The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP today welcomed the nomination of the Chairman of the Australian Securities and Investments Commission (ASIC) to chair a major international regulatory body.
This news comes as the World Economic Forum's Financial Development Report 2009 ranked Australia second among the world's financial centres, another sign of the strength of our financial system.
Tony D'Aloisio will lead the Joint Forum, a body which operates at the direction and in support of the Basel Committee for Banking Supervision (BCBS), the International Organisation of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS).
"Australia has been an active voice in the global economic community that has recently seen the G-20 - of which Australia is a member – become the pre-eminent global economic decision making body," Mr Bowen said.
"The appointment of ASIC's Chairman Tony D'Aloisio to lead the Joint Forum is further recognition of the constructive role that Australia continues to play on the global stage."
The Joint Forum works closely with the G-20's Financial Stability Board and is set to play an important and prominent role in regulatory responses to the Global Financial Crisis.
Nominations to the Chair are made every two years by one of the parent organisations. Mr D'Aloisio's nomination was made by IOSCO.
The Joint Forum is currently looking to address regulatory gaps across the banking, securities and insurance sectors and is the key contributor to the development of the consistent global regulation of hedge funds.
"Mr D'Aloisio's nomination is evidence of the respect the international financial community has for Australia's prudential and markets regulation and acknowledgement that our financial system successfully weathered recent turmoil."
10 October 2009