International Organization of Securities Commissions

International Organisation of Securities Commissions

Abbreviation	IOSCO
Formation	April 1983 (1983-04)
Type	International organisation
Purpose	Forum for national securities regulators
Headquarters	Madrid, Spain
Members	240 (August 2024)
Official language	English, French, Spanish, Portuguese, Arabic
Secretary General	Rodrigo Buenaventura
Revenue	€6,044,4261 (2022)
Staff	282
Website	iosco.org

The International Organization of Securities Commissions (IOSCO) is an association of organizations that regulate the world's securities and futures markets. Members are typically primary securities and/or futures regulators in a national jurisdiction or the main financial regulator from each country. Its mandate is to:³

• Develop, implement, and promote high standards of regulation to enhance investor protection and reduce systemic risk
• Share information with exchanges and assist them with technical and operational issues
• Establish standards toward monitoring global investment transactions across borders and markets.

The Objectives and Principles of Securities Regulation serve as the foundational framework for IOSCO's development of global standards in regulation, oversight, and enforcement. These principles have been endorsed by both the G20 and the Financial Stability Board (FSB) as the core guide for internationally recognized securities regulation.⁴ IOSCO membership regulates more than 95% of the world's securities markets in more than 130 jurisdictions.⁴ It has a permanent secretariat in Madrid, Spain.⁵

IOSCO was born in 1983 from the transformation of its ancestor the "Inter-American Regional Association" (created in 1974) into a truly global cooperative.⁵ This decision to expand the organization beyond the Americas was made at the annual gathered in Quito, Ecuador, in April 1983.⁵ At the same time, the organization was renamed to IOSCO to reflect the expanded membership beyond North and South America. Securities regulators from France, Indonesia, South Korea, and the United Kingdom were the first agencies to join from outside the Americas.⁵ The IOSCO July 1986 Paris Annual Conference was the first to take place outside of the American continents and on that occasion a decision was made to create a permanent General Secretariat for the Organization.⁵ The International Organization of Securities Commissions (IOSCO) was incorporated in 1987 as a not-for-profit legal entity with the help of the Québec government.⁵ In the same year, it established its first Secretariat in Montreal.⁵ The CVMQ President, Mr. Paul Guy, was named its first Secretary General.⁵ One remnant of its early inter-American roots is that IOSCO's "official" languages are English, French, Spanish, and Portuguese.

In 1998, the IOSCO Principles of Securities Regulation were adopted. They are now the internationally recognized regulatory benchmarks for all securities markets.⁶ In 2003, IOSCO endorsed a comprehensive Principles Assessment Methodology.⁷ This tool allows the organization to objectively assess how well its members are implementing the IOSCO Principles and to help them create plans to fix any issues found.⁵ However it was the September 11, 2001 attacks as well as a series of large global financial scandals that started with Enron and including Worldcom, Parmalat, and Vivendi that brought urgency to this work and heralded IOSCO's evolution from an international "talk shop", where little of substance was accomplished, to a serious international organization with a real impact on the securities regulation. At the 1999 conference in Lisbon, the Secretariat remained in Montreal until 1999, when it was permanently moved to Madrid.⁵

In 2002 IOSCO adopted a multilateral memorandum of understanding (IOSCO MMoU) designed to facilitate cross-border enforcement and exchange of information among the international community of securities regulators, a key part of a top priority for IOSCO to achieve the effective implementation of the IOSCO Principles and the MMoU, thereby facilitating cross-border cooperation, mitigating global systemic risk, protecting investors and ensuring fair and efficient securities markets.⁸ Then in 2005 IOSCO MMoU become the benchmark for international cooperation among securities regulators.⁵

As of August 2024, IOSCO had 225 members.⁵ IOSCO members are divided into three main categories:

• Ordinary members (120): primary securities and/or futures markets regulators in a jurisdiction. A stock exchange or self-regulatory organization may be an ordinary member, but only if it is the jurisdiction's primary securities regulator. Each ordinary member has one vote.⁹
• Associate members (33): other securities and/or futures regulators in cases where there's more than one per jurisdiction. For example, the Commodity Futures Trading Commission (CFTC) and the North American Securities Administrators Association in the United States are associate members of IOSCO given that the U.S. Securities and Exchange Commission is the ordinary member from the United States. Associate members have no vote and are not eligible for the executive committee; they are, however, members of the Presidents' Committee.
• Affiliate members (72): include stock exchanges, self-regulatory organizations, and various stock market industry associations. Affiliate members have no vote, are not eligible for the executive committee, and are not members of the Presidents' Committee. Affiliate members that are self-regulatory organizations (SROs), are, however, members of the SRO Consultative Committee.

