Global challenges facing regulators in the next decade
A speech by Greg Medcraft, Chairman, Australian Securities and Investments Commission and Chairman, International Organization of Securities Commissions delivered at the American Australian Association lunch event, New York, 24 April 2013
Thank you Frances [Cassidy] for inviting me to speak today.
It is great to be back in New York City and terrific to be here at the Princeton Club.
I used to live in New York for nearly 10 years when I was with Societe Generale and, while I have returned many times since, you never, ever get tired of being here in this mighty metropolis.
I would also like to recognise Frances Cassidy and her leadership of the American Australian Association, an organisation with which I've had a long association and one that has been devoted to strengthening relations between the US and Australia for more than 60 years.
Ladies and gentlemen, I've been asked to speak about the global challenges facing financial services and markets regulators in the next decade.
My comments today reflect my views as Chairman of both the Australian Securities and Investments Commission and the Board of the International Organization of Securities Commissions – or IOSCO – a position I recently took up.
As many of you know, IOSCO is the leading international policy forum for financial services and markets regulators and is recognised as the global standard setter in this area.
Its members regulate more than 95% of the world's financial services markets in more than 115 countries.
IOSCO helps its members achieve their common objectives of promoting fair and efficient markets, confident and informed investors and the reduction of systemic risk.
These objectives, and therefore IOSCO's work, are important because they facilitate economic growth. And that is in the interests of all members.