A speech by Greg Medcraft, Chairman, Australian Securities and Investments Commission, US Securities Industry and Financial Markets Association Symposium 15 April 2016
Introduction
I want to touch on three topics – which together are about the challenge of driving global economic growth:
- the first is about the role of capital markets
- the second is about the role of digital innovation, and
- the third is about cross-border regulatory cooperation.
I will be touching on these topics wearing two hats.
The first is as Chair of the Australian Securities and Investments Commission – Australia’s corporate, markets, financial services and consumer credit regulator.
The second is as Chair of the Board of the International Organization of Securities Commission – IOSCO. IOSCO brings together the world’s securities regulators from over 115 jurisdictions accounting for over 95% of global capital markets by value. It is recognised as the global standard setter for the securities sector. Its key role is to develop, implement and promote adherence to internationally recognised standards for securities regulation, and it works extensively with the G20 and the Financial Stability Board on the global regulatory reform agenda.
On each of these topics, I’d like to bring an Australian perspective in terms of what we have done domestically and through our international leadership roles.
We’ve taken these leadership roles very seriously – and have wanted to make a real difference.
As a relatively small, developed, but open economy, what happens in our region and globally, matters to us. It’s for that reason we have wanted to play a role in international forums – through our leadership of the G20 and, in my case, the leadership of IOSCO.
Leadership has given us the opportunity to set the agenda – not only for ourselves but for the many other smaller nations in a similar position.