IOSCO chairs and participates in the Monitoring Group (MG), a collaborative body of international regulatory organizations established in 2003.¹⁰ The group was formed to modernize the governance of international audit and ethics standard-setting, ensuring it remains independent of the profession and responsive to the public interest.¹¹ Key functions include:

• Oversight and Nominations: The group is responsible for the selection and appointment of the members of the Public Interest Oversight Board (PIOB).¹⁰ It provides a mechanism for the PIOB to receive updates on significant events in the regulatory environment.¹¹
• Dialogue and Consultation: It serves as the primary vehicle for ongoing dialogue between international regulators and the accountancy profession.¹⁰ This includes consulting with IFAC on the identification of candidates for standard-setting boards.¹¹
• Monitoring and Review: The group monitors the effectiveness of the reforms and the extent to which they achieve increased confidence in the quality of international standards.¹⁰

As of 2025, the membership of the Monitoring Group consists of IOSCO (chair), the Basel Committee on Banking Supervision (BCBS), the European Commission, the Financial Stability Board (FSB), the International Association of Insurance Supervisors (IAIS), the World Bank, and the International Forum of Independent Audit Regulators (IFIAR).¹¹

IOSCO is a founding member of the IFRS Foundation Monitoring Board, which provides public oversight for the IFRS Foundation and its standard-setting bodies, the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB).¹² The Monitoring Board acts as a formal link between the IFRS Foundation Trustees and public authorities.¹² Its primary responsibilities include:

• Governance and Appointments: Participating in the selection and approval of the IFRS Foundation Trustees.¹²
• Oversight of Standard-Setting: Reviewing the Trustees' oversight of the IASB and ISSB's due process and technical agendas.¹²
• Public Interest Referral: Referring accounting or sustainability disclosure issues of broad public interest to the IFRS Foundation for consideration.¹²

As of 2025, the Monitoring Board is chaired by Takashi Nagaoka of the Japan Financial Services Agency (JFSA) and consists of the following members:¹²

• The International Organization of Securities Commissions (represented by the IOSCO Board and the Growth and Emerging Markets Committee)
• The European Commission
• The Financial Services Agency of Japan (JFSA)
• The Securities and Exchange Commission (SEC) of the United States
• The Comissão de Valores Mobiliários (CVM) of Brazil
• The Financial Services Commission (FSC) of South Korea
• The Ministry of Finance of the People's Republic of China
• The Financial Conduct Authority (FCA) of the United Kingdom
• The Basel Committee on Banking Supervision (non-voting observer)

The organization is made up of a number of committees that meet several times a year at locations around the world supported by a permanent administrative General Secretariat.

Administratively, IOSCO is run by a General Secretariat based in Madrid, Spain. The IOSCO Board is IOSCO's governing and standard-setting body. It is composed of 35 securities regulators; Jean-Paul Servais, Chairman of the Financial Services and Markets Authority, is the chair of the IOSCO Board. He is supported by a vice chair: Dr. Mohamed Farid Saleh, Executive Chairman, Financial Regulatory Authority, Egypt.¹³

The Growth and Emerging Markets (GEM) Committee is the largest Committee within IOSCO and represents more than 75 percent of the IOSCO membership, including ten of the G20 members. Dr Mohamed Farid Saleh, Executive Chairman of the Financial Regulatory Authority, Egypt, is Chair of the GEM Committee.

The GEM Committee comprises 92 members and 25 non-voting associate members who include the world's fastest-growing economies. 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 bigger part in shaping the global regulatory framework: The GEM has been allocated a seat on the IFRS Foundation Monitoring Board.

IOSCO counts four regional committees: Africa / Middle-East (AMERC) chaired by H.E. Waleed Saeed Al Awadhi, chief executive officer, Securities and Commodities Authority, United Arab Emirates, Asia & Pacific (APRC) chaired by Ms. Julia Leung Chief Executive Officer of the Hong-Kong Securities and Futures Commission, European Regional Committee (ERC) chaired by Mr. Jean-Paul Servais Chairman of Belgium's Financial Services and Markets Authority, and Inter-American Regional Committee (IARC) chaired by Ms. Lucia Buenrostro Vice President of Regulatory Policy at the Mexican Comisión Nacional Bancaria y de Valores.

