Members of the International Organization of Securities Commissions have made a formal commitment to work together and make cross-border co-operation easier when tackling securities and derivatives breaches. The new resolution was agreed at the annual IOSCO conference held in Hong Kong this month. It is hoped that the new resolution will stop those who break the laws of the securities sector, moving to emerging or less well-known jurisdictions to escape punishment. Each member will now examine its legal framework on enforcement actions, and strive to develop new laws or mechanisms which will make it easier to freeze assets of suspected or established wrongdoers.

Andrew Larcos, IOSCO spokesman, said the resolution is in line with the organization's move towards greater information sharing and enforcement co-operation, which it has pursued over the last 12 months. Larcos said that although such agreements are already in place within established markets like Europe and the U.S., the resolution will help emerging markets to catch up. The agreement is also a response to the general absence of powers to freeze assets internationally.