IOSCO reviews global progress on client asset protection

The International Organization of Securities Commissions (IOSCO) released a report on the progress jurisdictions have made in adopting legislation, regulation and other policies in relation to IOSCO’s Recommendations Regarding the Protection of Client Assets (the 2014 Report or the Principles).

The Principles outline:
• The intermediary’s responsibility to ensure compliance with rules and regulations governing client assets, including the development of risk management systems and internal controls to monitor compliance;
• The intermediary’s responsibility to reconcile the client’s accounts and records with those of the third party where the intermediary places client assets with third parties; and
• The regulator’s role in supervising the intermediary’s compliance with the applicable domestic rules and maintaining a regime that promotes effective safeguarding of client assets.

The Review Team noted that implementation progress varied by jurisdiction. In the EU, most jurisdictions reported having final Adoption Measures across all Principles. Canada and the US have taken Adoption Measures across all Principles applicable to their jurisdictions. In some other regions, including Latin America, implementation progress was less advanced. In addition, progress varied across the Principles.

Read the full report

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