1. Building African Financial Markets The Future of Regulation 18 September 2015

2. G-20 MEMBERSHIP MAP
The G20 membership comprises a mix of the world’s largest advanced and emerging economies, representing about two-thirds of the world’s population, 85 per cent of global gross domestic product and over 75 per cent of global trade.

3. IOSCO MEMBERSHIP MAP
The Growth and Emerging Markets Committee (GEMC) is the largest Committee within IOSCO, representing 75% of the IOSCO’s ordinary membership.
The GEMC comprises 96 members who include some of the world’s fastest growing economies and 10 of the G-20 members. Emerging economies are expected to represent a growing portion of IOSCO membership as new members continue to join.
IOSCO is the only international standard setter that has a Committee solely responsible for emerging market issues. This inclusiveness increases IOSCO´s effectiveness and positions it to play a stronger role in shaping the global regulatory framework:
So there will be some indirect benefit even if you are not a member
But becoming a member is difficult: requires, resources, time money, IT spend (if need to report), skills that potentially are better used elsewhere etc.
So how do we ensure though that as policy-takers the costs of complying/non-complying are minimised?

4. KEY TRENDS IN GLOBAL SECURITIES REGULATION
POLICY SETTERS VS POLICY-TAKERS
INTERNATIONAL HARMONISATION IN SOME AREAS
But is this appropriate for all?
INCREASED EXTRA-TERRITORIALITY IN OTHER AREAS
Without deference…..
Principles-based vs. granular
NO OR INAPPROPRIATE QUANTITATIVE IMPACT ASSESSMENTS
INCREASED COMPLEXITY RESULTING IN MORE ERRORS
WHO IS HOLDING THE GLOBAL STANDARD SETTERS ACCUNTABLE?