Economic News/Trends and Analysis — June 26, 2009
Associations Call on the Financial Stability Board to Ensure Reforms Promote Open Markets
TORONTO, June 26 /CNW/ - The Australian Financial Markets Association,
the Investment Industry Association of Canada, the Japan Securities Dealers
Association, the London Investment Banking Association, and the Securities
Industry and Financial Markets Association (the "Associations") released a
statement today in advance of the inaugural meeting of the Financial Stability
Board ("FSB"):
"We welcome the establishment of the Financial Stability Board, strongly
support its objectives, and look forward to the outcome of its first meeting
on 26th June.
"The FSB's work of facilitating the harmonization and understanding of
regulatory reforms and standards across jurisdictions around the world will
have a vital importance for participants in financial markets, and for
economic recovery more generally.
"It is critical that the FSB and its members ensure that such reforms are
developed and implemented in a manner that promotes open markets and the free
flow of capital.
"The FSB's mandate to promote global coordination and consistency is
central to ensuring a well functioning financial market in which systemic risk
is better understood and controlled. We urge the FSB and its members to work
together to ensure that global regulatory efforts reflect international best
practices and promote coordination and cooperation among regulators. We are
concerned that some recent regional and national regulatory proposals diverge
in ways that could create distortions or other barriers in the global
marketplace: in these instances, we encourage the FSB to foster, in line with
the G-20 mandate, the necessary changes to develop consistency with a
well-founded global policy approach.
"In light of the FSB's expanded mandate and the more direct impact of its
work on market participants, we encourage the FSB to ensure that global policy
development is well informed by impact analysis and based on a transparent
process and increased dialogue with market participants on policy development,
ensuring reasonable time for comment and discussion. Such dialogue and
analysis is important to ensure that standard-setting serves public policy
needs, commands authority and ensures buy-in, thereby improving both
compliance and enforcement."
Notes to Editors
The Australian Financial Markets Association is the peak industry
association for Australia's wholesale banking and financial markets. These
markets play a pivotal role in the Australian economy by making it possible
for Australian financial institutions and companies to conduct business with
each other and with their counterparts overseas. AFMA represents over 130
industry participants in the wholesale banking and financial markets,
including Australian and foreign banks, securities companies, fund managers,
traders in electricity and other specialised markets and industry service
providers. More information about AFMA is available at www.afma.com.au
Level 3 Plaza Building, 95 Pitt Street, Sydney 2000
GPO Box 3655 Sydney NSW 2001
Contact: Duncan Fairweather - dfairweather@afma.com.au Tel No.: 61 (0)2
9776 7990
The Investment Industry Association of Canada (IIAC) advances the
position of the Canadian investment industry on regulatory and public policy
issues. As the professional association for the industry, IIAC has a mandate
to promote efficient, fair and competitive capital markets for Canada while
helping its member firms across the country succeed in the industry. More
information about IIAC is available at http://www.iiac.ca
11 King St West, Suite 1600
Toronto, ON M5H 4C7
Contact: Katie O'Dell - kodell@iiac.ca Tel No.: 416-687-5478
The Japan Securities Dealers Association is a hybrid association
functioning both as a self-regulatory organization (SRO) and as a trade
association in the Japanese securities market. Today JSDA comprises of more
than 500 members consisting of securities firms and other financial
institutions operating securities business in Japan. As a full-fledged SRO,
JSDA extensively regulates market intermediaries. Its self-regulatory
functions cover rule-making, enforcement, inspection, disciplinary actions,
accreditation of sales representatives, and dispute mediation. As a trade
association, JSDA provides the industry's voice to the government and other
related parties, conducts and promotes investor education, and implements
studies for further activating the market. More information about JSDA is
available at www.jsda.or.jp/
1-5-8, Kayaba-cho, Nihonbashi, Chuo-ku, Tokyo 103-0025
Contact: Koichi Ishikura - k_ishikura@wan.jsda.or.jp Tel No.:
81-3-667-8537
LIBA is the principal trade association in the United Kingdom for firms
which are active in the investment banking and securities industry. The
Association represents its members on both domestic and international aspects
of this business, and promotes their views to the authorities in the United
Kingdom, the European Union, and elsewhere. More information about LIBA is
available at www.liba.org.uk
6 Frederick's Place, London, EC2R 8BT
Contact: Tim Baker - timothy.baker@liba.org.uk Tel No.:44-207-736-3606
The Securities Industry and Financial Markets Association brings together
the shared interests of more than 600 securities firms, banks and asset
managers. SIFMA's mission is to promote policies and practices that work to
expand and perfect markets, foster the development of new products and
services and create efficiencies for member firms, while preserving and
enhancing the public's trust and confidence in the markets and the industry.
SIFMA works to represent its members' interests locally and globally. It has
offices in New York, Washington D.C., and London and its associated firm, the
Asia Securities Industry and Financial Markets Association, is based in Hong
Kong. More information about SIFMA is available at www.sifma.org
120 Broadway, New York, NY 10271
Contact: Travis Larson - tlarson@sifma.org Tel No.: 202-962-7357
For further information: Katie O'Dell, kodell@iiac.ca, Tel No.: (416) 687-5478
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