Global markets: Regulating for economic growth
Opening address by ASIC Chairman Jeffrey Lucy to the ASIC Summer School, 5 March 2007
Today, I'd like to give you an insight into my perspectives on 'global regulation'.
However, first let me begin by extending a warm welcome to you all to ASIC's 12th Summer School.
This year, thanks to the hard work of our Summer School sponsor, Mark Adams, together with his team, we have broken more Summer School 'records'.
I am delighted that, in the course of this week's proceedings, we will be joined by 60 distinguished, expert presenters, who come from a diverse range of jurisdictions, industries and backgrounds and will, no doubt, contribute significantly to the dialogue and debate we will enjoy here.
As delegates, you also come from a variety of backgrounds and perspectives, ranging from financial and professional services businesses, to industry associations and fellow regulators (including colleagues from ASIC) and academia.
We also have a record number of around 50 international colleagues, who represent 19 countries, including Canada, China, Fiji, Germany, Hong Kong, Indonesia, Ireland, Republic of Korea, Malaysia, New Zealand, Papau New Guinea, Qatar, Saudi Arabia, Singapore, Sri Lanka, Thailand, Vanuatu, the United Kingdom and, of course, Australia.
Welcome to you all.
It is promising that the composition of our Summer School attendees increasingly reflects participation at an international level, a clear indicator of the trend towards a global focus in our capital markets and the need for regulators and legislators to work carefully together to support and facilitate legitimate international business activity.
Let me make two introductory comments before exploring the genesis of this week's theme, Global Markets: Regulating for economic growth.
- First, as you would be aware, for the first time, we have divided the Summer School into two parts to provide greater flexibility for participants and distinct focuses –
- Part 1, which runs from today until Wednesday will focus on strategic issues: doing business in Asia, perspectives across borders and valuing the consumer; and
- Part 2, from Thursday to Friday, we will have a specific regulatory focus: achieving better regulation and understanding ASIC's business.