Committee on Retail Investors (Committee 8)

IOSCO believes the need for investor education and financial literacy has never been greater than today. As the financial marketplace continues to evolve and innovate, investment products are becoming increasingly complex and financial services increasingly diverse. Greater understanding of key financial concepts is required on the part of retail investors to understand and evaluate the choices available to them and to avoid financial fraud. Strengthening investor education and financial literacy programs also is essential at a time when responsibility for saving and investing for retirement is shifting from the employer to the individual in many jurisdictions.

In response to these challenges, the IOSCO Board approved the establishment of the Committee 8 on Retail Investors in June 2013. The Committee's primary mandate is to conduct IOSCO's policy work on retail investor education and financial literacy. Its secondary mandate is to advise the IOSCO Board on emerging retail investor protection matters and conduct investor protection policy work as directed by the IOSCO Board.

In November 2014, Committee 8 published a final report on the Strategic Framework for Investor Education and Financial Literacy, which describes IOSCO's role in promoting investor education and financial literacy and its strategic approach to both.

Members of Committee 8


Mr. Pasquale Munafò, Senior Officer, Commissione Nazionale per le Società e la Borsa, Italy


Mr. Camille Beaudoin, Director, Expertise and Partnerships in Financial Education, Autorité des marchés financiers, Quebec

Members (38)

Comissão do Mercado de Capitais, Angola
(Mr. Sebastião Manuel, Advisor of the Board of Directors, Chairman’s Office)

Comisión Nacional de Valores, Argentina
(Fernando MOSER / Ms. Nadia Montenegro, Gerente, Gerencia de Gobierno Corporativo y Protección al Inversor / Sonia F. SALVATIERRA)

Australian Securities and Investments Commission, Australia
(Mr. Gerard Fitzpatrick, Senior Executive, International)

Financial Services and Markets Authority, Belgium
(Mr. Jim Lannoo, Head of Communications and Financial Education)

Comissão de Valores Mobiliários, Brazil
(Mr. Eduardo Manhães Ribeiro Gomes, Director, Office of International Affairs)

China Securities Regulatory Commission, China
(Ms. Lijun Chen, Deputy Director-General, Department of Legal Affairs (Office of Chief Counsel) / Mr. Weiyang Wu, Division Head, Department of Legal Affairs (Office of Chief Counsel))

Autorité des marchés financiers, France
(Ms. Florence Corne, Deputy Director, Direction des relations avec les épargnants et de leur protection)

Bundesanstalt für Finanzdienstleistungsaufsicht, Germany
(Mr. Jörg Janotte, Senior Advisor, Consumer Protection)

Securities and Futures Commission, Hong Kong
(Michelle Yeung, Head of Investor Education and Communications, SFC Investor and Financial Education Council)

Securities and Exchange Board of India, India
(Girraj Prasad Garg, Executive Director, Office of Investor Assistance and Education)

Indonesia Financial Services Authority, Indonesia
(Mrs. Friderica Widyasari Dewi, Member of the Board Commisioners, Consumer Education and Protection / Mr. Cecep Setiawan, Deputy Director, Financial Literacy and Consumer Protection)

Israel Securities Authority, Israel
(Mr. Tom Goldreich, Head of Financial Technologies at the International Affairs and Markets Development Department / Ms. Yael Beuchler, Head of Collaborations)

Commissione Nazionale per le Società e la Borsa, Italy
(Mr. Pasquale Munafò, Senior Officer)

Financial Services Agency, Japan
(Mr. Yuki Nishino, Deputy Director for International Affairs Office / Mr. Teruaki Osada, Section Chief for International Affairs Office)

Jersey Financial Services Commission, Jersey
(Ms. Diane Maxwell, Executive Director of Policy and Risk)

Financial Services Commission/Financial Supervisory Service, Korea, Republic of
(Ms. Hae-min Hwang, Associate, International Affairs Department)

Commission de Surveillance du Secteur Financier, Luxembourg
(Mr. Patrick Hommel, Conseiller, Secrétariat Général)

Securities Commission, Malaysia
(Mr. Jawahar Ali Ameer Ali, General Manager, Consumer & Investor Office Department)

Comisión Nacional Bancaria y de Valores, Mexico
(Ms. Valeria Garcia, General Director for Supervision of Market Participants’ Conduct / Ms. Gabriela Ríos)

Securities and Exchange Commission, Nigeria
(Mrs. Ojone J. Kabir, Deputy Director / Head, Financial Inclusion & Investor Education, Market Development Department)

Ontario Securities Commission, Ontario
(Mr. Tyler Fleming, Director, Investor Office)

Comissão do Mercado de Valores Mobiliários, Portugal
(Ms. Ana Frasquilho, Senior Associate, Direção Supervisão Comportamental e do Investidor)

Autorité des marchés financiers, Quebec
(Mr. Camille Beaudoin, Director, Expertise and Partnerships in Financial Education)

Financial Supervisory Authority, Romania
(Ms. Alexandra Bontas, Head of Service, Financial Monitoring and Education Service)

The Bank of Russia, Russia
(Ms. Daria Bezmenova, Head of International Best Practice Analysis Unit, Service for Consumer Protection and Financial Inclusion)

Capital Market Authority, Saudi Arabia
(Mr. Ali Aldakheel, Head of Media and Investor Awareness)

Monetary Authority of Singapore, Singapore
(Ms. Felicia Tan, Deputy Director, Corporate Finance and Consumer Department / Ms. Beverly Tan, Assistant Director, Corporate Finance and Consumer Department)

Financial Sector Conduct Authority, South Africa
(Mr. Elliot Modisa)

Comisión Nacional del Mercado de Valores, Spain
(Ms. Gloria Caballero Núñez, Deputy Director Financial Education Strategy and Institutional Relations)

Securities and Exchange Commission of Sri Lanka, Sri Lanka
(Mr. Tushara Jayaratne, Director External Relations and Capital Market Education External Relations and Capital Market Education)

Finansinspektionen, Sweden
(Mr. Lars Malmström, Director, Consumer Affairs)

Financial Supervisory Commission, Chinese Taipei
(Ms. Doris Lo, Section Chief, Securities Firm Division, Securities and Futures Bureau)

Securities and Exchange Commission, Thailand
(Ms. Sarica Apiwatthakakul, Director, Capital Market Education and Provincial Network Department)

Capital Markets Board, Türkiye
(Ms. Müge Çetin, Senior Specialist, Corporate Finance / Mrs. Sanem Üzeler Demirağ, Legal Expert, Legal Department)

Financial Conduct Authority, United Kingdom
(Mr. Sam Stoakes, Global Institutions, International Division)

Commodity Futures Trading Commission, United States of America
(Melanie Devoe, Office of Customer Education and Outreach / Ms. Bianca Gomez, Special Counsel, Office of International Affairs)

Securities and Exchange Commission, United States of America
(Mr. Owen Donley, Chief Counsel, Office of Investor Education and Advocacy)

Financial Industry Regulatory Authority, United States of America
(Ms. Geraldine Walsh, Senior Vice President, Office of Investor Education)

Observers (2)

European Securities and Markets Authority, European Union
(Mr. Matteo Rava, Senior Policy Officer, Investor Protection and Intermediaries)

Japan Securities Dealers Association, Japan
(Mr. Yuya Nakase, Senior General Manager, Global Regulation Office)