Tag Archives: Global reforms

International Council of Securities Associations Launches New Website (IIAC Blog)

International Council of Securities Associations Launches New Website (IIAC Blog)

In addition to serving as President and CEO of the Investment Industry Association of Canada (IIAC), I am also honoured to serve as Chairman of the International Council of Securities Associations (ICSA).

ICSA is the global organization of securities industry associations representing securities firms operating in domestic and cross-border markets across the globe, including North America, Europe, East and West Asia, and Latin America. A complete list of ICSA members can be found here.

ICSA advocates appropriate regulatory reform and public policy initiatives across jurisdictions to promote efficient and well-functioning securities markets and the efficient … Continue reading

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What’s Going on in Global Reform? (IIAC Blog)

What’s Going on in Global Reform? (IIAC Blog)

In late September I attended the IOSCO Stakeholders’ Meeting. The international organization is at an important crossroad—it continues to reinforce its role as the key global reference point for securities regulation, while grappling with new and emerging opportunities and risks, including those posed by digitization. It announced last week that Paul Andrews (a 17-year veteran of FINRA) will become the new Secretary General of the IOSCO.

IOSCO recognizes culture as a key ingredient to improved market conduct, and will continue to encourage the global industry to adopt core principles consistent with good culture. The impetus of … Continue reading

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Smooth Sailing Likely for National Securities Regulator (IIAC Blog)

Smooth Sailing Likely for National Securities Regulator (IIAC Blog)

Today, the Financial Post, in its FP Comment page, is running a piece I wrote on how the recent FSB/IOSCO decisions will galvanize broader support for the new cooperative securities regulator.

In recent months, the multinational regulators—the FSB and the IOSCO—have concluded that systemic risks related to large asset managers flow from their potential system-wide impact on capital markets, not from the particular institution per se. It is likely that Canadian authorities will reach a similar conclusion. This would likely mean removal of large Canadian non-bank non-insurer financial institutions from inclusion in the Capital Market Stability Act (CMSA)—i.e. the … Continue reading

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Letter from the President: Tackling Systemic Risks (IIAC Blog)

Letter from the President: Tackling Systemic Risks (IIAC Blog)

The reforms introduced to the global banking system in recent years have been credited with sharply reducing systemic risk in the financial sector. The banking system is now better able to handle external shocks, but the question remains: Has overall systemic risk in the financial system been extinguished, or is it lurking in the shadows?  

International regulators seem to think it is lurking, but are not sure where. While they have apparently concluded that the large non-bank non-insurer financial institutions (i.e. asset managers) are not systemically important, these institutions can pose substantial liquidity and instability risks to capital markets, if … Continue reading

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