business law. He was Executive Director of Corporate Finance at the SFC from 2001 to 2004, before returning to Herbert Smith, later as head of the firm's Asia Region. He rejoined the SFC in 2011.

Mr. Alder attained his Bachelor of Laws degree from the University of London in 1982 and graduated from the University of Cambridge with a Master of Laws degree in 1983.

Mr. Jean-Paul Servais

Mr. Jean-Paul Servais, Vice Chair of the IOSCO Board, Chair of the European Regional Committee (ERC) and Chairman of the Finance and Audit Committee

Jean-Paul Servais is Chairman of Belgium's Financial Services and Markets Authority (FSMA), and a member of the Board of Supervisors of the European Securities and Markets Authority (ESMA). At ESMA, Mr. Servais also serves as Chair of the Financial Innovation Standing Committee (FISC), which is responsible for monitoring the trends in financial innovation and in FinTech. FISC advises on guidelines and recommendations, product intervention and other measures to prevent inappropriate financial innovation that may cause a disadvantage to consumers or pose a threat to financial stability.

Mr. Servais is a member of the European Systemic Risk Board (ESRB) and of the Euronext College of Regulators.

Chair of the Growth and Emerging Markets Committee (GEMC)

This position is currently vacant.

Mr. Yusuf Kaya

Mr. Yusuf Kaya, Vice Chair of the Growth and Emerging Markets Committee (GEMC)

Mr. Yusuf Kaya is a Board Member of the Capital Markets Board (CMB) of Turkey. His main focus areas are market surveillance and oversight, enforcement, and accounting standards. Mr. Kaya has contributed to the work of IOSCO and other international organizations, particularly the FSB and FATF, and has represented the CMB in international fora. Before being appointed to the Board of the CMB in October 2020, he served as CMB’s Executive Vice Chair since 2016.

In addition to his tasks at the CMB, Mr. Kaya is currently the Chairman of the Capital Markets Licensing Registry and Training Agency, which carries out the licensing, registration and training of capital market professionals working at financial institutions and listed companies in Turkey. During his career, Mr. Kaya has also served as the Head of the CMB Enforcement Division.

Mr. Kaya has a PhD degree in Economics (Istanbul University) and a Master’s degree in business administration (Duke University’s Fuqua School of Business).

Ms. Nezha Hayat

Ms. Nezha Hayat, Chair of the Africa / Middle-East Regional Committee (AMERC)

Nezha Hayat is the President of AMMC – Morocco’s Capital Market Authority, following her appointment in February 2016 by His Majesty the King Mohammed VI.

An ESSEC Business School Paris graduate, she started her career in Spain by working in several banks both in investment banking and private banking. From 1995 to her nomination, she worked at Société Générale Marocaine de Banques where she became in 2007, the first woman on a management board of a bank in the country.

In 1999, she was elected President of the Association of stockbrokers in Morocco for two terms. She co-founded in 2012 the Moroccan chapter of Women Corporate Directors – CFA Maroc, to promote women in corporate boards.
Nezha received an award for her “outstanding contribution to financial and professional services”, by the G8 in June 2013 in London.

As the Chairperson and CEO of the AMMC, Ms. Hayat is a member of the Board of The Supervisory Authority of Insurance and Social Welfare (ACAPS) and a member of the Coordination and Systemic Risk Monitoring Committee (CCRS).

She was decorated by His Majesty the King Mohammed VI, Officer of Wissam Al Arch (Order of the Throne) in 2013 and in 2019, she was awarded by Spain Commander of the Order of Civil Merit.

Mr. Takashi Nagaoka

Mr. Takashi Nagaoka, Chair of the Asia-Pacific Regional Committee (APRC)

Takashi Nagaoka is Deputy Commissioner for International Affairs at Japan Financial Services Agency (JFSA) since July 2020.

Mr. Nagaoka joined the Ministry of Finance in 1991 and has been with JFSA since 2002. He has a broad experience in the areas of financial regulation, supervision and law enforcement at JFSA and the Securities and Exchange Surveillance Commission (SESC), the enforcement arm of the JFSA.

Between 2009 and 2012, he served as the Director for International Financial Markets and for International Accounting. During the period, he was involved in a variety of IOSCO activities in the aftermath of the global financial crisis. He led JFSA’s Securities Business Division as its Director, in charge of supervising broker-dealers, fund managers and other market intermediaries at home between 2015 and 2017.

Mr. Nagaoka is also serving as the Vice Chair of IFIAR (International Forum of Independent Audit Regulators) since April 2021.

Mr. Nagaoka earned a B.A. in Law at the University of Tokyo, and has an MBA from the Columbia Business School.

Ms. Lucía Buenrostro Sánchez

Ms. Lucía Buenrostro Sánchez, Chair of the Inter-American Regional Committee (IARC)

Lucía Buenrostro holds a bachelor’s degree on Actuary from the Universidad Nacional Autónoma de México (UNAM).

She has a master's degree in Economics from El Colegio de México and a master's degree in Mathematics and Finance from the Imperial College of the United Kingdom. Lucía also holds a master's degree and a Ph.D. in Economics from the University of Warwick.

She has a broad and solid background in the international financial system, where she has worked for almost 15 years. She has been responsible for the risk management areas covering different investment portfolios (equity, credit, interest rates, exchange rates, and commodities) and various types of risks (market, credit, and operational). In regulatory matters, she has coordinated projects to implement the Basel Accords, particularly the quantitative impact analysis of Basel III and its subsequent reforms.

She has been a lecturer and researcher at UNAM, the University of Warwick, and the University of Oxford. She has published in internationally renowned academic journals, and she is currently a writer in a Mexican newspaper. She was distinguished with academic scholarships from CONACYT (Mexico) and the Royal Economic Society (United Kingdom).

She was appointed Vice President for Regulatory Policy at the National Banking and Securities Commission (CNBV) of Mexico, starting on November 2021.

Ms. Karen K. Wuertz

Ms. Karen K. Wuertz, Chair of the Affiliate Members Consultative Committee (AMCC)

As NFA's Senior Vice President of External Affairs and Communications, Ms. Wuertz is responsible for NFA's international activities, Member educational initiatives, investor education, corporate communications, media, and legislative issues. Ms. Wuertz joined NFA as it was being created. Throughout her NFA career, Ms. Wuertz has had extensive experience in the areas of rule-making, examinations, investigations, system development and enforcement.

Ms. Wuertz also had the opportunity to step aside from her derivatives regulatory career to lead the development and construction of a 33 story office tower in Chicago. This experience prepared Ms. Wuertz to tackle the unexpected, to negotiate and build consensus among many entities with various motives, build extensive networks, and manage budgets and spending of hundreds of millions. Ms. Wuertz also spent part of her career at the Chicago Stock Exchange overseeing its financial operations.

Ms. Wuertz is currently Chair of the Affiliate Members Consultative Committee of the International Organization of Securities Commissions (IOSCO). She co-chaired an IOSCO subcommittee to develop and publish a formal paper entitled "Model for Effective Self-Regulation".

She holds a CPA in Illinois, a Masters in Management from the Kellogg Graduate School of Management at Northwestern University and a Bachelor of Science degree in Accounting from the University of Illinois.