Emerging risks in cryptoassets and stablecoins, regulatory harmonization, and the expansion of private credit markets were among the key topics discussed during the latest meetings of the IOSCO Affiliate Members Consultative Committee (AMCC), held in London in early October. Participants explored vulnerabilities in retail investor access, operational risk, and the challenges of ensuring market integrity in a rapidly evolving digital financial landscape.

The AMCC meeting brought together self-regulatory organizations such as Anbima, FINRA (United States), and CIRO (Canada), alongside global representatives from capital markets, investment funds, and infrastructure sectors. Held on October 8–9, the session contributed to IOSCO’s 2026 planning through the identification of international market fragmentation issues and emerging risks.

The meeting also strengthened coordination between AMCC and IOSCO’s broader agenda through working groups aligned with IOSCO’s main committees. Anbima already takes part in groups dedicated to non-bank financial intermediation (in partnership with the Financial Stability Board), innovation, and sustainability.

Lucas Pinatti, Anbima’s head of Self-Regulation, noted that the opportunity to engage with IOSCO leaders in both plenary sessions and focused working groups fostered a rich exchange of experiences and helped identify areas where AMCC members can contribute. “Key topics included measures to address operational risk, vulnerabilities in online retail investor access, and private finance,” he said. “These are areas where Anbima can share its experience in self-regulation while also learning from other markets.”

Risk management

From October 9–10, the AMCC also hosted its traditional training program for regulators, with this year’s edition focusing on regulatory convergence and the risks posed by the growing cryptoasset ecosystem and the rise of stablecoins.

During the event, Andrew Bailey, chair of the Financial Stability Board and governor of the Bank of England, emphasized the importance of the frameworks developed by multilateral organizations in recent years and the need for authorities to manage risks while leveraging the benefits of financial system digitalization.

Panel discussions explored new data and risk scenarios related to the expansion of private credit and potential incidents involving cryptoassets, highlighting challenges such as custody, chain integrity, and the backing of stablecoins.

“These discussions underscored the importance of monitoring activities and new players, as well as identifying the specific characteristics of each segment to ensure the benefits of distributed ledger technology in financial services,” said Guilherme Benaderet, Anbima’s head of Market Supervision, who also attended the sessions held at the London Stock Exchange.