A.A. Jr. Sommer


The origins of the International Organization of Securities Com- missions (IOSCO) lie in the Americas. In 1974, nations of the West- em Hemisphere, largely under the leadership of the United States, organized the InterAmerican Association of Securities Commissions to provide a forum for consideration of securities regulation matters of common interest and to assist capital formation in the Western Hemisphere. Nine years later the organization transformed itself into a world-wide organization and was incorporated by an act of the Que- bec Parliament as a non-profit corporation under Quebec law. A sec- retariat was established in Montreal, a recognition of the expanded scope of the organization. IOSCO perceives the transition from a Western hemisphere endeavor to a world-wide one not as the succes- sion of one organization by another, but rather as a continuum; for instance, it numbers its annual meetings from the inception of the In- terAmerican Association; thus the first meeting of IOSCO in 1987 was called the Twelfth Annual Conference. The 1988 Annual Report was the first published, hence it is difficult to gain much insight into the 1974-1988 activity of the regulators.'