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