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International Organization of Securities Commissions: Number of Signatories to MOU on Anti-Cross Border Securities Fraud Now Exceeds 50

(Apr. 8, 2009) In a press release issued on March 31, 2009, the International Organization of Securities Commissions (IOSCO), self-described as the leading international policy forum and cooperative forum for securities regulators, announced that 52 of its members are now full signatories of its Multilateral Memorandum of Understanding Concerning Consultation, Cooperation and the Exchange of Information (MMOU) to combat cross-border securities market misconduct. The new signatories include securities regulators from Guernsey, Kenya, and Montenegro. The Cayman Islands Monetary Authority has also been assessed as meeting full signatory requirements, but its accession is pending approval of its IOSCO membership application. IOSCO members regulate more than 95% of the world's securities markets and more than one hundred jurisdictions. The Securities and Exchange Commission is the body representing the United States in the organization. (Press Release, IOSCO/MR/07/2009, IOSCO, IOSCO Welcomes 50th Signatory in Fight Against Cross Border Market Misconduct (Mar. 31, 2009), available at

The MMOU initiative was launched in 2002. As described in the press release, the MMOU is a mechanism through which securities regulators share “essential investigative material” as well as records of securities and derivatives transactions, including bank and brokerage records. The MMOU lays down specific requirements for the exchange of information, to ensure “that no domestic banking secrecy, blocking laws or regulations prevent the provision of information amongst securities regulators, for effective securities enforcement purposes.” (Id.)

Full signatories are listed under Appendix A of the MMOU; Appendix B includes IOSCO members that have completed the full verification process but must address certain gaps in their legal systems before attaining full signatory status. These include another 21 jurisdictions, the most recent invitees being member securities regulators from Argentina, Colombia, Egypt, the Former Yugoslav Republic of Macedonia, and Uruguay, according to the press release [Note: the Colombia and Uruguay regulators have not yet been listed in Appendix B]. (Id.; Multilateral Memorandum of Understanding Concerning Consultation, Cooperation and the Exchange of Information (May 2002), available at (