Madrid, 8 June 2026 – The International Organization of Securities Commissions (IOSCO) published today its Final Report on Recommendations for Secondary Market Disclosure. The Report is intended to assist regulators in reviewing their existing disclosure frameworks and considering whether updates or refinements may be appropriate.
The IOSCO Objectives and Principles of Securities Regulation1 include 38 Principles which reflect consensus on sound practices for regulating securities markets.
This report supports a more consistent application of Principle 161 across jurisdictions, while recognising differences in legal frameworks and market structures.
The Recommendations do not introduce new binding requirements. Rather, they consolidate, update and modernise existing IOSCO guidance on secondary market disclosure. The framework follows a principles-based approach, designed to support consistent regulatory outcomes while allowing flexibility in implementation, and without seeking to impose a single, uniform model.
The Recommendations complement IOSCO’s work on primary market disclosure by focusing on ongoing disclosure obligations after listing. The objective is to help ensure that investors have access to timely and reliable information once securities are admitted to trading, not only at the point of issuance.
The Report also highlight areas where regulatory approaches are broadly aligned, as well as areas where differences in practice persist.
The guidance is structured around three main areas:
- Disclosure principles, including materiality, timing, frequency and access to information;
- Content of disclosure, covering both periodic reporting and event-driven disclosures, depending on the nature of the information; and
- Governance and internal controls, focusing on the systems that support accurate, timely and reliable reporting.
Overall, this Report reflects IOSCO’s ongoing efforts to strengthen secondary market disclosure frameworks globally and support transparent and efficient capital markets, while recognising the diversity of regulatory approaches and market structures across jurisdictions.
“This report on secondary market disclosure strengthens a key pillar of investor protection, helping to ensure that disclosure remains consistent and adapt to increasingly complex markets.”
– Jean-Paul Servais, IOSCO Board Chair
“This work brings together IOSCO’s existing guidance in a clearer framework, making it easier for regulators to apply secondary markets disclosure principles in practice, while still allowing for differences across jurisdictions.”
– Cameron McInnis, Chair of IOSCO’s Committee on Accounting, Auditing and Disclosure and Chief Accountant, Ontario Securities Commission
- Principle 16: There should be full, accurate and timely disclosure of financial results, risk and other information which is material to investors’ decisions.
