The International Organization of Securities Commissions (‘IOSCO’) was founded in 1983 and comprises the majority of the national competent authorities on securities regulation around the globe. It operates as a global standard setter for the securities sector. IOSCO develops, implements, and promotes adherence to internationally recognized standards for securities regulation. IOSCO cooperates with the G20 and the Financial Stability Board (‘FSB’) on the global regulatory reform agenda. It is based in Madrid, Spain. Its members cover more than 95% of the world’s securities markets in over 110 jurisdictions. Almost all the major emerging markets jurisdictions are members of IOSCO; this is a unique characteristic of this international financial organization. IOSCO currently has 203 registered members (IOSCO Fact Sheet [July 2013] 2; this and other IOSCO documents can be found at IOSCO website [22 April 2014]). IOSCO is a peculiar international organization because it does not have a founding treaty. It has been characterized as a ‘multilateral regulatory network of supervisors’ because IOSCO is a private organization made up of mostly public authorities (Marcacci ‘IOSCO: The World Standard Setter for Globalized Financial Markets’ 23, 25).