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IOSCOPD354

IOSCOPD354

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07/12/2013

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Regulatory Issues Raised by the Impact of Technological Changes onMarket Integrity and EfficiencyConsultation Report
T
ECHNICAL
C
OMMITTEE
 
OF THE
 I
NTERNATIONAL
O
RGANIZATION OF
S
ECURITIES
C
OMMISSIONS
 CR02/11 J
ULY
2011
This paper is for public consultation purposes only. It has not been approved for any otherpurpose by the IOSCO Technical Committee or any of its members.
 
 ii
 
 iii
Foreword
The International Organization of Securities Commissions (IOSCO) Technical Committee haspublished for public comment this Consultation Report on
 Regulatory Issues Raised by the Impact of Technological Changes on Market Integrity and Efficiency
(Consultation Report).The Consultation Report was prepared by the Standing Committee on Secondary Markets(TCSC2) and discusses a number of issues in relation to technological developments. Someof these issues have already been dealt with and consulted on in previous TechnicalCommittee reports; for instance, reference is made to the Technical Committee report on
Principles for Direct Electronic Access
1
and
Principles for Dark Liquidity
2
. While thesereports are not subject to renewed consultation, the Consultation Report sets out possiblefuture actions that are designed to assist market authorities when dealing with issuesconcerning aspects of technical developments that have not been the focus of previousreports.The Consultation Report will be revised and finalised after consideration of commentsreceived from the public. Following the consultation process, TCSC2 will submit a finalreport on
 Regulatory Issues Raised by the Impact of Technological Changes on Market  Integrity and Efficiency
to the Technical Committee for approval.
How/When to Submit Comments
Comments may be submitted by one of the following three methods on or before
12 August2011
.
Important: Due to the extremely tight timelines associated with IOSCO’s work in this
area, any responses received after this deadline cannot be considered.To help us process and review your comments more efficiently, please use only one method.
1. E-mail
 
Send comments to Mr. Werner Bijkerk at
market-integrity@iosco.org
;
 
The subject line of your message must indicate “Public Comment on
ConsultationReport: Regulatory Issues Raised by the Impact of Technological Changes on MarketIntegrity and Efficiency
;
 
If you attach a document, indicate the software used (e.g. WordPerfect, MicrosoftWord, ASCII text, etc) to create the attachment; and
 
Please do not submit any attachments as HTML, GIF, TIFF, PIF, ZIP or EXE files.
2. Facsimile Transmission
 Send a fax for the attention of Mr. Werner Bijkerk, using the following fax number:+34 (91) 555 93 68.
1
FR08/10 Principles for Direct Electronic Access to Markets, Final Report, Report of the TechnicalCommittee of IOSCO 12 August 2010 available athttp://www.iosco.org/library/pubdocs/pdf/IOSCOPD332.pdf  
2
 
FR06/11 Principles for Dark Liquidity, Final Report, Report of the Technical Committee of IOSCO
 

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