Finfluencer Regulation: Retail Investor Protection in the Age of Social Media
- Pasquale Munafò, Chair of IOSCO’s Committee on Retail Investors (Committee 8)
- Gloria Caballero Núñez, Deputy Director Financial Education Strategy and Institutional Relations, Comisión Nacional del Mercado de Valores (CNMV), Spain
- Lyn Mak, International Affairs Department, Securities Commission Malaysia
- Tyler Fleming, Director, Investor Office, Ontario Securities Commission
- Gerri Walsh, President, FINRA Investor Education Foundation and Senior Vice President, Investor Education, FINRA
In conjunction with IOSCO's World Investor Week 2023,the Hub organised a workshop panel discussion on financial influencer (“finfluencer”) regulation which covered key topics: what constitutes a 'finfluencer', broker-dealer roles in relation to public communication responsibilities, the impact of social media on Gen-Z investors and their financial decision-making, behavioral insights such as parasocial relationships, the importance of disclosure and media literacy, leveraging on technology for investor education, as well as the need for global cooperation in harmonising regulations for finfluencers' activities.
* Further information with respect to Roaring Kitty (Keith Gill) or the finfluencers promoting GameStop [42:57] - while action hasn’t been taken against the individuals, the Massachusetts regulator settled an action with Gill’s ex-employer for failure to supervise.
Retail Market Conduct: Drivers & Current Regulatory Approaches
- Gerard Fitzpatrick, Australian Securities and Investments Commission (ASIC) and Lead for IOSCO’s Retail Market Conduct Task Force
- Talis Putnins, Professor of Finance at the University of Technology Sydney and Chief Scientist at the Digital Finance Co-operative Research Centre
- Miles Larbey, Head of Financial Consumer Protection, Directorate for Financial and Enterprise Affairs, OECD
- Angelina Kwan, Chief Executive Officer, Stratford Finance Limited, Hong Kong
In conjunction with the recent publication of IOSCO’s Retail Market Conduct Task Force report, experts from diverse backgrounds, including academia, regulatory and the industry shared their insights on key topics such as risks faced by retail investors with the impact of new technologies, the influence of gamification and the evolving role of AI. It also discussed effective regulatory approaches in combating fraudulent activities.
Digitalisation and the Evolving Retail Investment Landscape
- Pasquale Munafò, Chair of IOSCO’s Committee on Retail Investors (Committee 8)
- Mhairi Jackson, Chair of IOSCO’s Committee on Regulation of Market Intermediaries (Committee 3)
- James Angel, Associate Professor, Georgetown University
- Angelina Kwan, Chief Executive Officer, Stratford Finance Limited
- Lilli Hattinga van ‘t Sant, Policy Officer, Securities Markets Unit of DG FISMA, European Commission
In conjunction with IOSCO’s World Investor Week 2022 and IOSCO’s report on Retail Distribution and Digitalisation, the webinar discusses changing trends in the online retail investment landscape, recent concerns arising in the regulatory perimeter and considerations for regulators in navigating the digital landscape.
Crypto/Digital Assets and DeFi – Look Before You Leap
- Josafat De Luna-Martinez, Senior Policy Advisor, IOSCO General Secretariat
- Lim Tuang Lee, Chair of the IOSCO Fintech Task Force, Assistant Managing Director (Capital Markets) of the Monetary Authority of Singapore
- Richard Fox, Lead for IOSCO Crypto and Digital Assets Working Group, and Director, International, Financial Conduct Authority, UK
- José Vasco, IOSCO WIW WG Coordinator, and Director, Office of Investor Protection and Assistance, Comissão de Valores Mobiliários, Brazil
In conjunction with IOSCO’s World Investor Week 2022, the webinar discusses observations and considerations on trends relating to crypto assets and DeFi, regulatory issues as well as financial education initiatives and other measures undertaken to address fraud and scams prevention.
Crypto-Assets: Latest Developments and Regulatory Implications
- Azrina Azmel, Deputy General Manager of Digital Strategy & Innovation, Securities Commission Malaysia
- Abigail Ng, Executive Director of Markets Policy & Infrastructure, Monetary Authority of Singapore
- Henri Arslanian, Adjunct Professor, University of Hong Kong
The webcast was recorded during the time when the crypto-assets industry was impacted by the event of a stablecoin collapse, and discusses the implications and regulatory approaches to the developments in the crypto-assets space. This includes the emergence of Stablecoins, Decentralised Finance and Non-Fungible Tokens.
- Giles Ward, Senior Policy Advisor, IOSCO General Secretariat
- Tracey Stern, Vice Chair, IOSCO Committee on Regulation of Secondary Markets (Committee 2)
- Calissa Aldridge, Vice Chair, IOSCO Committee on Regulation of Market Intermediaries (Committee 3)
The webcast, released in conjunction with the publication of IOSCO’s consultation report on the Operational resilience of trading venues and market intermediaries during the COVID-19 pandemic discusses challenges faced by trading venues and intermediaries during the COVID-19 pandemic, key operational risks arising, and considerations on the operational resilience of trading venues and market intermediaries.
