In 1995, IOSCO and the IASC arrived at a new agreement regarding a core set of 30
standards, which were to include a standard for financial instruments (Camfferman
and Zeff 2007, p. 12). Recognising the increase in the flow of cross-border capital,
IOSCO assessed and approved the 30 resulting standards and recommended them to
its members in 2000 (OICV-IOSCO 2000). This recommendation was, however,
declined by the U.S., U.K., and Japan who were critical of the IASC’s operating
structure (Collett et al. 2001). Moreover, the IASC had already started a process of
restructuring the organisation, something which presented an opportunity for
additional parties to influence the structure of the new organisation