To IOSCO Ordinary and Associate Members In accordance with the IOSCO Protocol for the Selection of Experts to Assist the IMF and the World Bank in their Assessment of a Jurisdictions Implementation of the IOSCO Objectives and Principles of Securities Regulation, I advise that we have received a request from the IMF to identify an expert to assist with the proposed FSAP review of France. Given the nature of the French market, the expert is expected to have knowledge of the securities markets in industrialized countries. The expert will coordinate with other mission members in the general diagnostic of the financial system. Specifically, the expert will assist the mission to assess

1. The rules and regulations for securities settlement systems with a view to appraising consistency with the IOSCO Recommendations;
2. France's observance of the IOSCO Objectives and Principles of Securities Regulation, and
3. Adequacy of the supervisory and regulatory arrangements for the transnational Euronext marke

In accordance with usual practice the expert should have a working knowledge of French but not be a French national. Regarding the work schedule, the mission is scheduled for January 28-February 11 2004 and the expert's commitment of time should be about three to four weeks.

Members wishing to put forward a candidate should respond by e-mail to me (p.richard@oicv.iosco.org) with copy to the Deputy Secretary General, Jean-Pierre Cristel (jp@oicv.iosco.org) no later than 26 September 2003. The procedure for the selection of the IOSCO expert will be in accordance with that outlined in the above mentioned Protocol.

Sincerely,

Philippe Richard

Secretary General