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IOSCO World Investor Week 2017 Campaign Implementation Plan

World Investor Week 2017Campaign Implementation Plan

2 - 8 October 2017

IOSCO Committee on Retail Investors (Committee 8)

March 2017

OICV-IOSCO | March 2017 2


INDEX

1 - INTRODUCTION AND EXECUTIVE SUMMARY 3

2 - SITUATION ANALYSIS 3

3 - TARGET AUDIENCES 5

4 - OBJECTIVES AND GOALS 6

5 - BARRIERS, BENEFITS, MOTIVATORS AND COMPETITION 6

6 - POSITION STATEMENT 7

7 - MARKETING MIX STRATEGIES 7

8 - EVALUATION PLAN 9

9 - BUDGET 9

10 - IMPLEMENTATION PLAN 10

ANNEX I - LOGOS AND DESIGNS 11

ANNEX II - MARKETING METRICS 14

ANNEX III - CAMPAIGN GUIDELINES FOR IOSCO MEMBERS 16



This plan outlines the recommended activities to be carried out by C8 concerning the coordination of the World Investor Week 2017 (WIW) from the 2nd to the 8th of October. It is based on strategic thinking about campaign objectives, the available resources, and feasible methods to evaluate the results. It turns the strategy into actions and, by doing so, it addresses the key questions of any implementation

INTRODUCTION AND EXECUTIVE SUMMARY

SITUATION ANALYSIS

1

2

plan (what, who, when, and how much). It also designs the necessary mechanisms to ease collaboration among IOSCO members in the campaign, and to establish partnerships with other organizations and IOSCO Committees, providing a method to evaluate the campaign results. The framework is in accordance with the guidelines from the social marketing discipline1.

2.1. Key background information and

plan goals

At its meeting in Sydney (February 2016), C8 discussed small changes in its approach in order to fi nd new ways of reaching out to the public that could benefi t from IOSCO work on investor education and protection. It also aimed at ensuring that IOSCO’s voice on education will be heard globally. C8 agreed to work out a proposal for a pilot IOSCO World Investor Week for 2017. In May 2016, IOSCO Board endorsed three new mandates relating to retail investors, including the design of a pilot IOSCO world investor week campaign in 2017.

This plan was specifi cally created for the WIW campaign in 2017, which has 2 primary marketing objectives:

1. disseminating key messages that further investor education and protection, as well as fi nancial literacy; and 2. fostering learning opportunities for investors.

A secondary objective is to strengthen collaboration within IOSCO members on investor education and protection.

2.2. SWOT: Strengths, Weaknesses,

Opportunities, and Threats

The following table summarizes the most relevant factors that can infl uence the campaign:

1 This plan is based on guidelines and recommendations referred by: (1) Lee, N., & Kotler, P. (2016). Social marketing: changing behaviors for good (5th ed.). Thousand Oaks, CA: SAGE. (2) Andreasen, A. (1995). Marketing social change: Changing behavior to promote health, social development, and the environment. San Francisco, CA: Jossey-Bass. (3) Lee, N., & Kotler, P. (2007). Marketing in the public sector: a roadmap for improved performance. Upper Saddle River, NJ: Prentice Hall. The online and email metrics were based on the concepts referred by Bendle, N., Farris, P., Pfeifer, P., & Reibstein, D. (2016). Marketing metrics: the manager`s guide to measuring marketing performance (3rd ed.). Upper Saddle River, NJ: Person.



Prepared 31 January 2017 10 confidential

A secondary objective is to strengthen collaboration within IOSCO members on investor education and protection.

2.2 SWOT: Strengths, Weaknesses, Opportunities, and Threats

The following table summarizes the most relevant factors that can influence the campaign:

Internal environment

Strengths (S) Weaknesses (W)

● IOSCO has a reputation of being proactive and forward looking, engaging with other international organizations, industry and stakeholders, and promoting co-operation among its members2

● IOSCO, as the global standard setter for the securities sector, is “well positioned to play an influential and substantial role in the development and delivery of investor education and financial literacy programs for retail investors”3

● IOSCO has previous experience of launching a worldwide campaign with actions carried out by its ordinary members4

