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Investor Education and IOSCO
David Wright Secretary General
IOSCO 21 May 2012
IFIE/IOSCO Investor Education Conference, Seoul, Korea
I. IOSCO Members’ Interest in Investor Education and G20 Comments II. Investor Education: A Critical Component of Investor Protection III. Investor Education: An Analysis of IOSCO Members’ Websites and Web-Based Information IV. Samples of IOSCO Members’ Websites
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OVERVIEW OF PRESENTATION
I. IOSCO Members’ Interest in Investor Education and G20 Comments
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IOSCO’s Work - Investor Education • IOSCO Principles of Securities Regulation
- Importance of investor education, key issue 6 of Principle 3
“Regulators should play an active role in promoting the education of investors and other market participants.”
• Topic of investor education continues to be examined by IOSCO - Technical Committee Report from March 2001
https://www.iosco.org/library/pubdocs/pdf/IOSCOPD117.pdf - Emerging Market Committee Report from October 2002 https://www.iosco.org/library/pubdocs/pdf/IOSCOPD140.pdf - Technical Committee Standing Committee 3 on Regulation of Market
Intermediaries 4
G20
Enhancing consumer protection: “We asked the FSB to work in collaboration with the OECD and other international organizations to explore, and
report back by the next summit, on options to advance consumer finance protection through informed choice that includes disclosure, transparency and education; protection from fraud, abuse and errors; and recourse and advocacy.”
(The G20 Seoul Summit Document Nov. 11-12, 2010)
“We agree that integration of financial consumer protection policies into regulatory and supervisory frameworks
contributes to strengthening financial stability, endorse the FSB report on consumer finance protection and the high level principles on financial consumer protection prepared by the OECD together with the FSB. We will pursue the full application of these principles in our jurisdictions and ask the FSB and OECD along with other relevant bodies, to report on progress on their implementation to the upcoming Summits and develop further guidelines if appropriate.”
(The G20 Cannes Summit Leaders’ Declaration Nov. 4, 2011)
Financial education: “On financial education we recognize the importance and relevance of the work that the OECD, its International
Network on Financial Education (INFE) and the World Bank have been doing in this topic and look forward for the OECD/INFE High Level Principles on National Strategies for Financial Education to be presented to our Leaders for their consideration at the Los Cabos Summit.”
(The G20 Finance Ministers and Central Bank Governors Final Communiqué, Washington DC, April 20, 2012 05
TC: Four different approaches to Investor Education • The regulator has an express statutory obligation to undertake
investor education efforts.
• A separate governmental institution (not the regulator) is responsible for providing investor education.
• The regulator does not have express statutory authority to implement investor education programs, but might engage in investor education activities as an integral part of their investor protection charters.
• No specific efforts are undertaken by the regulator with respect to investor education, although the regulator may enhance investor education through certain of its other regulatory activities. 6
Some Key Findings - 2011 IOSCO E&T Survey
I. The online survey offered 53 different topics concerning securities regulation and allowed respondents to indicate their level of interest in each topic - using a scale of 1 -7 with 7 indicating “very interested.” The following topics received the strongest support according to the 2011 survey (see survey questions 4 and 5).
1) Market Manipulation 78% 2) Insider Trading Investigations 76% 3) Investor Protection 73% 4) Conducting Regulatory Investigations 73% 5) Going Forward; Regulation and Supervision 70% 6) Insider Trading (Litigation) 66% 7) Inspections 64% 8) Risk Management 63% 9) Helping Investors Avoid Fraud 62% 10) Investor Education 61%
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CROSS TABULATION REPORT By Region, the Percentage of Respondents Who indicated the Strongest
Support for each of the Investor Topics Listed in the 2011 Survey of IOSCO Members:
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Africa-Middle East Asia Pacific Europe Inter-America
Helping Investors Avoid Fraud
72% 70% 54% 60%
Investor Education 80% 50% 52% 64%
Investor Protection 81% 60% 65% 85%
Strongest support is defined as the total percentage of respondents who marked the topic
as a “7” or a “6” on a 7 point scale with 7 reflecting the highest level of interest.
