Improving global consistency of financial regulation
A speech by Greg Medcraft, Chairman, ASIC and Chairman, International Organization of Securities Commissions, delivered at the EuroFi High Level Seminar, Dublin, 11 April 2013
Thank you for the opportunity to make some introductory remarks on consistency in global regulation – with a focus on financial services and markets regulation.
Consistency is important for two reasons.
The first is economic. By supporting the freer flow of capital across borders, regulatory consistency can deepen capital markets and, in so doing, support economic growth.
The second is the effectiveness of global regulation.
Consistency, by definition, reduces the arbitrage risks which threaten our three strategic goals – confident and informed investors, fair and efficient markets and a reduction of systemic risk. Consistency addresses the risk of a ‘race to the bottom’.