Currently, 117 countries participate in the inclusive framework of the BEPS, representing more than 90% of world trade. The standards have been adopted by the European Union as one of the requirements that jurisdictions should meet to be excluded from the EU-list of non-cooperative jurisdictions. The CBCS has also recently been entrusted with the supervision of Securities Intermediaries and Asset Managers.
Finally, the CBCS is in the process of becoming a signatory member of the International Organization of Securities Commissions (IOSCO). With these positive developments in the areas of regulation and supervision, we are taking a further step in the right direction to strengthen the IFS sector which certainly benefits the international banking sector.