● Investor protection/education is a priority of theIOSCO Board

● C8 members have strong knowledge/capacity oninvestor education and protection

● The campaign is widely supported by C8members

● Technical support from IOSCO GeneralSecretariat could be limited

● Coordination of the campaign should be builtsolely on voluntary activities of the workinggroup

● Low budget publicity

7 See International Organization of Securities Commissions, Media Release, IOSCO/MR/24/2013, “IOSCO Board focuses on behavioural economics and social media” (1 July 2013), online: International Organization of Securities Commissions: http://www.iosco.org/news/pdf/IOSCONEWS286.pdf.8 See FR09/14 Strategic Framework for Investor Education and Financial Literacy, Final Report, Report of the Board of IOSCO, October 2014, available at: http://www.iosco.org/library/pubdocs/pdf/IOSCOPD462.pdf. 9 The Internet Surf Day (March 28th, 2000) was arranged by IOSCO encouraging its members throughout the world to simultaneously surf the Internet so as to identify possible illegal activities relating to the securities and futures markets. The initiative attracted media attention and several regulators published press releases. See International Organization of Securities Commissions, Media Release, “IOSCO Technical Committee announces that its members

conducted an International Internet Surf Day, aimed at increasing investor protection and market confidence” (16 May 2000), online: International Organization of Securities Commissions: http://www.iosco.org/news/pdf/IOSCONEWS27.pdf.


External environment

Opportunities (O) Threats (T)

● No other worldwide campaign focuses on retail investors

● IOSCO members deliver investor education/protection initiatives in each jurisdiction

● Other bodies with an appropriate interest in securities markets might oppose to such approach

● Emerging priorities could lead volunteered organizations not to carry out activities during the campaign or reduce their commitment to WIW

2.3 Similar efforts There is no current worldwide campaign such as the WIW, with the exception of "Global Money Week" (GMW),10 and the "World Savings Day" (WSD)11. However, these initiatives have different goals and do not focus on investor education and protection. The only example of an international investor week is an Inter-American campaign coordinated by COSRA (Committee of Securities Regulators in America) in 1998. An additional example of a regional initiative that focuses on financial education is the European money week. Coordinated by European banking associations, the campaign “aims to raise public

awareness on financial literacy and improving financial education for students from elementary and

secondary schools”12. Moreover, IOSCO promoted a coordinated worldwide cooperation on enforcement in 2000. The International Internet Surf Day was conducted on March 28th, 2000, aiming at increasing investor protection and market confidence. In its first edition, the event brought together 21 securities and futures regulators from 18 countries (21 authorities) around the world to coordinate their efforts to identify securities and futures frauds on the Internet. The campaign had a similar approach to the one proposed for WIW:

- participation of IOSCO members was voluntary; - participating authorities conduct Internet surveillance on a daily basis and the campaign only

provided an opportunity to coordinate and increase their efforts; and - in the international scenario, the event helped to convey a global IOSCO message on helping its

members to share information and technical expertise in a very important topic to securities markets.

Commenting on the International Internet Surf Day, Michel Prada, then Chairman of the Technical Committee of IOSCO, said, "Whilst the Internet brings new opportunities, it creates new risks as

fraudsters take advantage of the low cost and speed that it provides. Investors must be mindful of those

risks and regulators must be ready to act where necessary. In a global marketplace, effective enforcement

requires co-operation among regulators around the world. This initiative demonstrates the determination

of the international regulatory community to work together to address the challenges posed by new

technology."13 10 http://globalmoneyweek.org/Information/about.html 11 http://www.savings-banks.com/Events/WSD/Pages/About-the-World-Savings-Day.aspx 12 http://www.europeanmoneyweek.eu/latest/about/ 13 See International Organization of Securities Commissions, Media Release, “IOSCO Technical Committee

announces that its members conducted an International Internet Surf Day, aimed at increasing investor protection

2.3 Similar efforts

There is no current worldwide campaign such as the WIW, with the exception of “Global Money Week” (GMW),5 and the “World Savings Day” (WSD)6. However, these initiatives have different goals and

do not focus on investor education and protection. The only example of an international investor week is an Inter-American campaign coordinated by COSRA (Committee of Securities Regulators in America) in 1998. An additional example of a regional initiative that focuses on

