The International Organization of Securities Commissions (IOSCO) has appointed Jean-Paul Servais as chair of its new IOSCO Board, replacing Ashley Alder.
The Board also appointed two new vice chairs: Ariizumi Shigeru, vice commissioner for International Affairs, Financial Services Agency, Japan, and Rostin Behnam, chair of the US Commodity Futures Trading Commission.
Mohamed Farid Saleh, executive chairman of the Financial Regulatory Authority, Egypt, is chair of the Growth and Emerging Markets Committee and will continue as an IOSCO Board vice chair.
Alongside his duties as chair of the IOSCO Board, Servais will continue to be chairman of Belgium's Financial Services and Markets Authority and chair of the European Regional Committee.
He is also a member of the Board of Supervisors of the European Securities and Markets Authority, the European Systemic Risk Board and sits on a number of supervisory colleges that coordinate the cross-border supervision of several financial institutions and infrastructures.
Commenting on Servais’ appointment, Alder says: “Jean-Paul brings a wealth of international experience to this job, having been chair of various IOSCO committees and held prominent positions at European and international level.
“The road ahead promises to be difficult, given the current geopolitical and economic context. But with the support of IOSCO’s membership and with his years of experience, Jean-Paul is well positioned to help IOSCO meet the challenges that lie ahead.”
Servais adds: “I am delighted to assume the mantle of IOSCO chair at this challenging but exciting time for global financial markets. As vice-chair of the Board and chair of the European Regional Committee, I have been closely involved in IOSCO's work for many years.”
“IOSCO plays an increasingly important role in ensuring the smooth functioning of today’s capital markets and protecting investors, and I look forward to building on Ashley’s legacy after his six fruitful years at the helm of IOSCO.”
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