Hong Kong’s Financial Reporting Council (FRC) has joined the International Organisation of Securities Commissions (IOSCO) as an affiliate member.
It is recognised for its work as the standard-setter for securities regulation. It is also a founding member of the Monitoring Group, a group of regulatory and international organisations committed to advancing the public interest in areas related to international audit standard-setting and audit quality.
As an affiliate member of IOSCO, the FRC will participate in the activities of the Affiliate Members Consultative Committee (AMCC), whose objectives are to share experiences and enhance cooperation among its members. As a consultative committee, the AMCC provides input into the IOSCO policy and standard-setting work.
FRC CEO Marek Grabowski said: “Full, accurate and timely disclosure of financial results and other information is one of IOSCO’s cardinal principles of securities regulation, a principle which the FRC upholds in the performance of its statutory functions. Joining IOSCO will enable the FRC to benefit from the sharing of global experience in securities regulation among IOSCO members and contribute to IOSCO’s important work in relation to financial reporting and auditing.”
FRC chair Kelvin Wong said: “As the independent auditor regulator of Hong Kong, one of the leading capital markets in the world, the FRC recognises the importance of the global regulatory partners working closely together for the benefit of investors both globally and locally. Our membership of IOSCO signifies our resolve and determination to participate, as a key member of the international regulatory community, in cross-border cooperation and collaboration which is crucial to the financial security and stability of Hong Kong as an international financial centre.”