2 See International Organization of Securities Commissions, Media Release, IOSCO/MR/24/2013, “IOSCO Board focuses on behavioural economics and social media” (1 July 2013), online: International Organization of Securities Commissions: http://www.iosco.org/news/pdf/IOSCONEWS286.pdf. 3 See FR09/14 Strategic Framework for Investor Education and Financial Literacy, Final Report, Report of the Board of IOSCO, October 2014, available at: http://www.iosco.org/library/pubdocs/pdf/IOSCOPD462.pdf. 4 The Internet Surf Day (March 28th, 2000) was arranged by IOSCO encouraging its members throughout the world to simultaneously surf the Internet so as to identify possible illegal activities relating to the securities and futures markets. The initiative attracted media attention and several regulators published press releases. See International Organization of Securities Commissions, Media Release, “IOSCO Technical

Committee announces that its members conducted an International Internet Surf Day, aimed at increasing investor protection and market confidence” (16 May 2000), online: International Organization of Securities Commissions: http://www.iosco.org/news/pdf/IOSCONEWS27.pdf. 5 http://globalmoneyweek.org/Information/about.html 6 http://www.savings-banks.com/Events/WSD/Pages/About-the-World-Savings-Day.aspx



fi nancial education is the European money week. Coordinated by European banking associations, the campaign “aims to raise

public awareness on fi nancial literacy and improving fi nancial education for students from elementary and secondary schools”7. Moreover, IOSCO promoted a coordinated worldwide cooperation on enforcement in 2000. The International Internet Surf Day was conducted on March 28th, 2000, aiming at increasing investor protection and market confi dence. In its fi rst edition, the event brought together 21 securities and futures regulators from 18 countries (21 authorities) around the world to coordinate their efforts to identify securities and futures frauds on the Internet. The campaign had a similar approach to the one proposed for WIW:

- participation of IOSCO members was voluntary; - participating authorities conduct Internet surveillance on a daily basis and the campaign only provided an opportunity to coordinate and increase their efforts; and - in the international scenario, the event helped to convey a global IOSCO message on helping its members to share information

and technical expertise in a very important topic to securities markets. Commenting on the International Internet Surf Day, Michel Prada, then Chairman of the Technical Committee of IOSCO, said, “Whilst the Internet brings new opportunities, it

creates new risks as fraudsters take advantage of

the low cost and speed that it provides. Investors

must be mindful of those risks and regulators

must be ready to act where necessary. In a global

marketplace, effective enforcement requires co-

operation among regulators around the world.

This initiative demonstrates the determination

of the international regulatory community to

work together to address the challenges posed by

new technology.”8

The 2001 second edition witnessed an increased number of IOSCO members joining the campaign (41 securities and futures regulators from 34 countries). As stated by the press release, the IOSCO International Surf Day was viewed as a creative and effective technique for jointly monitoring and detecting illegal activity on the Internet, “demonstrating the international

regulatory community’s commitment to work together

to address the challenges posed by the Internet”9.

TARGET AUDIENCES3

The WIW 2017 will not focus on specifi c investors` segments. Although segmentation may provide benefi ts, it will be up to the participating jurisdiction whether or not to select target audiences. Therefore, a broader range of educational programs for retail investors will be eligible for taking part in WIW.

However, as it is well established, segmentation helps to achieve the marketing objectives of a campaign (e.g. raising

awareness; increasing knowledge; and changing behaviour). This section will briefl y explore the advantages of segmentation, and provide more information when it comes to segmenting the population, so that each participating jurisdiction can decide how to approach this.

Segmentation increases effectiveness once the strategy is designed to address the needs of the population segment. In fact, targeting the specifi c groups that are more

7 http://www.europeanmoneyweek.eu/latest/about/

8 See International Organization of Securities Commissions, Media Release, “IOSCO Technical Committee announces that its members conducted

an International Internet Surf Day, aimed at increasing investor protection and market confi dence” (16 May 2000), online: International Organization of Securities Commissions: http://www.iosco.org/news/pdf/IOSCONEWS27.pdf.

9 See International Organization of Securities Commissions, Media Release, “Second Annual International Internet Surf Day” (27 Jun 2000), online: http://www.iosco.org/news/pdf/IOSCONEWS19.pdf.



likely to respond to campaign key messages may result in greater effi ciency.

