95 % missions’ members oversee about 95% of the world’s capi- tal markets. The International Organization of Securities Com- 20 20 jurisdictions have taken steps to integrate the ISSB’s sustaina- bility standards in their regulatory regimes within éÝÚěçèéîÚÖçÏÝÚî represent over 40% of global market capitalisation and more than 50% of global GDP.
Having access to reliable, timely and publicly available information is criti- cal to well-functioning capital markets and transparency is a key category for investors. Securities regulators are central to setting corporate reporting and disclosure requirements in capital markets. Accordingly, at IOSCO we aim to work on an ecosystem that will set out in record time a global framework for sustainability-related disclosures and overarching assurance frameworks and ethics principles, bringing investor- useful information to global capital markets. On disclosure, IOSCO supported the establishment of a sustainability standards board under the Interna- tional Financial Reporting Standards Foundation that will continue the work on this topic in the public inter- est. Subsequently, we endorsed the first two standards of the Interna- tional Sustainability Standards Board in July 2023 as fit for purpose for cap- ital markets. This endorsement has driven more than 20 jurisdictions to take steps to integrate these standards in their regulatory regimes within the first year. Together, these jurisdictions represent over 40% of global market capitalisation and more than 50% of global gross domestic product. Over time, some 130,000 companies are expected to publish ISSB-aligned disclosures. To date, the commitment to a global framework remains strong, proof that we are on the right path. However, for the global ecosystem to work in an aligned fashion, frameworks need to exist in ways that promote consistent and comparable climate-related and other sustainability-related disclosures for investors. The alignment of sustainability- related disclosure standards needs to be supported by common data
approaches, digital taxonomies and tagging, provided they are built on solid ground. This is why, for example, we support the work of the IFRS Foun- dation on digital tagging for accounting and sustainability standards. To enhance trust in the information disclosed to the market, we also called for a robust and profession-agnos- tic assurance and ethics framework to be established as soon as possible and encourage the work of the global stand- ard setters in this field. We have been impressed by the response. Both the International Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants will be ready this year. We are now ensuring our members are equipped and prepared to implement such ecosystems and minimise diver- gencies as we progress – and, in this regard, implementation and capacity building are our key focus. Encouraged by early adopters setting the tone for others, we are maintaining open dia- logue with national regulators and partnering with others to provide tech- nical support and guidance to members to minimise fragmentation due to local adaptations. We hope to see continued global efforts to act urgently in the public interest and minimise fragmentation without any loss of quality in report- ing. A united front of international playersisessentialfordeliveryand IOSCO will ensure global secu- rities regulators are doing their part.
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