IOSCO is a member of, participates as an observer in, or coordinates with a number of other organizations. One of its most important relationships is with the Joint Forum of international financial regulators. IOSCO, along with the Basel Committee on Banking Supervision and the International Association of Insurance Supervisors, make up the Joint Forum.

The IOSCO MOUs are considered the primary instruments to facilitate cross border cooperation, reduce global systemic risk, protect investors, and ensure fair and efficient securities markets.¹⁴¹⁵

Additionally, IOSCO is a member of, participates as an observer in, or coordinates with a number of other international organizations, including the OECD, FSB, Financial Action Task Force on Money Laundering, IASB, PIOB, IMF, World Bank, and European Commission.

IOSCO adopted in 1998 a comprehensive set of Objectives and Principles of Securities Regulation (IOSCO Principles). These continue to be developed and expanded. IOSCO recommends all its members to adopt these and helps its members assess the level of compliance with the principles. These include;

• Regulatory principles designed to improve auditor independence and auditor oversight¹⁶
• Regulatory principles for corporate financial disclosure and transparency¹⁷
• Regulatory principles regarding conflicts of interest for financial analysts¹⁸
• A code of conduct for credit rating agencies¹⁹
• A set of "core principles" for securities regulation designed to outline for IOSCO members what makes up "good" securities regulation²⁰
• A multilateral memorandum of understanding on enforcement co-operation, through which IOSCO members pledge to provide each other with collecting information and witness statements in an enforcement investigation²¹

Secretary-General of IOSCO:

• Paul Guy, 1987 - 1994
• Eudald Canadell, 1995 - 1998
• Peter B. Clark, 1998 - 2001
• Philippe Richard, 2001 - 2007
• Greg Tanzer, January 2008 - January 2012
• David Wright, March 2012 - March 2016
• Paul Andrews, March 2016 - December 2020
• Martin Moloney, September 2021 - August 2024
• Tajinder Singh (acting), August–December 2024
• Rodrigo Buenaventura, since January 2025

The 120 Ordinary Members are:

Nr.	Country	Organization	Type of Organization
1	Albania	Financial Supervisory Authority	Capital Market and Financial Supervisory Authority
2	Algeria	Commission d'Organisation et de Surveillance des Opérations de Bourse	Capital Market Regulator
3	Andorra	Authoritat Financera Andorrana	Capital Market and Financial Supervisory Authority
4	Angola	Comissão do Mercado de Capitais	Capital Market Regulator
5	Argentina	Comisión Nacional de Valores	Capital Market Regulator
6	Armenia	Central Bank of Armenia	Central Bank
7	Australia	Securities and Investments Commission	Capital Market and Financial Supervisory Authority
8	Austria	Financial Market Authority	Capital Market and Financial Supervisory Authority
9	Bahamas	Securities Commission of The Bahamas	Capital Market Regulator
10	Bahrain	Central Bank of Bahrain	Central Bank and Financial Supervisory Authority
11	Bangladesh	Securities and Exchange Commission	Capital Market Regulator
12	Barbados	Financial Services Commission	Capital Market and Financial Supervisory Authority
13	Belgium	Financial Services and Markets Authority	Capital Market and Financial Supervisory Authority
14	Bermuda	Monetary Authority	Central Bank and Financial Supervisory Authority
15	Bolivia	Autoridad de Supervisión del Sistema Financiero	Capital Market and Financial Supervisory Authority
16	Bosnia and Herzegovina	Securities Commission of the Federation of Bosnia and Herzegovina	Capital Market Regulator
17	Brazil	Comissão de Valores Mobiliários	Capital Market Regulator
18	British Virgin Islands	Financial Services Commission	Capital Market and Financial Supervisory Authority
19	Brunei	Central Bank	Central Bank and Financial Supervisory Authority
20	Bulgaria	Financial Supervision Commission	Capital Market and Financial Supervisory Authority
21	Cape Verde	Auditoria Geral do Mercado de Valores Mobiliários, Banco Central of Cabo Verde	Capital Market Regulator/Central Bank
22	Cayman Islands	Cayman Islands Monetary Authority	Capital Market and Financial Supervisory Authority
23	Chile	Comisión para el Mercado Financiero (Financial Market Commission)	Capital Market and Financial Supervisory Authority
24	China	China Securities Regulatory Commission	Capital Market Regulator
25	Colombia	Superintendencia Financiera de Colombia	Capital Market and Financial Supervisory Authority
26	Costa Rica	Superintendencia General de Valores	Capital Market Regulator
27	Croatia	Croatian Financial Services Supervisory Agency	Capital Market and Financial Supervisory Authority
28	Cyprus	Cyprus Securities and Exchange Commission	Capital Market Regulator
29	Czech Republic	Czech National Bank	Central Bank and Financial Supervisory Authority
30	Denmark	Danish Financial Supervisory Authority	Capital Market and Financial Supervisory Authority
31	United Arab Emirates	Dubai Financial Services Authority	Capital Market and Financial Supervisory Authority
32	Dominican Republic	Superintendencia del Mercado de Valores	Capital Market Regulator
33	Ecuador	Superintendencia de Compañías, Valores y Seguros	Capital Market and Financial Supervisory Authority
34	Egypt	Financial Regulatory Authority	Capital Market and Financial Supervisory Authority
35	El Salvador	Superintendencia del Sistema Financiero	Capital Market and Financial Supervisory Authority
36	Estonia	Finantsinspektsioon	Capital Market and Financial Supervisory Authority
37	Finland	Financial Supervision Authority	Capital Market and Financial Supervisory Authority
38	France	Autorité des marchés financiers	Capital Market Regulator
39	Georgia	National Bank Of Georgia	Central Bank and Financial Supervisory Authority
40	Germany	Bundesanstalt für Finanzdienstleistungsaufsicht	Capital Market and Financial Supervisory Authority
41	Ghana	Securities and Exchange Commission	Capital Market Regulator
42	Gibraltar	Gibraltar Financial Services Commission	Capital Market and Financial Supervisory Authority
43	Greece	Hellenic Capital Market Commission	Capital Market Regulator
44	Guernsey	Guernsey Financial Services Commission	Capital Market and Financial Supervisory Authority
45	Hong Kong	Securities and Futures Commission	Capital Market Regulator
46	Hungary	Magyar Nemzeti Bank (The Central Bank of Hungary)	Central Bank and Financial Supervisory Authority
47	Iceland	The Central Bank of Iceland	Central Bank and Financial Supervisory Authority
48	India	Securities and Exchange Board of India	Capital Market Regulator
49	Indonesia	Indonesia Financial Services Authority	Capital Market and Financial Supervisory Authority
50	Iran	Securities and Exchange Organization	Capital Market Regulator
51	Ireland	Central Bank of Ireland	Central Bank and Financial Supervisory Authority
52	Isle of Man	Isle of Man Financial Services Authority	Capital Market and Financial Supervisory Authority
53	Israel	Israel Securities Authority	Capital Market Regulator
54	Italy	Commissione Nazionale per le Società e la Borsa	Capital Market Regulator
55	Jamaica	Financial Services Commission	Capital Market and Financial Supervisory Authority
56	Japan	Financial Services Agency	Capital Market and Financial Supervisory Authority
57	Japan	Ministry of Agriculture, Forestry and Fisheries	Government Authority
58	Japan	Ministry of Economy, Trade and Industry	Government Authority
59	Jersey	Jersey Financial Services Commission	Capital Market and Financial Supervisory Authority