The public might be divided into groups based on demographic (age, gender, religion, income etc.), geographic and psychographic variables (social class, lifestyle, values and personality characteristics), as well as on knowledge, attitudes and behaviours we want to improve or change in the segment of the population. The fact that some groups are more likely to adopt the new behaviour or attitude (e.g. early adopters) could also be considered, besides engaging the public.

Moreover, it should be said that the jurisdiction might not only focus on downstream audiences (investors/

consumers), but also on midstream (church leaders, health care providers, entertainers and others that are closer to individuals) and upstream audiences (policy makers, corporation, foundations and other groups). It has been noted that10 communities could play a role in long-term solutions for social problems in a more cost-effective fashion. They could motivate individuals to act, support behaviour change, reach out to other communities, and foster partnerships. Structural changes could also be sought by focusing the campaign on lawmakers, policy makers, and other regulators and public bodies that have a common and legitimate interest in investor education and protection (e.g. consumer protection agencies).

OBJECTIVES AND GOALS

BARRIERS, BENEFITS, MOTIVATORS AND COMPETITION

4

5

The following set of objectives (and goals) will be pursued at the international level:

- achieve considerable participation of IOSCO members (at least 40); and - engage international organizations/forums in the campaign (minimum of 2),

by becoming supporters through endorsing the campaign and/or promoting events and activities.

IOSCO members will set their own objectives and goals at the local level.

Participation of IOSCO members is key to a successful campaign, as well as international organizations engagement with WIW. In this regard, conversations with regulators and few forums/organizations was a useful source of feedback on possible reasons as to why target audience might not want to be part of the WIW.

We list below the most relevant ones: - Timing concerns: WIW overlapping other well established national or global campaigns, such as the Global Money Week. On the other hand, some jurisdictions might seem to appreciate whenever WIW events coincide with national or local ones;

10 Andreasen, A. (2006). Social marketing in the 21st century. Thousand Oaks, CA: SAGE.



- Skepticism about the campaign: doubting WIW feasibility, due to the fact that it has never been done previously; - Unfamiliarity with campaigns: jurisdiction is not familiar with what they might require; - Misconception about costs: perceived costs could be higher than real ones, as jurisdictions think that a great deal of time and effort would be required so as to join WIW;

- Misinformation about suitable activities for WIW; - Lack of perceived benefi ts in supporting an IOSCO campaign; and - External authorization is required and diffi cult to obtain.

International organizations and forums will be invited to participate in WIW as supporters. Supporting the campaign will not require fi nancial support nor will direct

efforts be expected to organize events or activities. For supporting entities, the costs should be low, especially if supporting organizations primarily drive amplifi cation of messages on social media, and the main perceived barrier could be a potentially different focus for the organization. Each jurisdiction has its own particularities in terms of resources and priorities. Even though conditions differ from country to country, it is expected that all members could benefi t from associating with a global campaign that aims at educating and protecting investors. Indeed, many regulators and SROs are already taking part in such events (e.g. GMW). C8 members interacting with other organizations could explore “what is in it for them” and focus on the perceived benefi ts of taking part in the WIW, such as brand image and program empowerment, which can be a powerful motivation.

The campaign aims at mobilizing IOSCO members, international organizations and other relevant parties in promoting a coordinated action that enables investor

POSITION STATEMENT

MARKETING MIX STRATEGIES11

6

7

education and protection around the world. By doing so, investors in each jurisdiction will benefi t from the initiatives and programs.

The participating IOSCO members will deliver key messages through communication campaigns and educational programs that will help improve awareness and understanding of key fi nancial concepts. It is

expected that individuals` attitudes and behaviours will be infl uenced in a positive

way, improving their fi nancial outcomes and avoiding fraud12. Ultimately, those efforts will be conducive to improvements in individual fi nancial well-being.

Within each jurisdiction, IOSCO members will decide on who will be invited to be part of the campaign, in each jurisdiction

11 Marketing Mix Strategy (4Ps): Product (perceived benefi ts, goods and services offered/promoted), Price (nonmonetary and monetary incentives/disincentives), Place and Promotion (Key messages, key messengers, communication channels).

