Growth and Emerging Markets Committee

The Growth and Emerging Markets Committee is the largest Committee within IOSCO, representing over 75% of the IOSCO's ordinary membership. Mr Ranjit Ajit Singh, Chairman, Securities Commission, Malaysia, and Vice Chair of the IOSCO Board, is the Chair of the GEM. The Committee seeks to promote the development and greater efficiency of emerging securities and futures markets by establishing principles and minimum standards, providing training programs and technical assistance for members and facilitating the exchange of information and transfer of technology and expertise.

The GEM comprises 89 members and 19 non-voting associate members who include the world's fastest growing economies and 10 of the G-20 members. Emerging economies are expected to represent a growing portion of IOSCO membership as new members continue to join.

IOSCO is the only international standard setter that has a Committee solely responsible for emerging market issues. This inclusiveness increases IOSCO's effectiveness and positions it to play a bigger part in shaping the global regulatory framework: IOSCO has been allocated an extra seat at the Financial Stability Board Plenary for the Chairman of the GEM. The GEM also has a seat on the IFRS Foundation Monitoring Board.

Members of the Growth and Emerging Markets Committee


Mr. Ranjit Ajit Singh, Chairman, Securities Commission, Malaysia


Mr. Marcos Ayerra, Chairman, Comisión Nacional de Valores, Argentina


Mr. Paul Murithi Muthaura, CEO, Capital Markets Authority, Kenya

Board Representative

Dr. Mohammed Omran, Chairman, Financial Regulatory Authority, Egypt

Members (89)

Albanian Financial Supervisory Authority, Albania
(Mr. Ervin Koçi, Executive General Director)

Commission d'Organisation et de Surveillance des Opérations de Bourse, Algeria
(Mr. Abdelhakim Berrah, Chairman)

Comissão do Mercado de Capitais, Angola
(Mr. Mário Gavião, Chairman)

Comisión Nacional de Valores, Argentina
(Mr. Marcos Ayerra, Chairman)

Central Bank of Armenia, Armenia
(Mr. Arthur Javadyan, Chairman)

Securities Commission of The Bahamas, Bahamas, The
(Ms. Christina R. Rolle, Executive Director)

Central Bank of Bahrain, Bahrain, Kingdom of
(Mrs. Abeer Al Saad, Acting Director, Capital Markets Supervision Directorate)

Bangladesh Securities and Exchange Commission, Bangladesh
(Dr. M. Khairul Hossain, Chairman)

Financial Services Commission, Barbados
(Prof. Frank Alleyne, Chairman)

Bermuda Monetary Authority, Bermuda
(Mr. Jeremy Cox, Chief Executive Officer)

Autoridad de Supervisión del Sistema Financiero, Bolivia
(Dra. Lenny Valdivia Bautista, Securities Supervision Director)

Securities Commission of the Federation of Bosnia and Herzegovina, Bosnia and Herzegovina, Federation of
(Mr. Hasan Ćelam, President)

Comissão de Valores Mobiliários, Brazil
(Mr. Marcelo Barbosa, Chairman)

British Virgin Islands Financial Services Commission, British Virgin Islands
(Mr. Robert Mathavious, Managing Director and Chief Executive Officer)

Autoriti Monetari Brunei Darussalam, Brunei
(Mr. Yusof Haji Abd Rahman, Managing Director)

Financial Supervision Commission, Bulgaria
(Ms. Karina Karaivanova, Chairperson)

Securities and Exchange Commission of Cambodia, Cambodia
(H.E Sou Socheat, Director General)

Cayman Islands Monetary Authority, Cayman Islands
(Mrs. Cindy Scotland, Managing Director)

Commission de Surveillance du Marché Financier de l'Afrique Centrale (Securities and Exchange Commission of Central Africa), Central Africa
(Mr. Marcel Ondele, General Secretary)

Comisión para el Mercado Financiero, Chile
(Mr. Carlos Pavez Tolosa, President)

China Securities Regulatory Commission, China, People's Republic of
(Mr. Shiyu Liu, Chairman)

Superintendencia Financiera de Colombia, Colombia
(Ms. Juliana Lagos Camargo, Directora de Investigación y Desarrollo)

Superintendencia General de Valores, Costa Rica
(Ms. María Lucía Fernández Garita, Superintendente General de Valores)

Croatian Financial Services Supervisory Agency, Croatia, Republic of
(Mr. Petar-Pierre Matek, President of the Board)

Cyprus Securities and Exchange Commission, Cyprus, Republic of
(Mrs. Demetra Kalogerou, Chairman)

Czech National Bank, Czech Republic
(Mr. Pavel Hollmann, Executive Director, Financial Market Regulation and International Co-Operation Department)

Superintendencia de Valores de la República Dominicana, Dominican Republic
(Lic. Gabriel Castro, Superintendente de Valores)

Superintendencia de Compañías, Valores y Seguros, Ecuador
(Mrs. Suad Manssur Villagrán, Superintendenta de Compañías y Presidente del Consejo Nacional de Valores)

