The Israel Securities Authority will be called upon to evaluate the performance of financial regulators from around the world, following its appointment to the International Organization of Securities Commissions’ new 24-member assessment committee on Monday.

The US, UK, Australia and Japan were among the other countries selected to the committee, which will assess whether member bodies fulfill international standards and implement the IOSCO’s 38 key principles.

The committee was established upon the recommendation of the Financial Stability Board, an international body operated by the G-20 major economic and European Commission that monitors the global financial system.

ISA Chairman Shmuel Hauser called the selection a “mark of honor,” saying it reflected international recognition of the quality of the supervision the authority conducts in Israel.

As the roof body for securities commissions and financial regulators, the IOSCO has 115 full members, 11 associate members and 68 affiliate members. Several of the full members which the ISA could potentially help assess are from countries which do not fully recognize Israel – including Algeria, Malaysia, Oman, Pakistan and Saudi Arabia.

This is not the first time Israel has received recognition from the body. In 2009, IOSCO brought members of its President’s Committee and regulators and business leaders from around the world to Tel Aviv for its annual conference.

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