12 See FR09/14 Strategic Framework for Investor Education and Financial Literacy, Final Report, Report of the Board of IOSCO, October 2014, available at: http://www.iosco.org/library/pubdocs/pdf/IOSCOPD462.pdf.



(self-regulatory organizations, industry associations, market participants, etc.). In principle, participation of schools, universities, clubs and associations should be encouraged and facilitated. At the international level, while C8 will carry out the overall coordination of the campaign, it will connect with other organizations (such as IFIE, OECD, World Bank, FSB etc.)13 and discuss the possibility of providing institutional support for the WIW. Such support would include their endorsement and their help in spreading WIW key messages among their members or across the globe. Cooperation could also include the promotion of events and activities by such organizations, provided that they comply with campaign guidelines approved by the IOSCO Board (Annex III). C8 may also reach out to other international associations (such as FPSB) that want to house their own campaign during the WIW (e.g., financial planning day), especially if that attracts more attention and reinforces financial key messages. In the future, the role of international organizations may go beyond providing institutional support and organizing events. The WIW Evaluation Report to be drafted by C8 will include the Committee’s recommendation regarding the approach to be followed in future editions of the WIW, in case IOSCO Board decides that the campaign will be part of IOSCO agenda for years to come. WIW initiatives could distribute or promote: - booklets, flyers and other publications; - games, software and apps; - websites, blogs, and social media profiles.

The following activities could also be part of WIW: awards, local and national campaigns, press releases, interviews, TV shows, radio programs, newspaper articles, etc.

A broad range of different events - webinars, classes, talks, seminars, conferences, visits,

guided tours, lectures and town-meetings - will be acceptable, if they aim at improving financial literacy or investor education. Initiatives to increase the protection of investors could also be eligible, such as a service for investors (e.g. a hotline) or a new regulation to protect consumers.

IOSCO members will inform C8 about the events and activities that they want to include on WIW agenda by completing an online form within the deadline established by the Committee. By doing so, they will ease the process of gathering information on results, and provide WIW working group with useful information about the nature of the initiatives initially envisioned. Only events that meet the guidelines will be on the campaign official agenda.

Events and activities should be free14, and nonmonetary (e.g., public recognition) incentives/disincentives could be offered to individuals.

Unless otherwise instructed, WIW will take place from 2nd through 8th October, when events will be scheduled, at locations convenient for each jurisdiction. Materials and resources offered by the different participating jurisdictions and organizations will be available on their own websites or other communication channels, but hard copies could also be distributed. Location of global events will be decided by C8 in consultation with the IOSCO General Secretariat.

In terms of promotion, at least two press releases will be distributed by IOSCO, and its Twitter account may disseminate messages of the participating jurisdictions. The C8 WIW working group will assist in developing these press releases and coordinated, global messaging. WIW messaging will emphasize that securities regulators on six continents are participating in the week to raise awareness of the importance of investor

13 Implementation plan mentions international organizations and forums that are envisaged as potential and acceptable endorsers or partners, whereas new organizations will require a consultation process with IOSCO General Secretariat.

14 Some events and activities may charge nominal fees and offer monetary incentives to individuals.



education and protection. Some IOSCO members will have capacity to participate only in a minimal way. Communications templates will help ease the burden of these IOSCO members while allowing them to build awareness of the regulator in their respective jurisdictions.

A WIW website will be developed and fed with information about the campaign, selected events and activities. Marketing resources (e.g. fl yers) will be developed to help the campaign promotion. IOSCO members will be encouraged to stimulate media coverage and share it with the WIW coordination.

Campaign results will be evaluated by C8 WIW working group and reported back to IOSCO. Data will be collected from participating jurisdictions through an online questionnaire within the SurveyMonkey template, easing the process of gathering information on the selected indicators.

The Evaluation Report will focus on the following three categories: outputs, outcomes and impacts. Some measures on the resources allocated to the initiative will also be collected (expenses, distribution channels, educational materials etc.).

Output measures will include the number of: distributed materials, calls, events, attendees, webpages, etc.

Outcomes will measure the audience response to outputs and will include:

campaign feedback; levels of investors´ satisfaction; changes in knowledge, behaviour intent, beliefs, etc. Impact indicators will be more diffi cult to obtain; however, the survey will enable participating organizations to feed the campaign with whatever data they might have obtained.

