The International Organization of Securities Commissions Emerging Markets Committee announced that it will study the implications of the financial crisis for emerging market countries in an effort to uncover the best ways for these jurisdictions to deal with such events.

The group met in Marrakech this week and decided to launch an EMC chairman’s Task Force to assess the implications of the current financial crisis within emerging markets jurisdictions, with a particular focus on structured financial products. The first step will be an urgent assessment of the impact of the current turmoil on members’ markets and their regulatory responses.

This work will lead to the development of standards of good practice for emerging markets aimed at mitigating vulnerabilities in these markets and providing a sound basis for long term development, it said. **

“While members have made significant advances in structural and regulatory reforms in recent years, there is now a need for members to review policy responses to the effects of global financial crisis and improve coordination,” said Guillermo Larrain, chairman of the EMC.

“The Task Force will also address the role of structured financial products in market development and will work closely with the International Monetary Fund on this issue, who is currently in the process of finalising several case studies on securitization in emerging markets,” he added.