IFSCA in IOSCA
International Financial Services Centres Authority (IFSCA) has recently announced that it has attained the membership of IOSCO i.e. the International Organization of Securities Commissions. IFSCA is now an associate member of IOSCO.
- IOSCO is an organization that works together with the Financial Stability Board and the G20 for setting up the standards with an aim to strengthen the securities markets.
- Established in the year 1983, IOSCO has 224 members.
- IOSCO is headquartered in Madrid, Spain.
- The Financial Stability Board has endorsed the aims and Securities Regulation principles of IOSCO as one of the key standards for proper financial systems.
- IFSCA’s membership in IOSCO will provide the platform for exchanging information on common interest areas at regional and global levels.
- In addition to this, the IOSCO platform will also help IFSCA to learn from the best practices and experiences of the regulators of other well established financial centres.
India’s 1st International Financial Services Centre (IFSC) has been set up at the Gujarat International Finance Tec-City (GIFT) in Gandhinagar. In April 2020, the Indian government established IFSCA to regulate such institutions.
Financial Stability Board
It is an international body established in the year 2009 for monitoring the global financial system and also providing recommendations. It is headquartered in Basel, Switzerland. The financial stability board includes all major economies of the G20 group.