Considering the fact that WIW is a one-week event, it is not expected that participating jurisdictions and organizations will be able to gather data on changes in behaviour, improvement of fi nancial well-being and saving habits, or prevention of fraud, but rather focus on engagement level with the various activities and outputs, such as event attendance/feedback, visits/interaction with relevant webpages, etc. However, C8 will appreciate whatever data on impact that might be collected.

EVALUATION PLAN

BUDGET

8

9

Campaign will be based on the efforts of each participating jurisdiction that will

contribute to WIW by being responsible for key activities.



IMPLEMENTATION PLAN10


10.0 Implementation Plan Key Activities (WHAT)

Responsibility (WHO) Timing (WHEN)

Logos and designs* CONSOB (Italy) February - March 2017

Key messages (in English) C8 WIW Working Group (WG) February - March 2017

WIW Webpage FINRA March - April 2017 (development)

May - October 2017 (maintenance/updating)

Outreach strategy International organizations: WG**

IOSCO members: regional coordinators (Americas, Africa, Asia, Europe etc.)

March - September 2017

Press release draft WG March 2017

Tweets (in English) IOSCO General Secretariat (building off the key messages developed by the WG and included in the press release)

March – October 2017

Translation of press release, key messages and tweets to other IOSCO official languages

Arab: CMA (Saudi Arabia)

Chinese: CSRC (China)

French: AMF (France and Quebec)

Portuguese: CMVM (Portugal) and CVM (Brazil)

Spanish: CNBV (Mexico) and CNMV (Spain)

Japanese: FSA (Japan)

March – October 2017

Issuing IOSCO press releases

IOSCO General Secretariat (one press release at the launching, and two others, at the start and at the end of the campaign)

March - April 2017

October 2017

Draft a Public Report to IOSCO Board

WG November 2017 - January 2018


Draft Evaluation Report to IOSCO Board

WG November 2017 - January 2018

*For main logos and designs, see Annex I. Additional materials could be developed in accordance with the approved logos and designs and following all relevant IOSCO guidelines. **This plan mentions international organizations and forums that C8 WIW WG will reach out, whereas new ones will require a consultation process with IOSCO General Secretariat.

*For main logos and designs, see Annex I. Additional materials could be developed in accordance with the approved logos and designs and following all relevant IOSCO guidelines.

**This plan mentions international organizations and forums that C8 WIW WG will reach out, whereas new ones will require a consultation process with IOSCO General Secretariat.



LOGOS AND DESIGNSANNEX I

World Investor Week 2017 logo:

offi cial horizontal version.


horizontal version in a dark background.


offi cial vertical version.


vertical version in a dark background.



Example of social network post:

SOON


positive versions.


negative versions.



Examples of applying the logo with another partner symbol(the symbol must be smaller than the WIW2017 logo):



MARKETING METRICS15ANNEX II

Data beats opinion16, so it is essential to have few key performance indicators to measure WIW results, as a global campaign. The measurement exercise will depend on the data provided by jurisdictions, so it is crucial to ensure all participating organizations will have the same knowledge about what will be measured and how it will be done. We will focus on metrics to evaluate Web-based initiatives and tools, as well as other marketing efforts provided by information technology (direct mail etc.).

The purpose of Annex II is two-fold: defi ning a portfolio of possible campaign metrics, and offering clarifi cation of the main marketing measures that could be used by the campaign. However, it should be noted that whatever group of metrics a member chooses in order to report results with greater precision, what is more important is that WIW serves as a tool available for each IOSCO member to reach its own objectives locally.

In this sense, the most relevant measure will be a comparison between what was planned and what was achieved (%). This will bring fl exibility to accommodate different national/local perspectives and different scales (market development and size, population, territory etc.), allowing members to focus on what matters most.

Jurisdictions will not be required to collect data on each of the measures listed below. The list does not restrict the indicators that could be measured, as additional information could be reported (for example, local and/or national press coverage, i.e., number of media mentions published over a period of time). It will be up to each jurisdiction to decide on how they should measure their efforts, however, the evaluation report shall be statistically consistent and standardized.

The list below draws the defi nitions from the book “Marketing metrics: the manager`s

guide to measuring marketing performance”.

