The International Organization of Securities Commissions (IOSCO) held its forty-first Annual Conference in Lima (Peru), from 9 to 12 May 2016. 
Alongside the public sessions, the International Council of Securities Associations (ICSA) held its annual round of bilateral meetings between the financial industry and national regulators, together with the chairs of IOSCO's permanent committees. The industry was represented by an ICSA delegation, including AMAFI, and by members of industry groups such the International Swaps and Derivatives Association and the European Fund and Asset Management Association, as well as representatives from major asset management firms. This year's meetings were chaired by AMAFI Chief Executive Pierre de Lauzun.

The key issues addressed by regulators included:

• Liquidity in corporate bond markets. On this issue, to be covered in a forthcoming IOSCO consultation paper, regulators expressed disappointment at the quality of industry-supplied data, which did not corroborate any notable deterioration in liquidity. IOSCO will shortly publish a report on bond market transparency.
• Potential risks arising from the asset management industry, especially in view of the greater role it plays in supplying liquidity to the market.
• Business conduct, for which the Task Force intends to map out the standards already enshrined in IOSCO's principles and publications.