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Monitoring Board elects chair, approves charter and MoU

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03 Apr 2009

The IASCF Monitoring Board held its first meeting, jointly with the Trustees of the IASC Foundation, on Wednesday 1 April 2009 in London.

Monitoring Board elects chair, approves charter and MoU

Mr Hoogervorst

The Monitoring Board members participating in the meeting with the IASCF were Hans Hoogervorst, Chair of the Netherlands Authority for Financial Markets; Guillermo Larrain, Chairman of the IOSCO Emerging Markets Committee and the Superintendencia de Valores y Seguros of Chile; Junichi Maruyama, Deputy Commissioner for International Affairs of the JFSA; Mary Schapiro, Chairman of the US SEC; European Commissioner Charlie McCreevy; and Sylvie Matherat, representative of the Basel Committee on Banking Supervision. At the meeting, the Monitoring Board:

  • Elected Hans Hoogervorst, Chair of the Netherlands Authority for Financial Markets, as its first Chairman for a two-year term
  • Adopted a Charter (PDF 390k) setting out the Monitoring Board's role and duties, organisation, membership, and meeting requirements, among other things
  • Approved a Memorandum of Understanding Between the Monitoring Board and IASCF (PDF 360k) defining the role of the Monitoring Board and its relationship with the IASCF Trustees
The Charter defines the Monitoring Board's mission as follows:
  • To cooperate to promote the continued development of International Financial Reporting Standards as a high-quality set of global accounting standards;
  • To monitor and reinforce the public interest oversight function of the IASCF while preserving the independence of the IASB. In that regard:
    • To participate in the selection and approval of IASCF Trustee appointments; and
    • To advise the IASCF Trustees with respect to the fulfillment of their responsibilities, in particular with respect to regulatory, legal and policy developments that are pertinent to the IASCF's oversight of the IASB and appropriate sources of the IASCF's funding;
    • To discuss issues and share views relating to International Financial Reporting Standards, as well as regulatory and market developments affecting the development and functioning of those standards.

The MoU states the purpose of the IASCF Monitoring Board as follows:

The primary purpose of the IASCF Monitoring Board is to serve as a mechanism for formal interaction between capital markets authorities and the IASCF, thereby facilitating the ability of capital market authorities that allow or require the use of IFRS in their jurisdictions to effectively discharge their mandates relating to investor protection, market integrity, and capital formation. The IASCF Monitoring Board will help ensure the public accountability of the IASCF by monitoring and reinforcing the public interest oversight function of the IASCF, as well as to promote the continued development of IFRS as a high-quality set of global standards.

Click for IASCF Monitoring Board Press Release (PDF 48k).

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