derstanding, provide a comprehensive framework for cooperation and collaboration among world securities regulators in the exchange of information (IOSCO, 2012).5 3 The OECD Principles on Corporate Governance were re- leased for the first time in May 1999 and were revised in 2004. They constitute "on

OLDING SECURITIES LICENCES GRANTED BY AN OFFSHORE REGULATOR WHICH IS AN ORDINARY MEMBER OF THE INTERNATIONAL ORGANISATION OF SECURITIES COMMISSION (IOSCO); AND (II) SUCH SOLICITATION IS MADE TO: A. THE GOVERNMENT PENSION FUND; B. THE SOCIAL SECURITY FUND; C. INSURANCE COMPANIES; D. COMMERCIAL BAN