Australian Securities and Investments Commission Chairman Greg Medcraft is to become chairman of the International Organisation of Securities Commissions (IOSCO) next March.

IOSCO is the international policy forum for securities regulators. Its members regulate more than 95% of the world’s securities markets.

Members last week appointed Masamichi Kono of Japan’s Financial Services Agency to lead the new IOSCO board, but he will step down next March and Mr Medcraft will take over until September 2014.