IOSCO Sustainability Consultation
Summary
SIFMA AMG provided comments to the International Organization of Securities Commissions on the consultation report on Sustainable Finance on Emerging Markets and the role of securities regulators.
We take the view that a model built on a close partnership between securities regulators and market participants can be most effective. We thus welcome the recommendations’ focus on both regulators and market participants in order to develop a holistic technical dialogue on these issues. We would also strongly encourage IOSCO to facilitate both regulators’ discussions and industry partnerships, such as for example bringing together the banking, asset management and insurance industries.
Excerpt
International Organization of Securities Commissions (IOSCO)
C/ Oquendo
12 28006 Madrid
SPAIN
E-mail: [email protected]
IOSCO consultation report:
Sustainable finance in emerging markets and the role of securities regulators
The Asset Management Group (the “AMG”) of the Securities Industry and Financial Markets Association (“SIFMA”) appreciates the opportunity to provide comments to the International Organization of Securities Commissions (“IOSCO”) on the consultation report on Sustainable Finance on Emerging Markets and the role of securities regulators (the “Consultation”)1.
The AMG is the voice of the buy side within the securities industry and broader financial markets, which serves millions of individual and institutional investors as they save for retirement, education, emergencies, and other investment needs and goals. The AMG’s members represent U.S. asset management firms whose combined assets under management exceed $45 trillion.
The clients of SIFMA AMG member firms include, among others, tens of millions of individual investors, registered investment companies, endowments, public and private pension funds, UCITS and private funds such as hedge funds and private equity funds. While our members operate both inside and outside the United States and many are considered to be global enterprises, the background and orientation of our organization is rooted in U.S. laws and regulations.
Our approach
We understand that the Consultation is part of an IOSCO’s growth and emerging markets committee (“GEMC”) project, launched in 2017, with the aim of helping growth and emerging markets regulators better understand the issues and challenges that affect the development of sustainable finance in capital markets. In IOSCO’s words “in proposing this set of recommendations, the GEMC believes they will help achieve a degree of international consistency and harmonisation and thereby assist investors and issuers, given the cross-border and global nature of sustainable instruments”2.