60	Jordan	Jordan Securities Commission	Capital Market Regulator
61	Kazakhstan	Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market	Capital Market and Financial Supervisory Authority
62	Kenya	Capital Markets Authority of Kenya	Capital Market Regulator
63	South Korea	Financial Services Commission/Financial Supervisory Service	Capital Market and Financial Supervisory Authority
64	Kuwait	Capital Markets Authority	Capital Market Regulator
65	Kyrgyzstan	State Service for Financial Market Regulation and Supervision	Capital Market and Financial Supervisory Authority
66	Latvia	Latvijas Banka	Central Bank and Financial Supervisory Authority
67	Liechtenstein	Financial Market Authority	Capital Market and Financial Supervisory Authority
68	Lithuania	Bank of Lithuania	Central Bank and Financial Supervisory Authority
69	Luxembourg	Commission de Surveillance du Secteur Financier	Capital Market and Financial Supervisory Authority
70	Malawi	Reserve Bank of Malawi	Central Bank and Financial Supervisory Authority
71	Malaysia	Securities Commission	Capital Market Regulator
72	Maldives	Capital Market Development Authority	Capital Market Regulator
73	Malta	Malta Financial Services Authority	Capital Market and Financial Supervisory Authority
74	Mauritius	Financial Services Commission	Capital Market and Financial Supervisory Authority
75	Mexico	Comisión Nacional Bancaria y de Valores	Capital Market and Financial Supervisory Authority
76	Monaco	Commission de Contrôle des Activités Financières	Capital Market Regulator
77	Mongolia	Financial Regulatory Commission	Capital Market and Financial Supervisory Authority
78	Montenegro	Capital Market Authority of Montenegro	Capital Market Regulator
79	Morocco	Autorité Marocaine du Marché des Capitaux	Capital Market Regulator
80	Netherlands	The Dutch Authority for the Financial Markets	Capital Market Regulator
81	New Zealand	Financial Markets Authority	Capital Market and Financial Supervisory Authority
82	Nigeria	Securities and Exchange Commission	Capital Market Regulator
83	North Macedonia	Securities and Exchange Commission of the Republic of North Macedonia	Capital Market Regulator
84	Norway	Finanstilsynet (The Financial Supervisory Authority of Norway)	Capital Market and Financial Supervisory Authority
85	Pakistan	Securities and Exchange Commission	Capital Market and Financial Supervisory Authority
86	Palestine	Palestine Capital Market Authority	Capital Market and Financial Supervisory Authority
87	Panama	Superintendencia del Mercado de Valores	Capital Market Regulator
88	Papua New Guinea	Securities Commission of Papua New Guinea	Capital Market Regulator
89	Paraguay	Superintendencia de Valores Banco Central del Paraguay	Capital Market Regulator/Central Bank
90	Peru	Superintendencia del Mercado de Valores	Capital Market Regulator
91	Philippines	Securities and Exchange Commission	Capital Market Regulator
92	Poland	Polish Financial Supervision Authority	Capital Market and Financial Supervisory Authority
93	Portugal	Comissão do Mercado de Valores Mobiliários	Capital Market Regulator
94	Qatar	Qatar Financial Markets Authority	Capital Market Regulator
95	Romania	Financial Supervisory Authority	Capital Market and Financial Supervisory Authority
96	Russia	The Bank of Russia	Central Bank and Financial Supervisory Authority
97	Saudi Arabia	Capital Market Authority	Capital Market Regulator
98	Serbia	Securities Commission	Capital Market Regulator
99	Singapore	Monetary Authority of Singapore	Central Bank and Financial Supervisory Authority
100	Slovakia	The National Bank of Slovakia	Central Bank and Financial Supervisory Authority
101	Slovenia	Securities Market Agency	Capital Market Regulator
102	South Africa	Financial Sector Conduct Authority	Capital Market and Financial Supervisory Authority
103	Spain	Comisión Nacional del Mercado de Valores	Capital Market Regulator
104	Sri Lanka	Securities and Exchange Commission of Sri Lanka	Capital Market Regulator
105	Sweden	Finansinspektionen	Capital Market and Financial Supervisory Authority
106	Switzerland	Swiss Financial Market Supervisory Authority	Capital Market and Financial Supervisory Authority
107	Syria	Syrian Commission on Financial Markets and Securities	Capital Market Regulator
108	Tanzania	Capital Markets and Securities Authority	Capital Market Regulator
109	Thailand	Securities and Exchange Commission	Capital Market Regulator
110	Trinidad and Tobago	Trinidad and Tobago Securities and Exchange Commission	Capital Market Regulator
111	Tunisia	Conseil du marché financier	Capital Market Regulator
112	Turkey	Capital Markets Board	Capital Market Regulator
113	Turks and Caicos Islands	Turks & Caicos Islands Financial Services Commission	Capital Market and Financial Supervisory Authority
114	Uganda	Capital Markets Authority	Capital Market Regulator
115	Ukraine	National Securities and Stock Market Commission	Capital Market Regulator
116	United Arab Emirates	Securities and Commodities Authority	Capital Market Regulator
117	United Kingdom	Financial Conduct Authority	Capital Market and Financial Supervisory Authority
118	United States	Securities and Exchange Commission	Capital Market Regulator
119	Uruguay	Banco Central del Uruguay	Central Bank and Financial Supervisory Authority
120	Canada	Securities Commission	Capital Market Regulator

