The Toronto Centre, the IFC’s Global Corporate Governance Forum, PEPSE and the Sofia World Bank office jointly organized the first Regional Workshop for strengthening the capacity of supervisory authorities in Southeastern Europe on enforcement and fraud prevention. The workshop was hosted by the Bulgarian Financial Supervision Commission and co-sponsered by ATTF and IOSCO. The Regional Securities Seminar took place in Sofia, Bulgaria on June 23-27, 2008 and trained 32 experts from 8 countries in the region.
Ensuring that capital markets are well governed is important part of sustainable private sector development. Cnsidering the rapid growth of the capital markets in the Southeast Europe region, it is essential for supervisory authorities to appropriately identify and tackle the challenges in financial supervision.
”The Regional Workshop has gathered 32 experts from supervisory and stock exchange authorities from Montenegro, Bosnia and Herzegovina, Romania, Croatia, Macedonia, Republika Srpska, Poland and Bulgaria. This diversity of countries will be very beneficial in identifying common regional problems and issues, developing solutions and sharing good practices.”, the IFC SEE Corporate Governance Program Regional Manager Juan Carlos Fernandez said in his welcoming remarks to the participants.
The Regional Securities Seminar covered three important topics for the securities regulators in the SEE region: a) preventing market manipulation and abuse, combating with fraud and insider trading; b) improving effective surveillance and enforcement; and c) action planning. This practical and highly interactive workshop provided framework for tackling challenges faced by securities regulators in the SEE region. The highlight of the program was that all participants had to identify, prior to the start of the workshop, enforcement challenge from their work and during the workshop analyze the situation and develop a solution. Each participant, with the help of the program leaders, developed and presented an individual action plan on how best to deal with the problems once back at work.
Leading international corporate governance and capital market experts presented best practices and case studies, and provided substantive advice on the financial supervision during the Seminar. Eddy Wymeersch, Chairman of European Regional Committee IOSCO, Alan Cameron, Former CEO of the Australian Securities and Investment Commission, Carlo Biancheri, Former Director of International Relations of the Italian Securities Regulator CONSOB, Ilona Pieczynska-Czerny, Director of Enforcement of Polish Financial Supervision Authority, and Stefan Pankoke, Senior Advisor at the Federal Financial Supervisory Authority shared their expertise in financial supervision. Participants evaluated the interaction with the program leaders, during the case study activities and role plays, as extremely valuable.
Regional Securities Seminar, Sofia, June 23-27, 2008 – Agenda
Media: Pari Business Daily - 30 June 2008 (Interview with Eddy Wymeersch, Chairman of European Regional Committee, IOSCO)
Title: The Crash of the Stock Exchanges could weaken the Bank Finance (in Bulgarian)
Media: Dnevnik Daily – 25 June 2008
Title: The Committee of European Securities Supervisors trains Bulgarian experts how to detect fraud and market manipulations