II. Investor Education: A Critical Component of Investor Protection
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III. Investor Education: An Analysis of IOSCO Members’
Websites and Web-Based Information
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What investor education web pages might consist of:
Investor Education Website
Stated Goal of Investor Education Program
Investor Education Materials
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Investor Education Materials
1. Investing-Basic Materials
2. Investment Risk/Rewards
3. Types of Investments 4. Calculators/Tools 5. Materials Relating to
Scams, Frauds, and /or Alerts to Investors
6. Live/Classroom Instructions
7. Investing-Advanced Materials
8. Stated Institutional Support for Investor Education
9. Unique Resources for Investors
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INVESTOR EDUCATION:
IOSCO MEMBERS’ WEBSITE IOSCO MEMBERS’ WEBSITES:
– Ordinary : 115 members
– Associate : 11 members
– Affiliate : 73 members
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OBJECTIVE FINDINGS
A. Objective Components of Investor Education Websites For All IOSCO Members (Raw Data / Percentages)
200 100%
Investor Education Website 106 53%
Goal 73 37%
Basic Materials 139 70%
Risks/Rewards 92 46%
Types of Investments 105 53%
Calculators/Tools 59 30%
Scams/Frauds/Alerts 106 53%
Live/Classroom Instruction 67 34%
Advanced Materials 83 42%
Stated Support 59 30%
Unique Resources 145 73%
SUBJECTIVE FINDINGS
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Distribution of Subjective Scores Awarded by Researchers to IOSCO Members Percentage Raw Data 0 1 2 3 4 5 0 1 2 3 4 5 % of Score for OR 21% 25% 10% 22% 16% 5% 24 29 12 26 19 6 % of Score for AS 45% 18% 0% 9% 18% 9% 5 2 0 1 2 1 % of Score for AF 25% 22% 12% 22% 15% 4% 18 16 0 16 11 3 % of Score for IOSCO Members 24% 24% 11% 22% 16% 5% 47 47 21 43 32 10
Next Steps?
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IOSCO: Investor Education Thought Leader and Provider:
• Sharing investor education information, research and resources with IOSCO members, and where helpful, partnering with investor education providers.
• Sharing of web site content and possibly linking IOSCO’s web site to content with other trusted web sites.
• Hosting/co-hosting investor education conferences, forums and meetings – to include “train the trainer sessions” and sharing the very latest in investor education research, programs, teachings, and materials.
• Speaking and sharing information at various investor education conferences and meetings.
IV. Samples of IOSCO Members’ Websites
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Spanning the Globe
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투자자 교육 尋找投資者教育
En busca de la Educación del Inversor A la recherche de l’éducation des investisseurs
BAHITHIN ‘ALA ET TA’LIM EL MOUSTASMIR Looking for Investor Education
The Mission (At the IOSCO Seminar Training Program, Nov. 2011):
• 126 Slides • 42 Different IOSCO Members’ Websites
• What follows are a few samples…
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SOME INTERESTING FEATURES AND FINDINGS
1) Content
2) Organization 3) Interactive / Inviting
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1. Investor Education Websites
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http://www.cmauganda.co.ug/ic.php?pID=78&p=investor%20education&menu=1&lmenu=1 22
2. Stated Goal of Investor Education Program
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www.getsmarteraboutmoney.ca/about-us/Pages/default.aspx
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http://www.svs.cl/sitio/english/acerca/mision.php
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3. Investor Education Materials
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A. Investing-Basic Materials
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http://translate.google.com/translate?hl=en&sl=pt&tl=en&u=http%3A%2F%2Fwww.bmfbovespa.com.br%2Fpt-br%2Feducacional%2Finiciantes%2Fmercado-de-acoes%2Fmercado-de-acoes.aspx%3Fidioma%3Dpt-br 31
http://www.fma.gv.at/en/consumers/investment-basics.html
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http://www.fma.gv.at/en/consumers/investment-basics/questions.html
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http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http%3A%2F%2Fwww.cma.org.sa%2FIA%2Fcategories%2Ffinancialstate%2Ffinancialstate_index.html 35