The 34 Associate Members include:

Nr.	Country	Organization	Type of Organization
1	Africa	African Development Bank Group	Multilateral Development Bank (Regional)
2	United Arab Emirates	Financial Services Regulatory Authority	Capital Market Regulator
3	Arab League	Union of Arab Securities Authorities	Regional Body
4	Philippines	Asian Development Bank	Multilateral Development Bank (Regional)
5	Azerbaijan	Central Bank of the Republic of Azerbaijan	Central Bank
6	Belarus	Ministry of Finance of the Republic of Belarus	Government Authority
7	Belize	Financial Services Commission	Capital Market and Financial Supervisory Authority
8	Botswana	Non-Bank Financial Institutions Regulatory Authority	Capital Market and Financial Supervisory Authority
9	Cambodia	Securities and Exchange Regulator of Cambodia	Capital Market Regulator
10	Canada	Ontario Securities Commission	Capital Market Regulator
11	Canada	Autorité des marchés financiers (Quebec)	Capital Market and Financial Supervisory Authority
12	Curaçao	Centrale Bank van Curaçao en Sint Maarten	Central Bank and Financial Supervisory Authority
13	Eastern Caribbean	Eastern Caribbean Securities Regulatory Commission	Capital Market Regulator (Regional)
14	Eswatini	Financial Services Regulatory Authority	Capital Market and Financial Supervisory Authority
15	European Union	European Commission	Government Authority (Supra-National)
16	European Union	European Securities and Markets Authority	Capital Market Regulator (Supra-National)
17	Fiji	Reserve Bank of Fiji	Central Bank and Financial Supervisory Authority
18	Guatemala	Securities and Commodities Market Registry	Capital Market Regulator
19	India	International Financial Services Centres Authority	Capital Market and Financial Supervisory Authority
20	United States (International)	International Bank for Reconstruction and Development	Multilateral Development Bank (Global)
21	United States (International)	International Monetary Fund	Global Financial Institution
22	Iraq	Iraq Securities Commission	Capital Market Regulator
23	Japan	Securities and Exchange Surveillance Commission	Capital Market Regulator
24	South Korea	Korea Deposit Insurance Corporation	Deposit Insurance Corporation
25	Labuan	Labuan Financial Services Authority	Capital Market and Financial Supervisory Authority
26	Laos	Lao Securities Commission	Capital Market Regulator
27	Lebanon	Capital Markets Authority	Capital Market Regulator
28	Mozambique	Banco de Moçambique	Central Bank
29	Namibia	Namibia Financial Institutions Supervisory Authority	Capital Market and Financial Supervisory Authority
30	Nepal	Securities Board of Nepal	Capital Market Regulator
31	Qatar	Qatar Financial Centre Regulatory Authority	Capital Market and Financial Supervisory Authority
32	Rwanda	Capital Market Authority	Capital Market Regulator
33	Seychelles	Financial Services Authority	Capital Market and Financial Supervisory Authority
34	South Africa	Prudential Authority	Prudential Regulator
35	United States	Commodity Futures Trading Commission	Capital Market Regulator
36	Zimbabwe	Securities and Exchange Commission of Zimbabwe	Capital Market Regulator

The 71 Affiliate Members are:

