The International Organization of Securities Commissions (IOSCO) has approved the Israel Securities Authority's application to join its European Regional Committee (ERC) as a full member, after a unanimous vote by all 24 IOSCO members at its annual conference held in China in May.
"This is an honor for Israeli regulation," said Securities Authority chairman Prof. Shmuel Hauser. "This decision reflects Europeans' appreciation for the quality and professionalism of Israeli regulation, which meets the highest international standards. This is an important step that brings us closer to mutual recognition of the quality of regulation in securities laws between Israel and EU countries, as part of the regulatory road map for the coming years in the capital market, which we presented last month. This decision follows the decisions by the IMF and OECD that the quality of Israeli oversight is among the best in the world, and the ERC's decision to recognize Israeli prospectuses."
Israel applied to join the ERC because of difficulties and restrictions which prevented it from operating as an equal member in the Africa and Middle East Regional Committee (AMERC). Membership in the ERC will supersede Israeli membership in the AMERC. Until now, the Securities Authority was prevented, due to the political, diplomatic, and security situation in the Middle East, from participating in AMERC discussions and meetings, some of which are held in countries that have no diplomatic relations with Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on October 9, 2012
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