Belgian Jean-Paul Servais elected new chairman of global stock market regulator

Jean-Paul Servais, chairman of the Belgian stock market watchdog FMSA, has been elected as the new chairman of the International Organization of Securities Commissions (IOSCO), the global association of stock market regulators. Servais is the first Belgian to serve as chairman of the international organisation, a press release states on Wednesday.

IOSCO is a network of more than 130 national regulators, including the FSMA, responsible for financial market supervision. The organisation was founded in 1983 and its members control 95 percent of the global financial sector.

FSMA chairman Jean-Paul Servais, vice-chairman of the international organisation since 2016, was elected as chairman for a two-year term. "My election is a token of appreciation for the work already done by the FSMA at both a national and international level", he responded. "The fact that the Belgian regulator is elected to lead IOSCO testifies to the confidence fellow regulators have in the FSMA's know-how."

IOSCO aims to promote correct and sound market practices worldwide, contributing to investor protection and the integrity of financial markets. It does this by strengthening day-to-day cooperation between market regulators, particularly in the enforcement of financial regulations and the exchange of information on market abuse, among other things. The organisation also sets standards and makes recommendations on good practices, which national regulators can implement.

(BRV)

© BELGA PHOTO JASPER JACOBS