http://translate.google.com/translate?hl=en&sl=auto&tl=en&u=www.jsda.or.jp%2Fmanabu%2Findex.html 36
37 http://translate.google.com/translate?hl=en&sl=sv&tl=en&u=http%3A%2F%2Fwww.sfiekonomi.se%2F
http://www.nytimes.com/interactive/business/buy-rent-calculator.html 38
B. Investment Risk/Rewards
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http://translate.google.com/translate?hl=en&sl=es&tl=en&u=http%3A%2F%2Fwww.cnmv.es%2FTutorialesInversores%2FDecisionesInversion%2F02_CNMV_accesible%2F020003.htm 40
http://yourmoney.moneyadviceservice.org.uk/products/investments/new_to_investments.html 41
http://translate.googleusercontent.com/translate_c?hl=en&rurl=translate.google.com&sl=zh-CN&tl=en&u=http://www.csrc.gov.cn/pub/newsite/tzzjy/xxyd/jgsrx/&usg=ALkJrhi0TWIPhhrS5hFe-JlPzhMW91Cz4g 42
http://translate.googleusercontent.com/translate_c?hl=en&rurl=translate.google.com&sl=zh-CN&tl=en&u=http://www.csrc.gov.cn/pub/newsite/tzzjy/xxyd/jgsrx/200904/t20090429_102887.htm&usg=ALkJrhg5dUaD2DUBVT0vejmDUCKd2Kz8fQ
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C. Types of Investments
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http://www.sgx.com/wps/portal/sgxweb/home/products
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http://investor.gov/investing-basics/investment-products 46
D. Calculators/Tools
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http://mymoneybox.mfsa.com.mt/pages/calculators.aspx 48
http://www.finra.org/Investors/ToolsCalculators/ 50
E. Materials Relating to Scams, Frauds, and /or Alerts to Investors
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http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http%3A%2F%2Fwww.cma.org.sa%2FIA%2Fcategories%2Ffinancialstate%2Ffinancialstate_015.html 53
http://translate.google.com/translate?hl=en&sl=auto&tl=en&u=www.conaval.gob.pa%2Ffiles%2Fblanqueo%2Fmformularios%2FTransaccionesSospechosas.pdf 54
F. Live/Classroom Instructions
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G. Investing-Advanced Materials
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http://www.finra.org/Investors/SmartInvesting/AdvancedInvesting/ 58
H. Stated Institutional Support for Investor Education
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Transcript for Welcome Video from Chairman Schapiro
Mary Shapiro, Chairman of the U. S. Securities and Exchange Commission is the video's speaker. The video is of her seated at a desk in front of the SEC seal and welcoming visitors to the Investor.gov website.
The content of the video is as follows:
Hi, I'm Mary Shapiro, Chairman of the Securities and Exchange Commission. I'd like to welcome you to Investor.gov. This investor-focused educational website offers a wealth of information on how to be a smarter investor. And we've put that information in a user-friendly format. Times have changed since I was last at the SEC in the early 1990s. Back then, most of the information we provided was on paper. Now, investing information is available from thousands of online resources - some good, some not so good. Through Investor.gov, we're adding our own online voice to provide investors with unbiased and factual investing information. But effective investor education is not "one size fits all." It depends on where you are in your life. That's why Investor.gov has a section for those just getting started, for those saving for a child's education, and for those planning for retirement. The site also provides quite a bit of information for seniors. You can also visit our "Tools" section, where you'll find resources that can help you analyze your current holdings or even check the background of a registered financial professional. There is also a section for investor alerts, as well as links to many other online investor information resources. Finally, we recognize that the internet is a two-way street. On Investor.gov, you can quickly and easily find the right people to contact at the SEC if you have an investment question or a problem. I hope that you find this site to be helpful. We will work hard to add useful content and tools and welcome your suggestions. Enjoy your visit.
60 http://investor.gov/node/741
I. Unique Resources for Investors
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http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/
http://www.moneysmart.gov.au/tools-and-resources/quizzes 63
http://www.lautorite.qc.ca/files/pdf/consommateurs/application_consommateur/grille_html_placement_final_en/default.html 65
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