Full Conference

The Annual Conference will be held from May 14-18, 2017. The conference program is divided into two main parts: private meetings and a public conference. The private meetings are open to IOSCO members only and will take place from May 14 -16, 2017. Non-members and members may attend the public conference from May 17-18, 2017.

Private Conference

Saturday, May 13, 2017

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Sunday, May 14, 2017

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Monday, May 15, 2017

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Tuesday, May 16, 2017

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7:00 am – 7:00 pm Registration and information desk at the official hotels lobbies
8:00 am – 6:00 pm Registration and information desk at the Montego Bay Convention Centre
9:00 am – 1:00 pm Affiliate Members Consultative Committee (AMCC) Meeting
11:30 am – 12:30 pm MMoU Monitoring Group Steering Committee (MMoU MG SC) Meeting
12:30 pm - 2:30 pm Lunch
1:30 pm – 4:30 pm Africa / Middle-East Regional Committee (AMERC) Meeting
1:30 pm – 4:30 pm Asia-Pacific Regional Committee (APRC) Meeting
1:30 pm – 4:30 pm European Regional Committee (ERC) Meeting
1:30 pm – 4:30 pm Inter-American Regional Committee (IARC) Meeting
2:00 pm – 5:30 pm Affiliate Members Consultative Committee (AMCC) Meeting
7:00 pm – 8:30 pm Welcome Reception Cocktail
8:00 am – 6:00 pm Registration and information desk at the Montego Bay Convention Centre
9:00 am – 12:00 pm Growth and Emerging Markets Committee (GEMC) Meeting
9:00 am – 12:30 pm Affiliate Members Consultative Committee (AMCC) Meeting
12:00 pm – 2:30 pm Lunch
1:00 pm – 5:30 pm Board Meeting
3:00 pm – 6:00 pm Regulatory Workshop: How are financial technologies transforming capital markets?

The trend: New digital technologies and innovations, such as robo-advice, big data, artificial intelligence (AI), distributed ledger technologies (DLT), and new electronic trading platforms are changing the way in which financial firms and consumers interact with financial products and services. Firms are using big data applications for client behavior analysis, trade processing efficiency, retail financial product marketing, collateral optimization and real time risk monitoring. Machine learning technology is cutting human interaction in the trade cycle and is more commonly used in back office functions. In the investment advice space, use of robo-advice and online and mobile technology to access investment products is changing the way traditional investment advice is offered. On the consumer side, there is more demand to receive such services online and through mobile technology.
The consequences: Although potential benefits of Fintech are substantial, a number of concerns are emerging too, such as legal accountability, data privacy issues, automation of white-collar jobs and crucially effective investor protection, particularly in the retail context. As an example, determining legal responsibility may be a challenging task in case an AI system provides inappropriate advice. Digital disintermediation presents new or shifting risks, which include cyber, operational, settlement, liquidity, credit, retail consumer fraud, and money laundering and terrorist financing risks.
From an investor protection perspective, rules designed for traditional product offerings may not work well when digital delivery is used. Many risks associated with digitally offered complex products are inherently challenging for retail financial consumers to assess and manage. Cross-border offerings of such products to retail investors bring new challenges related to investor protection, jurisdictional borderlines and redress procedures. As Fintech innovations flourish and financial products become more and more complex, the need for effective consumer protection and financial literacy increases accordingly.
The emerging markets perspective: Emerging markets have often proved an optimal testing ground for innovative digital models. High level of mobile phone penetration, a digitally-savvy population and lack of alternatives have put emerging markets at the forefront of digital innovation. Mobile payments, P2P lending, new financing platforms and crowdfunding have the potential to become game changers for financial inclusion of unserved and under-served low income households and SMEs. From an emerging market perspective, lack of a suitable regulatory framework can be a major obstacle to enable markets from reaping these benefits.
Session topic: This first session will discuss the main challenges, benefits and risks arising from the increasing use of Fintech in capital markets. It will also set the scene for the second session.
For additional background information, please click here.
Mr. James Shipton, Executive Director, Program on International Financial Systems, Harvard Law School
Ms. Joanna Cound, Managing Director, BlackRock
Mr. Jorge A. Ortiz, Chief Executive Officer, FinTech Mexico
Mr. Mark Wetjen, Managing Director, DTCC

5:30 pm – 7:00 pm MMoU Monitoring Group (MMoU MG) Meeting
8:00 pm – 10:00 pm Dinner: Worldwide Flavours
8:00 am – 6:00 pm Registration and information desk at the Montego Bay Convention Centre
9:00 am – 1:30 pm Board Meeting
10:00 am - 1:00 pm Regulatory Workshop: What are regulatory responses to the rising Fintech phenomenon?

