Haim Shani and Shmuel Hauser 390.
(photo credit: Kfir Sivan)
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
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
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
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