15 See Bendle, N., Farris, P., Pfeifer, P., & Reibstein, D. (2016). Marketing metrics: the manager`s guide to measuring marketing performance (3rd ed.). Upper Saddle River, NJ: Person.

16 “At Google, we believe that good data beats opinion”, Google Agency Blog: http://adwordsagency.blogspot.com.br/2011/04/data-beats-opinion-introducing-think.html.



A) Online and Email Metrics:

B) Other Metrics:


Annex II - Marketing Metrics20 Data beats opinion21, so it is essential to have few key performance indicators to measure WIW results, as a global campaign. The measurement exercise will depend on the data provided by jurisdictions, so it is crucial to ensure all participating organizations will have the same knowledge about what will be measured and how it will be done. We will focus on metrics to evaluate Web-based initiatives and tools, as well as other marketing efforts provided by information technology (direct mail etc.). The purpose of Annex II is two-fold: defining a portfolio of possible campaign metrics, and offering clarification of the main marketing measures that could be used by the campaign. However, it should be noted that whatever group of metrics a member chooses in order to report results with greater precision, what is more important is that WIW serves as a tool available for each IOSCO member to reach its own objectives locally. In this sense, the most relevant measure will be a comparison between what was planned and what was achieved (%). This will bring flexibility to accommodate different national/local perspectives and different scales (market development and size, population, territory etc.), allowing members to focus on what matters most. Jurisdictions will not be required to collect data on each of the measures listed below. The list does not restrict the indicators that could be measured, as additional information could be reported (for example, local and/or national press coverage, i.e., number of media mentions published over a period of time). It will be up to each jurisdiction to decide on how they should measure their efforts, however, the evaluation report shall be statistically consistent and standardized. The list below draws the definitions from the book "Marketing metrics: the manager`s guide to

measuring marketing performance".

A) Online and Email Metrics:

Measures Definition Comment

Click through rate Number of times a click is made on the webpage

Downloads Number of times that an application or file is downloaded

Email Click through Rate The percentage of email delivered that gets clicked on

Email Click through Rate = Emails Clicked / Emails Delivered

20 See Bendle, N., Farris, P., Pfeifer, P., & Reibstein, D. (2016). Marketing metrics: the manager`s guide to measuring marketing performance (3rd ed.). Upper Saddle River, NJ: Person. 21 "At Google, we believe that good data beats opinion", Google Agency Blog: http://adwordsagency.blogspot.com.br/2011/04/data-beats-opinion-introducing-think.html.


Email Open Rate The percentage of email delivered that gets opened

Email Open Rate = Emails Opened / Emails Delivered

Email Unsubscribe Rate The percentage of any list of email subscribers that opt out of the list in any given period

Email Unsubscribe Rate = Requests to Be Unsubscribed / Total Subscribers at Beginning of Period

Friends/Followers/Supporters

Number of individuals who join an organization`s social network

Hits Number of files served to visitors on the Web

Hits = Pageviews * Files on the Page

Likes Number of individuals favouring a social networking post/page

Pageviews Number of times a Web page is served

Visits Number of times that visitors come to a Web site

Visitors Number of unique Web site visitors in a given period

B) Other Metrics:


Customer Satisfaction Number of customers (or percentage of total customers) whose reported experience with a service exceeds specified satisfaction goals

Usually reported at an aggregate level and it is generally measured on a five-point scale (very dissatisfied, somewhat dissatisfied etc.)

Willingness to Recommend The percentage of surveyed individuals who indicated that they would recommend the service to friends


Email Open Rate The percentage of email delivered that gets opened

Email Open Rate = Emails Opened / Emails Delivered

Email Unsubscribe Rate The percentage of any list of email subscribers that opt out of the list in any given period

Email Unsubscribe Rate = Requests to Be Unsubscribed / Total Subscribers at Beginning of Period

Friends/Followers/Supporters

Number of individuals who join an organization`s social network

Hits Number of files served to visitors on the Web

Hits = Pageviews * Files on the Page

Likes Number of individuals favouring a social networking post/page

Pageviews Number of times a Web page is served

Visits Number of times that visitors come to a Web site

Visitors Number of unique Web site visitors in a given period

B) Other Metrics:


Customer Satisfaction Number of customers (or percentage of total customers) whose reported experience with a service exceeds specified satisfaction goals

Usually reported at an aggregate level and it is generally measured on a five-point scale (very dissatisfied, somewhat dissatisfied etc.)