The trend: As the increasing use of Fintech reshapes the financial sector and financial institutions invest heavily in technology, securities regulators need to keep pace. The existing market surveillance, supervision, and enforcement systems (“Regtech”) and approaches need to adjust to new technological developments and the changing market place.
The consequences: Although it is not clear how some of the disruptive financial technologies will evolve, they have profound implications for markets and how they are regulated and supervised. Securities regulators strongly feel the need to reconfigure their toolkit and design responses that are agile and adaptable enough to enable responsible financial technology innovation. This in turn can help drive growth without loss of regulatory compliance or undermining investor confidence in capital markets. In addition, building in house expertise and skills to be able to use Regtech and data more effectively is crucial.
Although Fintech related challenges are common across jurisdictions, regulatory responses have been varied. Some regulators have continued to rely on their existing regulatory and supervisory regimes, whereas others have created new dedicated frameworks. Also, some regulators have started using advanced data analysis and new technologies in market surveillance, supervision, and enforcement.
As a new trend, some regulators have set up Fintech and innovation hubs and regulatory sandboxes. Given that much of innovation in financial services comes from start-ups and mostly from outside of the regulated sector, these approaches can be used by regulators as novel formations to help them engage with the Fintech business community and provide assistance. As such, they can help Fintech firms to navigate through the regulatory system. At the same time, innovation hubs and sandboxes can provide regulators with important information about the developments that are on the horizon and the way the current regulatory and supervisory framework can be adjusted to enable innovation.
The emerging markets perspective: Especially for smaller emerging market regulators, setting up and using Regtech may require substantial investment. In addition, it can be challenging to acquire specialized staff to both maintain these systems and make effective use of them in supervisory practice. At the same time, as emerging markets are often at the forefront of digital innovation, these regulators are amongst the most pressed to adapt their regulatory and supervisory approach.
Session topic: This second session will disseminate experiences and practices as to how securities regulators respond to Fintech and discuss potential future trends in the field of Regtech. It will also serve as guidance on how IOSCO members might adjust their regulatory, supervisory, and policy framework in the face of the digital disruption phenomenon.
For additional background information, please click here.
Mr. Aute Kasdorp, Senior Strategy Advisor, IOSCO General Secretariat
Mr. Bob Ferguson, Head of Department, Strategy & Competition Division, UK Financial Conduct Authority
Mr. Jeffrey H. Singer, Consultant
Mr. Paul Redman, Chief Economist, Ontario Securities Commission and Chairman of IOSCO Committee on Emerging Risks
Mr. Shmuel Hauser, Chairman, Israel Securities Authority

1:00 pm – 3:00 pm Lunch
2:30 pm – 4:30 pm Presidents' Committee and MMoU Signing Ceremony
4:30 pm – 4:45 pm Group Picture: all members
7:30 pm – 10:30 pm Dinner: Tropical Splendor

*Please note that this program might be subject to changes

Public Conference

Wednesday, May 17, 2017

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Thursday, May 18, 2017

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8:00 am – 6:00 pm Registration and information desk at the Montego Bay Convention Centre
9:00 am – 4:00 pm Exhibition
9:00 am – 10:00 am Opening Ceremony

9:00 am – 9:20 am: The Honourable Audley Shaw, CD, MP, Minister of Finance and Public Service of Jamaica
9:20 am – 9:30 am: Ms. Janice P. Holness, Executive Director of the Financial Services Commission of Jamaica and Chairman of the IOSCO Presidents’ Committee
9:30 am – 9:40 am: Mr. Ashley Ian Alder, Chief Executive Officer of the Securities and Futures Commission of Hong Kong and Chairman of the IOSCO Board
9:40 am – 9:50 am: Mr. Ranjit Ajit Singh, Chairman of the Securities Commission of Malaysia, Vice-Chairman of the IOSCO Board and Chairman of the IOSCO Growth and Emerging Markets Committee
9:50 am – 10:00 am: Mr. Paul P. Andrews, Secretary General of IOSCO

10:00 am – 10:30 am Coffee Break
10:30 am – 12:00 pm Panel 1 - How can we make capital markets more structurally resilient and address any evolving systemic risks? Are we striking the right balance between financial stability, investor protection and market efficiency?