Financial Regulatory Authority, Egypt
(Dr. Mohammed Omran, Chairman)

Superintendencia del Sistema Financiero, El Salvador
(Lic. José Ricardo Perdomo Aguilar, Superintendente del Sistema Financiero)

Finantsinspektsioon, Estonia
(Mr. Kilvar Kessler, Chairman)

Securities and Exchange Commission, Ghana
(Rev. Daniel Ogbarmey Tetteh, Director General)

Magyar Nemzeti Bank (The Central Bank of Hungary), Hungary
(Mr. Gergő Szeniczey, Executive Director, Consumer Protection and Market Supervision)

Securities and Exchange Board of India, India
(Mr. Ajay Tyagi, Chairman)

Indonesia Financial Services Authority, Indonesia
(Mr. Wimboh Santoso, Chairman)

Israel Securities Authority, Israel
(Ms. Anat Guetta, Chairwoman)

Financial Services Commission, Jamaica
(Mr. Everton McFarlane, Executive Director)

Jordan Securities Commission, Jordan
(Mr. Mohamed Saleh Horani, Executive Chairman)

National Bank of Kazakhstan, Kazakhstan, Republic of
(Mr. Daniyar Akishev, Governor)

Capital Markets Authority, Kenya
(Mr. Paul Murithi Muthaura, CEO)

Financial Services Commission/Financial Supervisory Service, Korea, Republic of
(Mr. Choi Jongku, Chairman (FSC) / Mr. Heungsik Choe, Governor (FSS))

Capital Markets Authority, Kuwait
(Mr. Mishaal Al-Usaimi, Acting Chairman)

State Service for Financial Market Regulation and Supervision under the Government of the Kyrgyz Republic, Kyrgyz Republic
(Mr. Sanjar Mukanbetov, Chairman)

Central Bank of the Republic of Lithuania, Lithuania
(Mr. Mindaugas Šalčius, Director of the Financial Services and Markets Supervision department / Ms. Kristina Janciauskaite, External Relations Coordinator)

Securities and Exchange Commission of the Republic of Macedonia, Macedonia, Former Yugoslav Republic of
(Ms. Elizabeta Cingarovska, President)

Reserve Bank of Malawi, Malawi
(Mr. Lanjes Sinoya, Capital Markets and Microfinance Supervision Department)

Securities Commission, Malaysia
(Mr. Ranjit Ajit Singh, Chairman / Ms. Neetasha Rauf, Deputy Director, International Affairs Department)

Capital Market Development Authority, Maldives, Republic of
(Ms. Fathimath Abdulla Kamaaluddeen, Director General / Mr. Makhzoom Saleem, Director General)

Malta Financial Services Authority, Malta
(Ms. Marianne Scicluna, Director General)

Financial Services Commission, Mauritius, Republic of
(Mr. Harvesh Seegolam, Chief Executive)

Comisión Nacional Bancaria y de Valores, Mexico
(Mr. Jaime González Aguadé, President)

Financial Regulatory Commission, Mongolia
(Dr. Davaasuren Sodnomdarjaa, Chairman of FRC Mongolia)

Securities and Exchange Commission of Montenegro, Montenegro
(Mr. Zoran Djikanović, Chairman)

Autorité Marocaine du Marché des Capitaux, Morocco
(Mrs. Nezha Hayat, President)

Securities and Exchange Commission, Nigeria
(Mr. Mounir Gwarzo, Director General)

Capital Market Authority, Oman, Sultanate of
(Mr. Abdullah Salim Al-Salmi, Executive President)

Securities and Exchange Commission, Pakistan
(Mr. Zafar Abdullah, Acting Chairman)

Palestine Capital Market Authority, Palestine
(Mr. Barraq Adli Rashed Nabulsi, General Director)

Superintendencia del Mercado de Valores, Panama, Republic of
(Ms. Marelissa Quintero de Stanziola, Superintendente)

Securities Commission, Papua New Guinea
(Mr. Christopher Taylor Hnanguie, Chairman)

Superintendencia del Mercado de Valores, Peru
(Mr. José Manuel Peschiera Rebagliati, Chairman)

Securities and Exchange Commission, Philippines
(Ms. Teresita J. Herbosa, Chairperson)

Polish Financial Supervision Authority, Poland
(Mr. Marek Chrzanowski, Chairman)

Qatar Financial Markets Authority, Qatar
(Mr. Nasser Ahmed Al Shaibi, Chief Executive Officer)

Financial Supervisory Authority (ASF), Romania
(Mr. Mircea Ursache, Vice President, Executive member, Financial instruments and investments sector)

The Bank of Russia, Russia
(Mr. Sergey Shvetsov, First Deputy Governor of the Bank of Russia)

Capital Market Authority, Saudi Arabia, Kingdom of
(Mr. Mohammed Abdullah Elkuwaiz, Chairman of the Board of the Capital Market Authority)

Securities Commission, Serbia, Republic of
(Mr. Predrag Dedeic, Chairman)

The National Bank of Slovakia, Slovak Republic
(Mrs. Monika Imreczeová, General Director of Securities Market, Insurance and Pensions Savings Supervision Department)

