Consistent Implementation

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Correspondence

GFMA Principles for Achieving Consistent Regulatory Regimes and Supervisory Practices

April 2018  |  Correspondence  |  White Papers and Reports

GFMA published 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.” 

See Full Press Release and Press Contacts here.

GFMA Guiding Principles for Market Transparency

April 2018  |  Correspondence  |  Press Releases

GFMA published Guiding Principles for Market Transparency.

Increasingly, regulators are developing public transparency requirements across markets and jurisdictions, which highlights differing policy objectives for rules and the need for shared global principles. Market transparency requirements should support specific policy objectives, consider the fundamental structural differences between markets and among asset classes, and provide meaningful and useful information to market participants while doing no harm to market integrity, liquidity, efficiency and resilience.  Fundamental structural differences between markets, including participants and their needs, preclude a “one-size-fits-all” approach. 

GFMA encourages policymakers and regulators to design market transparency frameworks in line with the following principles:

I.             Transparency to regulators should be timely, consistent and appropriate to fulfil market surveillance duties and to support market integrity.

II.            Public market transparency requirements should support the provision of liquidity for price formation and risk management, while doing no harm to market integrity, liquidity, efficiency and resilience.

III.           The level of transparency and timing for reporting should be appropriately calibrated based on regulatory intent, market structure, and liquidity profiles of specific assets.

IV.          An effective transparency framework is based on consultation with all market participants and a cost-benefit analysis.

V.            The market’s ability to implement requirements, including on a cross-border basis, if appropriate, is critical.

See: Full Press Release here.

Brexit: Implications for the Global Financial System

June 2017  |  Correspondence  |  White Papers and Reports

GFMA, which represents the common interests of the world’s leading financial and capital market participants, believes that Brexit is an issue that has unique and global spillovers, not just isolated to the UK and EU. Brexit is an event of such magnitude that it will affect almost all dimensions of the global economy, including financial services, in some way.

The GFMA White Paper, ‘Brexit: Implications for the Global Financial System’ focuses on issues that our global members have identified as most important to their cross-border businesses and the international investment and economic growth they support.

GFMA Submits Letter to Multiple Regulators along with a Report on the Interaction, Coherence, and Overall Calibration of Post Crisis Basel Reforms

August 2016  |  Correspondence  |  Press Releases

GFMA provides letter to multiple regulators accompanying a copy of a report commissioned from Oliver Wyman, which analyzes the interaction, coherence, and overall calibration of post crisis regulatory reform measures agreed upon, or under active consideration, by the Basel Committee on Banking Supervision (BCBS).  The full report is available here.

Also, see: GFMA Press Release


GFMA with Other Associations Submit Letter to Multiple Regulators on Global Trade Reporting and Data Harmonization

June 2015  |  Correspondence  |  Press Releases

GFMA, SIFMA and the Asset Management Group of SIFMA (SIFMA AMG), The Australian Financial Market Association (AFMA), the Alternative Investment Management Association (AIMA), the British Bankers Association (BBA), the German Investment Funds Association (BVI), the European Fund and Asset Management Association (EFAMA), the Futures Industry Association (FIA Global), the Global Foreign Exchange Division (GFXD) of the Global Financial Markets Association (GFMA), the International Swaps and Derivatives Association (ISDA), the Managed Funds Association (MFA) and The Investment Association provide comments supporting key principles to improve global trade reporting and data harmonization. 

This letter was sent to:

ASIC
BIS
Canadian Securities Administrators
CFTC
CPMI
EBA
ECB
EC
ESMA
FSB
FINMA
HKMA
IOSCO
JFSA
MAS
OFR
Reserve Bank of Australia
SEC

GFMA Submits Comments to IOSCO and CPMI on Global Cybersecurity Harmonization

February 2015  |  Correspondence  |  Press Releases

GFMA provides comments to the International Organization of Securities Commissions (IOSCO), the BIS’ Committee on Payments and Market Infrastructures (CPMI), and others commending their proactive role in addressing cybersecurity, and encouraging them to work jointly with industry to defend against cyber attacks and cyber crime and increase the protection of financial markets and financial market participants.

Of Interest:

SIFMA’s Principles for Effective Cybersecurity Regulatory Guidance - 20 October 2014

GFMA Submits Comments to Multiple Agencies Regarding Margin Requirements on Swaps

January 2015  |  Correspondence  |  Press Releases

GFMA provides comments to the Office of the Comptroller of the Currency (OCC,) Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Farm Credit Administration and the Commodity Futures Trading Commission (CFTC) on margin and capital requirements for covered swap entities and margin requirements for uncleared swaps.

 

 

GFMA Letter to G20 Finance Ministers on Coordination of Regulatory Rules

November 2014  |  Correspondence  |  Press Releases

GFMA wrote a letter to all G20 Finance Ministers recommending improved coordination in the implementation of reforms in different jurisdictions. GFMA believes international coordination efforts can be strengthened further and that more needs to be done at the G20 level to ensure individual jurisdictions honor their global commitments in domestic policy implementation.

GFMA Letter to B20 on Improving Global Regulation of Markets

July 2014  |  Correspondence  |  Press Releases

GFMA writes a letter to the B20 on the importance of "Improving Global Regulation of Markets."

Over the last few years, it has become apparent that a major challenge to the implementation of financial regulatory reform efforts has been diverging (and at times conflicting or duplicative) national and/or regional regulatory frameworks. 

GFMA believe that an outcomes-focused recognition approach, where regulators are able to rely on the oversight of other regimes adhering to the same general regulatory objectives, would serve to avoid many of the above referenced issues.

 

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GFMA Releases Principles for Achieving Consistent Regulatory Regimes and Supervisory Practices

17 April 2018   |   News  |  Market Fragmentation: Promote cross-border regulatory coordination and consistency

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

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