The International Valuation Standards Council (IVSC) was honoured to be invited to present during the 35th Annual Conference of the International Organization of Securities Commissions (IOSCO) being held from 6 – 10 June in Montreal.
Roel Campos, vice-chairman of the IVSC Board of Trustees and a former Commissioner with the US Securities and Exchange Commission, discussed the role of the IVSC and introduced the recently released exposure draft of proposed new International Valuation Standards to members of the IOSCO Executive and Technical Committees and to the Emerging Markets Advisory Board during a meeting on 8 June.
Following the meeting Mr Campos said, “A global effort is underway to strengthen regulation and supervision of the world’s financial systems and valuation has clearly been identified as an area where greater transparency is required. This meeting was an opportunity to discuss with the chairs and other senior representatives from some fifty national securities commissions the work that the IVSC is doing to establish high-quality global standards for the performance of valuations. The IVSC looks forward to a continuing structured relationship with IOSCO and its standing committees.”
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NOTES TO EDITORS
About the IVSC:
The International Valuation Standards Council (IVSC) is charged with developing robust and transparent procedures for performing international valuations through a single set of globally recognised valuation standards, acceptable to the world’s capital markets organisations, market participants and regulators, which will meet the challenges of a fast-changing global economy.
An Exposure Draft of proposed new “International Valuation Standards” (IVS) was issued on June 2 2010 that cover valuations for most types of asset, including for the first time a proposed standard for financial instruments. The standards also reflect current developments in the International Financial Reporting Standards, which increasingly require assets and liabilities to be valued. The IVS aim to identify concepts and principles that are applicable to all types of valuation in order to improve consistency, transparency and therefore confidence in the valuation process.
The governance structure of the IVSC, a non-profit organisation incorporated in the US, includes two independent technical Boards – the International Valuation Standards Board and the International Valuation Professional Board – and a global Board of Trustees responsible for the overall strategic direction and funding of the IVSC. The IVSC works co-operatively with national professional valuation institutes, users and preparers of valuations, governments, regulators and academic bodies, all of whom can become members of the IVSC and have an important role to play in advising the Boards on agenda decisions and priorities in the work of the IVSC.
For more information and to view the Exposure Draft of proposed new International Valuation Standards please visit: www.ivsc.org
The International Organization of Securities Commissions (IOSCO) brings together securities regulators from all over the globe with the stated aim of promoting common standards, or objectives, for the regulation of securities markets. Its members, who are government or semi-government authorities responsible for securities regulation in their particular jurisdictions, come from over 100 countries across the world, from jurisdictions with the largest and most developed capital markets to those with newly developing markets. It also counts within its membership a wide variety of self regulatory bodies and other stakeholders with a shared interest in securities regulation.
The Chair of the Executive Committee is Ms. Jane Diplock AO, Chairman, Securities Commission, New Zealand. The Vice-Chair is Mr. Fulin Shang, Chairman, China Securities Regulatory Commission.
The Chair of the Technical Committee is Ms. Kathleen Casey, Commissioner, Securities and Exchange Commission, USA. The Vice-Chairman is Mr. Hans Hoogervorst, Chairman, The Netherlands Authority for the Financial Markets.
The Chair of the Emerging Markets Advisory Board is Mr. Guillermo Larrain, Special Advisor on International Affairs, Superintendencia de Valores y Seguros, Chile. The Vice-Chair is Ms. Zarinah Anwar, Chairman, Securities Commission, Malaysia.