Senator the Hon Nick Sherry, Minister for Superannuation and Corporate Law, has met with the Secretary General of the International Organisation for Securities Commissions (IOSCO), Mr Greg Tanzer, in Madrid, Spain.
IOSCO is the international organisation for financial and market regulators, with more than 100 regulators as members. The Australian Securities and Investment Commission is a full IOSCO member, and Australia's representative.
Minister Sherry and Mr Tanzer, himself an Australian, discussed a wide range of issues currently faced by market regulators world-wide and the important role being played by Australia in multilateral responses.
"Australia, through ASIC, is right at the centre of the work agenda being coordinated by IOSCO."
"The Rudd Government strongly supports a key role for our securities and financial market regulators in developing global, multilateral solutions to current issues. Today I reinforced our commitment that ASIC will continue to play that role at IOSCO, something I've also stressed in meetings with ASIC Chairman Tony D'Aloisio," said Minister Sherry.
Minister Sherry and the Secretary General also discussed:
- the ongoing consequences of events in the U.S. subprime mortgage market and the global credit and liquidity environment;
- the Rudd Government's strong support for IOSCO's role in the international implementation of the recent Financial Stability Forum recommendations;
- IOSCO's current re-drafting of its Code of Conduct Fundamentals for credit rating agencies;
- trends in the operation and regulation of securities markets, including European and North American multi-operator environments;
- financial markets transparency issues and
- IOSCO's approach to tax haven arrangements, including the ongoing Vanuatu tax avoidance investigation Project Wickenby.
"Enhancing the operation, resilience and transparency of financial institutions and markets is of paramount concern for this Government - the Prime Minister focused on these issues on his recent trip, as did the Treasurer when he was in Washington," said Minister Sherry.
Minister Sherry also attended an Institute of International Finance (IIF) briefing with the former head of the International Monetary Fund Mr Rodrigo de Rato focused on changing market dynamics, at which the Interim Report of the IIF Special Committee on Market Best Practices was addresed.