Willingness to Recommend The percentage of surveyed individuals who indicated that they would recommend the service to friends



CAMPAIGN GUIDELINES FOR IOSCO MEMBERSANNEX III

WIW is a concerted effort to launch, and build awareness of, investor education and protection initiatives around the globe. The following guidelines were drawn up so that every participating IOSCO member will know how to involve and coordinate other entities within their own jurisdiction. Similarly, the guidelines inform the process by which C8 invites international organizations, forums and networks to support or endorse WIW, as well as how C8 explores potential collaboration concerning organizing events.

The WIW Campaign offi cial agenda17 will include events and initiatives organized within the jurisdiction of the participating IOSCO ordinary member, who will coordinate with the other IOSCO member(s) within the same jurisdiction (if applicable) and decide which non-IOSCO organizations could be invited to join in locally. Although only recognized activities will be part of the offi cial agenda, WIW could be supported on a voluntary basis. During the week, those initiatives might also be promoted by universities,

colleges, schools, governmental entities, self-regulatory organizations, NGOs (charities, associations, citizens’ groups and others, organized on a local, national or international level), fi nancial institutions, market participants (stock exchanges, listed companies, etc.), museums and others.

Only non-commercial activities would be permitted, and initiatives should be free. Nonmonetary (e.g., public recognition) incentives/disincentives could be offered, however, at the discretion of participating IOSCO members, some events may charge nominal fees (donations, grants, symbolic fees, etc.) and offer monetary incentives to individuals, such as discounts, vouchers, etc. All information provided will have to be unbiased and refrain from recommending specifi c investment products or services.

IOSCO members may invite national or local personalities (such as politicians, royalty, athletes, TV presenters, actors, journalists, etc.) to support campaign on a personal basis, as WIW “ambassadors”. When deemed relevant, participating

17 WIW offi cial agenda will comprise only events and initiatives promoted in collaboration with an IOSCO member, who could authorize the use of WIW logos.



jurisdictions can mention them on local websites/webpages. Whenever made known to C8, they may be included in the WIW reports.

Initiatives organized by IOSCO members (ordinary, associate and affiliate) will be considered as part of the WIW, unless they do not comply with rules established by the WIW project specification and implementation plan. IOSCO members will inform C8 of their events and activities, so that they can be included in the official agenda and be mentioned in the WIW reports.

In the international arena, C8 WIW working group will reach out18 to other organizations, forums and networks such as IFIE, OECD, World Bank, FSB, etc., seeking non-financial support for the campaign, translated into their endorsement and their help in spreading WIW key messages among their members or across the globe. Other organizations19 could also be approached when their institutional support is considered relevant and when there is a perceived potential benefit in such collaboration. Such organizations can be mentioned on the WIW website as global supporters.

Although C8 WIW working group does not envisage global events being held very often, whenever deemed relevant, they could be promoted during WIW and be mentioned on the official agenda20. This could possibly include housing their own campaign during the week (such as a financial planning day promoted by FPSB). In both cases, the international organization will discuss the possibility and the characteristics of the event/campaign with C8, which will also require IOSCO General Secretariat approval.

International and local organizations must comply with the rules and guidelines as set out in the project specification and implementation plan approved by IOSCO Board. In case of non-compliance, IOSCO members will take the measures considered appropriate in their jurisdictions and report back to C8. Non-compliance by an international organization, forum or network will be addressed by C8 in consultation with IOSCO General Secretariat. Depending on the circumstances, participation of non-compliant organizations in future campaigns could be banned.

Unforeseen situations will be decided by C8 in consultation with the IOSCO General Secretariat.

18 See footnote 13.

19 An example of organization that could be reached out by C8 is the International Network of Financial Services Ombudsman Schemes. INFO Network is a worldwide network of financial services ombudsman offices that works “together to develop their expertise in dispute resolution,

by exchanging experiences and information” (http://www.networkfso.org/).

20 Organizations and forums cannot be refrained from voluntarily endorsing WIW or promoting global events on their own. In such circumstances, the use of WIW logo will not be authorized, nor will there be any mention on WIW website publication.

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