TORONTO, April 2, 2013 /CNW/ - The Ontario Securities Commission (OSC) has announced that Chair Howard Wetston, Q.C. has been appointed a Vice Chair of the Board of the International Organization of Securities Commissions (IOSCO), effective immediately. He will carry out his role as IOSCO Vice Chair in addition to his responsibilities as OSC Chair.
"I welcome Howard's well-deserved election to this role and look forward to working closely with him in IOSCO's important work," said IOSCO Chair Greg Medcraft. "We face many challenges in delivering our objectives of confident and informed investors, fair and efficient markets, and reduced systemic risk. Howard will be an important member of the team in driving these objectives."
As a Vice Chair of the IOSCO Board and a member of the IOSCO Management Team, Mr. Wetston will be working with Chair Medcraft and Secretary General David Wright to influence and advance IOSCO's standard-setting agenda, including key areas such as investor protection and education, systemic risk, financial benchmarks, cross-border regulation and deterrence.
Since he was appointed Chair of the OSC in 2010, Mr. Wetston has made a strong commitment to international regulatory cooperation, in particular with IOSCO, where he previously served as a member of its Board. The OSC regulates within the context of a global marketplace, and Mr. Wetston has emphasized the strategic importance of the OSC's participation in the global regulatory agenda.
IOSCO is the leading international policy forum for securities regulators and is recognized as the global standard setter for securities regulation. The organization's membership regulates more than 95% of the world's securities markets in more than 115 jurisdictions.
The OSC is the regulatory body responsible for overseeing Ontario's capital markets. Its mandate is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets.
SOURCE Ontario Securities Commission