Nr.	Country	Organization	Type of Organization
1	Bahamas	Bahamas International Securities Exchange	Stock Exchange
2	Bahrain	Bahrain Bourse	Stock Exchange
3	Bermuda	The Bermuda Stock Exchange	Stock Exchange
4	Brazil	B3 – Brasil, Bolsa, Balcão	Stock Exchange/Central Counterparty
5	Brazil	Brazilian Financial and Capital Markets Association	Industry Association
6	Brazil	BSM Market Supervision	Self-Regulatory Organization
7	Canada	Canadian Investment Regulatory Organization	Self-Regulatory Organization
8	Cayman Islands	Cayman Islands Stock Exchange	Stock Exchange
9	Channel Islands	The International Stock Exchange	Stock Exchange
10	China	Asset Management Association of China	Industry Association
11	China	China Financial Futures Exchange	Futures Exchange
12	China	China Securities Depository and Clearing Corporation Limited	Central Securities Depository/Central Counterparty
13	China	China Securities Investor Protection Fund Co., Ltd.	Investor Protection Fund
14	China	Securities Association of China	Industry Association
15	China	Shanghai Stock Exchange	Stock Exchange
16	China	Shenzhen Stock Exchange	Stock Exchange
17	Colombia	Autorregulador del Mercado de Valores de Colombia	Self-Regulatory Organization
18	Egypt	MISR for Clearing, Depository and Central Registry	Central Securities Depository/Central Counterparty
19	European Union	European Fund and Asset Management Association	Industry Association
20	Germany	Deutsche Börse	Exchange Group
21	Germany	German Structured Securities Association	Industry Association
22	Hong Kong	Accounting and Financial Reporting Council	Accounting/Auditing Oversight Body
23	Hong Kong	Hong Kong Exchanges and Clearing Limited	Exchange and Central Counterparty
24	India	BSE Limited	Stock Exchange
25	India	Multi Commodity Exchange of India Limited	Commodity Exchange
26	India	National Stock Exchange	Stock Exchange
27	Indonesia	Indonesia Stock Exchange	Stock Exchange
28	United States (International)	CFA Institute	Professional Body
29	Spain	Federación Iberoamericana de Bolsas	Regional Exchange Association
30	United Kingdom (International)	Financial Markets Standards Board	Standards Body
31	United Kingdom (International)	GBBC Digital Finance Limited	Industry Association (Digital Assets)
32	United States (International)	Global Financial Markets Association	Industry Association
33	United States (International)	ICI Global	Investment Fund Industry Association
34	Switzerland (International)	International Capital Market Association	Capital Market Industry Association
35	United States (International)	International Swaps & Derivatives Association, Inc.	Derivatives Industry Association
36	United Kingdom (International)	Standards Board for Alternative Investments (SBAI)	Standards Body (Alternative Investments)
37	United Kingdom (International)	World Federation of Exchanges	Global Exchange Association
38	Italy	Organismo di vigilanza e tenuta dell'albo unico dei Consulenti Finanziari	Self-Regulatory Organization
39	Japan	Japan Exchange Group, Inc.	Exchange Group
40	Japan	Japan Securities Dealers Association	Self-Regulatory Organization
41	Kazakhstan	Central Securities Depository JSC	Central Securities Depository
42	South Korea	Korea Exchange	Stock Exchange
43	Kuwait	Boursa Kuwait Securities Company	Stock Exchange
44	Kuwait	Kuwait Clearing Company	Central Counterparty
45	Malaysia	Bursa Malaysia	Stock Exchange
46	Nigeria	Central Securities Clearing System Plc	Central Securities Depository
47	Nigeria	FMDQ Group	Exchange/Financial Market Infrastructure
48	Nigeria	Nigerian Exchange Group (NGX Group)	Exchange Group
49	Russia	National Association of Securities Market Participants	Self-Regulatory Organization
50	Saudi Arabia	Saudi Stock Exchange	Stock Exchange
51	Singapore	Singapore Exchange Limited	Exchange and Central Counterparty
52	South Africa	Johannesburg Stock Exchange	Stock Exchange
53	Spain	Bolsas y Mercados Españoles	Exchange Group/Financial Market Infrastructure
54	Switzerland	SIX Exchange Regulation AG	Self-Regulatory Organization/Exchange Subsidiary
55	Taiwan	Taipei Exchange	Stock Exchange
56	Taiwan	Taiwan Futures Exchange	Futures Exchange
57	Taiwan	Taiwan Stock Exchange	Stock Exchange
58	Thailand	The Stock Exchange of Thailand	Stock Exchange
59	Turkey	Turkish Capital Markets Association	Industry Association
60	United Arab Emirates	Dubai Gold & Commodities Exchange	Commodity Exchange
61	United Kingdom	London Stock Exchange Group	Exchange Group
62	United Kingdom	The Investment Association	Industry Association
63	United States	Cboe Global Markets	Exchange Group
64	United States	CME Group	Exchange Group
65	United States	Depository Trust & Clearing Corporation (DTCC)	Central Securities Depository/Central Counterparty
66	United States	Financial Industry Regulatory Authority (FINRA)	Self-Regulatory Organization
67	United States	National Futures Association	Self-Regulatory Organization
68	United States	Options Clearing Corporation	Central Counterparty
69	United States	Securities Investor Protection Corporation	Investor Protection Corporation
70	United Kingdom (International)	The Alternative Investment Management Association Limited	Industry Association
71	Netherlands (International)	CCP Global – The Global Association of Central Counterparties	Global Industry Association