Financial Markets Standards Board (FMSB) has renewed its Consultation Agreement with the Australian Securities and Investments Commission (ASIC).
ASIC and FMSB first signed the Agreement in September 2022 to help promote global standards for fair and effective wholesale financial markets. The two-year extension to the Agreement highlights continued consultation between FMSB and ASIC in the development of FMSB’s industry-led Standards, Statements Good Practice and Spotlight Reviews.
Myles McGuinness, FMSB CEO said:
“We are delighted to be continuing our formal consultation with ASIC. This agreement, alongside those signed with other global regulators, facilitates effective cooperation between FMSB and public authorities to improve standards of market behaviour and help prevent the repetition of poor behaviour in areas where the industry can most effectively lead. It also reinforces the value of being an FMSB Member, enabling firms to be at the forefront of the development of global, industry-led standards.”
Access the Consultation Agreement and letter regarding the two-year extension
Notes to editors
- The Australian Securities and Investments Commission (ASIC) is a regulatory and law enforcement agency for corporate, financial services, markets and consumer credit laws, and has a range of roles, including the function of monitoring and promoting market integrity and consumer protection in relation to the Australian financial system.
- Financial Markets Standards Board (FMSB) is an industry-led, member-funded global standards body for the wholesale financial markets.
- Created out of the Fair and Effective Markets Review (FEMR) in 2015, FMSB brings together its Members from banks, investment institutions, infrastructure and information providers, corporates, data services providers, pension funds and interdealer brokers, to develop Standards, Statements of Good Practice and Spotlight Reviews that raise standards of behaviour, competence and awareness – to promote the fairness and effectiveness of global wholesale financial markets.
- As well as standard setting, subject matter experts from member firms debate issues in working groups and are able to benchmark their approaches against industry peers, thus helping to lift standards of conduct.
- FMSB’s full membership list is here
For more information:
Laura Conaghan
+44 (0)7929 72669
Laura.conaghan@fmsb.com