Securities Market Agency/Agencija Za Trg Vrednostnih Papirjev, Slovenia
(Mr. Miloš Čas, Director and Chairman)

Financial Services Board, South Africa
(Mr. Dube Tshidi, Executive Officer / Mr. Jurgen Boyd, Acting Deputy Executive Officer: Investment Institutions)

Securities and Exchange Commission of Sri Lanka, Sri Lanka
(Mr. Thilak Karunaratne, Chairman)

Securities Commission of the Republic Srpska, Republic Srpska, Bosnia and Herzegovina
(Mrs. Mira Potkonjak, President)

Syrian Commission on Financial Markets and Securities, Syria
(Dr. Abdurahman Merhi, Chairman and CEO)

Financial Supervisory Commission, Chinese Taipei
(Mr. Wellington L. Koo, Chairman)

Capital Markets and Securities Authority, Tanzania
(Mrs. Nasama Mahanyu Massinda, Chief Executive Officer)

Securities and Exchange Commission, Thailand
(Mr. Rapee Sucharitakul, Secretary-General)

Trinidad and Tobago Securities and Exchange Commission, Trinidad and Tobago
(Ms. Lystra Lucillio, Deputy Chief Executive Officer)

Conseil du marché financier, Tunisia
(Mr. Salah Essayel, Chairman)

Capital Markets Board, Turkey
(Ms. Tuba Altun, Deputy Head of Strategy Development Department)

Capital Markets Authority, Uganda
(Mr. Keith Kalyegira, Chief Executive Officer)

National Securities and Stock Market Commission, Ukraine
(Mr. Timur Khromaiev, Chairman)

Securities and Commodities Authority, United Arab Emirates
(Mr. Sultan Bin Saeed Al-Mansoori, Chairman)

Banco Central del Uruguay, Uruguay
(Mr. Juan Pedro Cantera, Superintendent, Superintendence of Financial Services)

Center for Coordination and Development of Securities Market, Uzbekistan
(Mr. Bakhodir Atakhanov, General Director)

Superintendencia Nacional de Valores, Venezuela
(Ms. Hatzen Mendoza, Superintendent)

State Securities Commission, Vietnam
(Mr. Tran Van Dzung, Chairman)

Conseil régional de l'épargne publique et des marchés financiers, West African Monetary Union
(Mr. Mamadou Ndiaye, Chairman)

Securities and Exchange Commission, Zambia
(Mr. Phillip K. Chitalu, Secretary and Chief Executive)

Associate Members (Non-Voting Members) (19)

Financial Services Regulatory Authority, Abu Dhabi
(Mr. Richard Teng, Chief Executive Officer)

Non-Bank Financial Institutions Regulatory Authority, Botswana
(Mr. Oaitse Ramasedi, CEO)

Auditoria Geral do Mercado de Valores Mobiliários, Cabo Verde
(Ms. Maria Encarnação Alves Silva Rocha, Chairperson)

Commission des Marchés Financiers, Cameroon
(M. Jean Claude NGBWA, President / Dr. Joseph Neiville BESONG, Secretary General)

Centrale Bank van Curaçao en Sint Maarten, Curaçao
(Mr. E. D. Tromp, President)

Dubai Financial Services Authority, DIFC, Dubai
(Mr. Ian Johnston, Chief Executive)

International Bank for Reconstruction and Development, International
(Ms. Alison Harwood, Head of Capital Markets Unit)

International Monetary Fund, International
(Ms. Eija Holttinen, Senior Financial Sector Expert)

Securities and Exchange Organization, Islamic Republic of Iran
(Mr. Shapour Mohammadi, Chairman)

Korea Deposit Insurance Corporation, Korea, Republic of
(Mr. Kwang-Nam KIM, Executive Director)

Capital Markets Authority, Lebanon
(Mr. Riad Salame, Chairman / Mr. Saade Chami, Secretary General / Ms. Nadine AbdelNour)

Namibia Financial Institutions Supervisory Authority, Namibia
(Mr. Kenneth S Matomola, Acting CEO)

Securities Board of Nepal, Nepal
(Dr. Rewat Bahadur Karki, Chairman / Paristha Nath Poudyal, Executive Director, Office of International Affairs)

Comisión Nacional de Valores, Paraguay
(Mr. Fernando Aníbal Escobar Espinola, President)

Asian Development Bank, Philippines
(Ms. Lotte Schou-Zibell, Technical Advisor, Finance)

Qatar Financial Centre Regulatory Authority, Qatar
(Mr. Michael G. Ryan, Chief Executive Officer)

Capital Market Authority, Rwanda
(Ms. Staci Warden, Chairperson)

Financial Services Regulatory Authority, Swaziland
(Babhekile Matsebula, General Manager: Capital Markets Development)

Union of Arab Securities Authorities, United Arab Emirates
(Mr. Jalil Tarif, Secretary General)

Observers (1)

Securities and Futures Commission, Hong Kong
(Mr. Ashley Ian Alder, Chief Executive Officer)