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Regulator on committee

23 May 2004 Angelo Coppola

The FSB was elected by the president's committee of the International Organization of Securities Commission (IOSCO) to serve on its executive committee.

FSB executive officer Jeff van Rooyen, who held the position of deputy chairperson of the IOSCO executive committee during the past two years, said the FSB's appointment did South Africa's financial services sector and regulatory system proud.

'Our election by the president's committee, which comprises more than 100 jurisdictions from developed countries and emerging markets, not only recognises the progress South Africa has made in the past few years, but also the contribution the FSB has made to the work of IOSCO,' he said.

'Our election is also proof that the world views South Africa as a role model for other emerging markets,' Van Rooyen added.

During the conference Van Rooyen was appointed chairperson of the Monitoring Group of the IOSCO Multilateral Memorandum Concerning Consultation and Cooperation and the Exchange of Information (IOSCO MMOU), and re-appointed as deputy chairperson of the executive committee for a further two-year term.

The objectives of IOSCO include improved international cooperation, the exchange of information, promoting high regulation standards, effective surveillance of international securities transactions and successful enforcement, among other things.

Quick Polls

QUESTION

There are countless articles written about South Africa’s poor retirement outcomes. Which of the following would you single out as the biggest contributor to local savers not accumulating enough to buy an adequate and sustainable pension?

ANSWER

Lack of personal accountability
Poor participation in formal retirement funds
Reluctance to seek financial advice early on
SA’s high unemployment rate
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