World Investor Week 2018 · 7 - MARKETING MIX STRATEGIES 7 . 8 ... 2000) was arranged by IOSCO encouraging its members throughout the world to simultaneously surf the

IOSCO World Investor Week 2018 Campaign Implementation Plan

OICV-IOSCO | Prepared [03 July 2018] 1 Confidential

World Investor Week 2018 Campaign Implementation Plan

1 - 7 October 2018

IOSCO Committee on Retail Investors

(Committee 8)

July 2018



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

ANNEX I - LOGOS AND DESIGNS 10

ANNEX II - MARKETING METRICS 13

ANNEX III - CAMPAIGN GUIDELINES FOR IOSCO MEMBERS 15



1 INTRODUCTION AND EXECUTIVE SUMMARY This plan outlines the recommended activities to be carried out by C8 concerning the coordination of the World Investor Week 2018 (WIW). 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 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 SITUATION ANALYSIS 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 find new ways of reaching out to the public that could benefit 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 initially created for the WIW campaign in 2017, which had 2 primary marketing objectives: 1. disseminating key messages that further investor education and protection, as well as financial

literacy; and 2. fostering learning opportunities for investors. A secondary objective was to strengthen collaboration within IOSCO members on investor education and protection. WIW 2018 will be implemented in a similar fashion, pursuing the same objectives, but aiming higher when it comes to the expected campaign impact. 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.



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 the IOSCO Board

● C8 members have strong knowledge/capacity on investor education and protection

● The campaign is widely supported by C8 members

● WIW 2017 was successful

● Technical support from IOSCO General Secretariat could be limited

● Coordination of the campaign should be built solely on voluntary activities of the working group

● Low budget publicity

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.

http://www.iosco.org/news/pdf/IOSCONEWS286.pdf

http://www.iosco.org/library/pubdocs/pdf/IOSCOPD462.pdf

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

3 TARGET AUDIENCES WIW 2018 will not focus on specific investors` segments. Although segmentation may provide benefits, it will be up to the participating jurisdiction whether 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 briefly 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 specific groups that are more likely to respond to campaign key messages may result in greater efficiency. 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, 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 that5 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).

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



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

- achieve considerable participation of IOSCO members (at least 60); and

- engage international organizations/forums in the campaign (minimum of 3), 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.

5 BARRIERS, BENEFITS, MOTIVATORS AND COMPETITION 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; - 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 benefits in supporting an IOSCO campaign; and - External authorization is required and difficult to obtain. International organizations and forums will be invited to participate in WIW as supporters. Supporting the campaign will not require financial 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 amplification 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 benefit 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 benefits of taking part in the WIW, such as brand image and program empowerment, which can be a powerful motivation.



6 POSITION STATEMENT The campaign aims at mobilizing IOSCO members, international organizations and other relevant parties in promoting a coordinated action that enables investor education and protection around the world. By doing so, investors in each jurisdiction will benefit from the initiatives and programs.

7 MARKETING MIX STRATEGIES6 The participating IOSCO members will deliver key messages through communication campaigns and educational programs that will help improve awareness and understanding of key financial concepts. It is expected that individuals` attitudes and behaviours will be influenced in a positive way, improving their financial outcomes and avoiding fraud7. Ultimately, those efforts will be conducive to improvements in individual financial well-being. Within each jurisdiction, IOSCO members will decide on who will be invited to be part of the campaign, in each jurisdiction (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.)8 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. WIW initiatives could distribute or promote:

- booklets, flyers and other publications;

- games, software and apps;

- websites, blogs, and social media profiles.

6 Marketing Mix Strategy (4Ps): Product (perceived benefits, goods and services offered/promoted), Price (nonmonetary and monetary incentives/disincentives), Place and Promotion (Key messages, key messengers, communication channels). 7 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. 8 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.

http://www.iosco.org/library/pubdocs/pdf/IOSCOPD462.pdf



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 free9, and nonmonetary (e.g., public recognition) incentives/disincentives could be offered to individuals. It is proposed that WIW takes place from 1st through 7th October 2018, when events will be scheduled, at locations convenient for each jurisdiction. Should there be a conflict with dates in a particular jurisdiction (e.g. national holidays), any week of October (8-14, 15-21, or 22-28) could also be eligible to carry out WIW in that 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 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. The WIW website (http://www.worldinvestorweek.org/) will be fed with information about the campaign, selected events and activities. Marketing resources (e.g. flyers) will be developed to help the campaign promotion. IOSCO members will be encouraged to stimulate media coverage and share it with the WIW coordination. 9 Some events and activities may charge nominal fees and offer monetary incentives to individuals.

http://www.worldinvestorweek.org/



8 EVALUATION PLAN 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 a 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 difficult 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 financial 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.

9 BUDGET Campaign will be based on the efforts of each participating jurisdiction that will contribute to WIW by being responsible for key activities.



ANNEX I LOGOS AND DESIGNS This section will include logos and designs for WIW. Once they have been prepared by C8, in consultation with IOSCO General Secretariat, together with the proposal for the campaign website, IOSCO Board members will be informed.

The World Investor Week 2018 logo: The World Investor Week 2018 logo: (official horizontal version) (official vertical version)

The World Investor Week 2018 logo: The World Investor Week 2018 logo: (horizontal version in a dark background) (vertical version in a dark background)

The World Investor Week 2018 logo: The World Investor Week 2018 logo: (positive versions) (negative versions)



Some examples of social network post:



Examples of applying the logo with another partner symbol (the symbol must be smaller than the WIW2018 logo):



ANNEX II MARKETING METRICS10 Data beats opinion11, 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

Email Open Rate The percentage of email delivered that gets opened

Email Open Rate = Emails Opened / Emails Delivered

10 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. 11 "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.

http://adwordsagency.blogspot.com.br/2011/04/data-beats-opinion-introducing-think.html

http://adwordsagency.blogspot.com.br/2011/04/data-beats-opinion-introducing-think.html




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



ANNEX III CAMPAIGN GUIDELINES FOR IOSCO MEMBERS 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 official agenda12 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 official 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), financial 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 specific 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 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 out 13 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 organizations 14 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. 12 WIW official agenda will comprise only events and initiatives promoted in collaboration with an IOSCO member, who could authorize the use of WIW logos. 13 See footnote 13. 14 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/).

http://www.networkfso.org/



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 agenda15. 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.

15 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.



Documents

World Investor Week 2018 · 7 - MARKETING MIX STRATEGIES 7 . 8 ... 2000) was arranged by IOSCO encouraging its members throughout the world to simultaneously surf the