Recently, IOSCO, in cooperation with other standard setting bodies, has focused on asset management and CCPs in terms of examining how to ensure these two areas of the capital markets are structurally resilient, and have done substantial work in these areas to address real or perceived vulnerabilities. This session will examine if there are any other areas within capital markets that IOSCO needs to address in terms of resiliency, including whether exchanges and intermediaries present significant systemic vulnerabilities. As part of the discussion, panellists will explore how sensitive this issue is to the stage of development of a particular market and if so, how best to address these risks.
In addition, in carrying out this work on structurally resiliency, the global regulatory community has made significant headway in trying to avoid another financial crisis. However, the question arises if this is happening at the expense of investor protection or fair, efficient and transparent markets. For example, this panel could address topics such as the use of variation margin haircutting in CCP recovery, which might disadvantage retail investors in collective investment schemes. Are policy-makers even considering these types of questions and if so, how are trade-offs being analysed.
Mr. Gerben Everts, Board member of the Netherlands Authority for the Financial Markets
Mrs. Barbara Novick, Vice Chairman of BlackRock
Mr. George Roper, Compliance Director Caribbean Central District /Vice President, Compliance - Scotia Group Jamaica
Mr. Steven Maijoor, Chairman of the European Securities and Markets Authority

12:00 pm – 2:00 pm Lunch
2:00 pm – 3:30 pm Panel 2 - What is the role of international standards in the marketplace?

This panel will address what is the value of work by IOSCO and other SSBs to the actual activities of market participants. The panel will highlight the work that IOSCO-BCBS have done on margin issues and CPMI-IOSCO on data standards and PFMIs. Panellists will discuss how market participants can better interact with IOSCO through the consultation process and industry roundtables and will seek to address how regulators can overcome data gaps in setting, as well as applying, these types of standards at different stages of development.
Mr. Eric Pan, Director of International Affairs of the US Commodity Futures Trading Commission
Mr. Jean-Paul Servais, Chairman of the Financial Services and Markets Authority of Belgium, and Vice-Chairman of the IOSCO Board
Mr. Mark Wetjen, Managing Director at DTCC
Mr. Martin Moloney, Head of Markets Policy Division of the Central Bank of Ireland
Mr. Richard Cantor, Chief Credit Officer at Moody's Investors Service

7:00 pm – 11:00 pm Gala dinner: The Grand, Glitter and Grandeur
8:00 am – 3:00 pm Registration and information desk at the Montego Bay Convention Centre
9:00 am – 3:00 pm Exhibition
9:00 am – 10:30 am Panel 3 - How can capital markets regulators effectively address the issue of misconduct in markets? What more can we expect market participants to do to build trust in markets and increase their level of accountability?

Trust is the lubricant for markets to function as intended, and proper conduct engenders trust. IOSCO will publish a toolkit on conduct risk in wholesale markets in H1 2017. This session will examine if the global initiatives for addressing market misconduct will make meaningful impact and whether there is a further role for the industry and for SROs. Indeed, regulatory options will be a prime focus for this panel in how to address misconduct, and would include things such as the UK’s Senior Manager’s Regime and how to evaluate whether these types of efforts are showing results and having the intended (or perverse) effects. This panel will provide an opportunity to showcase the report on Market Conduct; and take the conversation forward regarding the role of the industry/ SROs in this effort of changing behavior.
Mr. Paul Andrews, Secretary General of IOSCO
Mr. Andrew Bailey, Chief Executive Officer UK Financial Conduct Authority
Ms. Julia Leung, Executive Director, Intermediaries Division of the Hong Kong Securities and Futures Commission
Mr. Sergey Shvetsov, First Deputy Governor of the Bank of Russia
Mr. Yuji Nakata, Executive Managing Director, Group Entity Structure & Co-CRO of Nomura Holdings, Inc

10:30 am – 10:45 am Coffee Break
10:45 am – 12:15 pm Panel 4 - Are capital markets doing their job in financing the real economy? How can regulators help in market development?

Many IOSCO members, especially from emerging markets, have the development of capital markets as part of their mandates. The session can contribute to learning about what some regulators are doing to develop markets in their jurisdictions. At the same time, with the emergence of fintech and alternative capital raising vehicles like crowdfunding, there is a question whether traditional primary markets are able to perform their role in capital raising for financing the real economy. Similarly, it will be helpful to have a regulator’s perspective on how it approaches issues related to fintech from a strategic, opportunistic and/or regulatory point of view. Here, the discussion can focus on use of regulatory sandboxes or innovation hubs that seek to foster new ideas by assisting start-ups as they navigate the regulatory system so as to maintain investor trust and confidence.
Ms. Ana Fiorella Carvajal, Lead Financial Sector Specialist of the World Bank
Mr. Leonardo P. Gomes Pereira, Chairman of the Securities and Exchange Commission of Brazil
Mrs. Maureen Jensen, Chair and Chief Executive Officer of the Ontario Securities Commission
Mr. Paul Muthaura, Chief Executive Officer of the Capital Markets Authority of Kenya
Mr. Steven Gooden, Chief Executive Officer of NCB Capital Markets Limited, Jamaica

12:15 pm – 12:45 pm Closing remarks and Handover ceremony
12:45 pm – 2:30 pm Lunch

*Please note that this program might be subject to changes

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