GFMA Releases Principles for Achieving Consistent Regulatory Regimes and Supervisory Practices

HONG KONG,
LONDON and WASHINGTON, 17 April 2018 – The Global Financial Markets Association (GFMA), which represents the common interests of the world’s leading financial and capital market participants, released “Principles for Achieving Consistent Regulatory Regimes and Supervisory Practices.”

2018 marks ten years on from the Group of 20 (G20) response to the global financial crisis that ushered in financial regulatory reforms that have transformed global capital markets and enhanced financial stability.  To improve regulatory outcomes and deliver on the benefit of reforms, GFMA calls on global financial regulators to agree to principles to design regulatory cooperation arrangement(s) to develop consistent regulatory regimes and supervisory practices.  GFMA encourages global policymakers to establish regulatory cooperation arrangement(s) that (are): (i) Forward-looking; (ii) Enhance cross-border investment and market integrity; (iii) Supportive of similar outcomes; (iv) Predictable; (v) Transparent; (vi) Evidence-based; (vii) Proportionate; (viii) Enhance market certainty; (ix) Strengthen supervisory coordination; and (x) Supportive of conflict mitigation.

“Now is the time for global financial regulators to design and adopt regulatory cooperation arrangements to deliver consistent regulatory regimes and supervisory practices to strengthen the foundation for strong, sustained and balanced growth leading to global job creation,” said Mark Austen, chief executive officer of GFMA and chief executive officer of ASIFMA.

“These principles aim to balance the legitimate national interests of domestic regulators and supervisors with a genuine commitment to the global common good of a safe, open and competitive global market, which has been a hallmark of the G20 reform agenda. We encourage global policymakers to adopt these principles for regulatory cooperation arrangements, which we believe will improve long-term market integrity, efficiency, liquidity, and resilience by minimizing the risk of fragmentation and the adverse effect it has on global economic growth.”

The Principles
can be accessed here: http://www.gfma.org/correspondence/principles-for-achieving-consistent-regulatory-regimes-and-supervisory-practices.

-ENDS-

Contact

Corliss Ruggles  +852 9359 6996               cruggles@asifma.org

Rebecca Hansford            + 44 (0)20 3828 2693      rebecca.hansford@afme.eu

Liz Pierce                             +1 (212) 313-1173            lpierce@sifma.org

Notes:

The
Global Financial Markets Association (GFMA) brings together three of the
world’s leading financial trade associations to address the increasingly
important global regulatory agenda and to promote coordinated advocacy efforts.
The Association for Financial Markets in Europe (AFME) in London, Brussels and
Frankfurt, the Asia Securities Industry & Financial Markets Association
(ASIFMA) in Hong Kong and the Securities Industry and Financial Markets
Association (SIFMA) in New York and Washington are, respectively, the European,
Asian and North American members of GFMA. For more information, visit http://www.gfma.org.