The need to promote cross-border regulation and cooperation between supervisors of financial markets has become acute ten years after the 2008 global financial crisis. This is due to a rise in extra-territorial legislation and cross-border access to foreign markets conditioned on “equivalence” and “deference” among jurisdictions. Brexit has made the issue more critical in Europe because the United Kingdom will rely on “equivalence” decisions on many aspects of its future cross-border financial relationships with the European Union. Equivalence decisions by the European Commission are based on a technical assessment but also include a political dimension which can punish or reward the other party. It is not just a European issue since the financial world will be more connected in the next twenty years and will need to rely even more on cross-border cooperation and equivalence. In addition, the amount of bilateral equivalence assessments and decisions could very quickly become unmanageable with dozens of jurisdictions dealing with hundreds of various regimes. The global financial architecture needs to be adapted, market fragmentation to be pre-empted, and international standards to become more granular. The International Organisation of Securities Commission (IOSCO), made up of all securities supervisors in the world, should play a leading role in cross-border regulation and deference. It is the interest of many Europeans countries, and not just the European Union, to be the driving force to strengthen IOSCO so that a more rule-based and cooperative system can prevail and prevent future market fragmentation. For this goal to be achieved, IOSCO should become a new treaty-based World Finance Organisation.

中文翻译：

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国际证券委员会组织（IOSCO），欧洲，英国退欧和对跨境监管的重新思考：呼吁建立世界金融组织

在2008年全球金融危机爆发后的十年中，促进金融市场监管机构之间的跨境监管与合作的需求已迫在眉睫。这是由于域外立法的增加以及以管辖区之间的“对等”和“尊重”为条件的跨境进入外国市场。英国脱欧使这个问题在欧洲变得更加关键，因为英国将在与欧盟的未来跨境金融关系的许多方面依靠“对等”决定。欧洲委员会的对等决定基于技术评估，但也包括可以惩罚或奖励另一方的政治方面。这不仅是欧洲的问题，因为在未来二十年中金融世界将更加紧密地联系在一起，并且将需要更多地依靠跨境合作和对等。此外，双边对等评估和决定的数量很快就会变得难以管理，涉及数十个辖区的数百个管辖区。需要调整全球金融体系结构，抢占市场碎片，并采用国际标准来提高粒度。由世界上所有证券监管机构组成的国际证券委员会组织（IOSCO）应在跨境监管和尊重方面发挥领导作用。这不仅是欧洲联盟的利益，也是许多欧洲国家的利益，成为加强国际证监会组织（IOSCO）的动力，从而使基于规则的合作体系能够占上风并防止未来的市场分散。为了实现这一目标，国际证监会组织应成为一个新的以条约为基础的世界金融组织。