Regional Developments in Investor Education and Protection: Frauds and Scams Prevention
- Dora Li, General Manager, IFEC HK
- V.S. Sundaresan, Executive Director, SEBI
- Jawahar Ali Ameer Ali, Deputy General Manager, Consumer and Investor Office, SC Malaysia
- Abigail Ng, Executive Director, Corporate Finance and Consumer Department/MoneySense, MAS
In conjunction with IOSCO’s World Investor Week 2021, the webcast discusses observations on investment scams in Asia, financial education initiatives and other measures undertaken to address some of the challenges, and areas of focus going forward for investor education and protection in relation to frauds and scams prevention.
Remaining Challenges in Benchmarks Transition – 2021 and Beyond
- Alp Eroglu, Senior Policy Advisor, IOSCO General Secretariat
- Arthur Yuen, Deputy Chief Executive, HKMA
- Scott O’Malia, CEO, ISDA
- Anne-Laure Condat, Manager, Benchmarks Policy Team, UK FCA
- Simonetta Iannotti, Member of Secretariat, FSB
The transition away from LIBOR presents unique and difficult challenges for regulators and market participants. As the end date for LIBOR becomes clearer, 2021 continues to be a critical year in benchmarks transition. This webcast discusses the remaining challenges in benchmarks transition, particularly related to USD LIBOR to help regulators and market participants plan the steps they need to take in the coming months.
IOSCO Asia Pacific Hub Webcast Series: Implications of COVID-19
The COVID-19 crisis has significant implications for policy makers, regulators and market participants globally. The IOSCO Asia Pacific Hub will be conducting a series of webcasts relating to policy, regulatory and other issues arising from COVID-19. This is intended to provide insights and perspectives, and to facilitate an exchange of views in this area.
COVID-19: Role of Securities Regulators in Sustainable Finance
- Erik Thedeen, Director General, Finansinspektionen (FI) Sweden & Chair of IOSCO’s Sustainability Task Force
- Amar Gill, Managing Director and Head of Investment Stewardship, Asia Pacific, Blackrock
- Ephyro Luis Amatong, Commissioner, SEC Philippines
The webcast discusses Sustainable Finance in the context of COVID-19, challenges in the development of Sustainable Finance including those relating to disclosures and sustainability assessment of companies, and the role of securities regulators in this area.
- Brian Hansen, Executive Director for Asia Pacific, FS-ISAC
- Lim Tong Lee, Deputy Director and Head (Division II), Technology & Cyber Risk Supervision, MAS
The dialogue reviews the implications of COVID-19 on cyber security and discusses cyber incidents during COVID-19, risks arising from remote working arrangements and measures to safeguard cyber resilience.
Financial Reporting and Disclosures
- Mohamed Raslan Abdul Rahman, Chairman, MASB
- Douglas Niven, Senior Executive Leader, Financial Reporting and Audit, ASIC
The dialogue reviews the implications of COVID-19 on financial reporting, accounting and disclosures and discusses key challenges faced, regulators’ responses, implications on audit and interim reporting, and guidance on the accounting for expected credit losses.
COVID-19 and Financial Markets
- Richard Record, Lead Economist, Macroeconomics, Trade and Investment Global Practice, The World Bank Group
The dialogue reviews the macro-economic impact of COVID-19 and discusses key sources of risks in the Asia Pacific region and policy responses undertaken, outlook scenarios for regional financial markets, and priority areas for regulatory authorities to monitor and assess.
SCxSC Fintech Conference 2019
SCxSC 2019 is Securities Commission Malaysia's annual fintech event, an interactive platform for discussions and exploration of new and evolving digital trends. The Conference convened senior policymakers, innovators, investors and financial services providers that shared and explored digital developments in the capital market. Key topics discussed include Fintech entrepreneurship, Robo advisory, eKYC and digital identity, Cryptocurrency / digital assets, Artificial intelligence in cybersecurity and Islamic fintech.
The event programme is available at https://www.scxsc.my/day/1
22 October 2019 – morning session
22 October 2019 – afternoon session
23 October 2019 – morning session
23 October 2019 – afternoon session
Investor Education and Protection in the Asset Management Industry
- Kaleon Leong, Chief Executive Officer, FIMM
In conjunction with World Investor Week 2019, the dialogue discusses key issues faced in promoting market discipline and retail investor protection and education in the asset management industry.
OECD Equity Market Review Asia 2018
- Mats Isakson, Head of Corporate Governance and Corporate Finance, OECD
The OECD Equity Market Review Asia 2018 was launched during the OECD Asian Roundtable on Corporate Governance in Kuala Lumpur on 7 November 2018. The 2018 Review discusses the use and functioning of public equity markets in Asia, and how capital markets can serve to channel financial resources from households to productive investments in the real economy. It covers trends in initial and secondary public offerings in Asia, growth companies’ use of equity financing, the ownership landscape and investors in Asia as well as trends in investment banking activities and underwriting in Asian equity markets.
Speaking at the Roundtable, Mats Isaksson, Head of Corporate Governance and Corporate Finance, OECD shares key findings from the 2018 Review, including the continued shift of equity market activities to Asian exchanges. The OECD Equity Market Review Asia 2018 report is available here.
Leadership and Governance
- Professor Didier Cossin, Founder and Director, IMD Global Board Center
The dialogue reviews the concepts of leadership and governance in promoting market integrity and good conduct, and deepening institutional capacity and organisational resilience.
FinTech and Implications on Regulations
- John D’Agostino, Managing Director, DMS
The dialogue discusses the application and scalability of Artificial Intelligence and Machine Learning, and looks at the impact of digital assets on regulations.