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Medcraft's motherhood statements music to IOSCO ears

Posted by on in Corrupt Regulators
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Oct 22, 2012

The Australian Securities and Investments Commission (ASIC) has publicly released a transcript of a speech given by Greg Medcraft, current ASIC Chair and chairman-elect of the International Organization of Securities Organisations (IOSCO), to the International Centre for Financial Regulation in September 2012. In the speech, Mr Medcraft outlines his views on the key challenges facing IOSCO and his suggested strategies to address those challenges, including a greater role for industry.

The three key challenges for IOSCO as suggested by Mr Medcraft are:

  1. The migration of savings from the banking regulatory perimeter to the securities perimeter and with it the increased significance of securities regulation, driven by banking regulation and the search for yield
  2. The pace of financial innovation and the ongoing risk that it will outpace regulation, which historically has been shown to lead to crises
  3. Continuing globalisation of financial markets and products, requiring a global approach to regulation.

In response, Mr Medcraft suggests the following strategies:

  • Engagement with regulators, industry and policy makers - including inviting industry leaders to IOSCO’s board meeting later in 2012 to discuss industry’s views of emerging risks and issues in securities markets
  • Co-operation in enforcement and investigations, and providing technical assistance to regulators in emerging markets - and also co-operating with industry
  • Evolving from setting best practice principles to setting standards for member organisations, by moving to a majority rather than consensus decision making approach and greater mutual recognition.

In concluding his speech, Mr Medcraft noted:

So, in summary, my vision is for IOSCO to develop into an effective, forward-looking and proactive organisation which is the key authoritative body for securities regulation. I aim to meet this challenge with a strategy based on each of the elements I’ve outlined: engagement, cooperation and standard setting.

Mr Medcraft appointment as chairman-elect of IOSCO was announced in May 2012, with his term commencing in March 2013.

For access to the full text of the speech (link to the ASIC website)



Just when Australian Bank Loan Fraud is starting to get interesting for ASIC, Greg Medcraft is jumping off to IOSCO, as quick as he can!

The migrating savings doesn't sound like a good idea .... I wonder what he meant by that?

The rest sounds like standard harmless motherhood statements!

Very old school bureaucrat, our Greggie.

He'll probably get away with that for the IOSCO gig.

Do you think Greg Medcraft moonlighted on the ASIC job putting together his job application for IOSCO?

He certainly used the ASIC budget to create some supporting evidence from Twiggy and co.

Ah, well, he can watch the loan fraud scandal unfold from afar...


Just doing a head count:

Greg is off to IOSCO

Kevin is doing the UN

Any more sideways promotions been announced?

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  • doyla66
    doyla66 Monday, 22 October 2012

    Do you think Greg Medcraft moonlighted on the ASIC job putting together his job application for IOSCO?

    Yes - totally agree with that statement. IOSCO can have him. He's a fraud, a failure & as we all witnessed regarding this current Senate Inquiry, he ALWAYS goes MIA when the crunch comes to answer questions! We should be glad to get rid of Greggie.

  • doyla66
    doyla66 Monday, 22 October 2012

    He does what he does best - ducks for cover at question time and when he is asked to carry out a task which doesn't suit him.
    I wonder who's next in line for his position? Who ever it is we should inform them from the start of what is required of the position they are taking on.

  • doyla66
    doyla66 Monday, 22 October 2012

    So true!
    I like the idea of BFCSA informing the new chair of ASIC what's required of them. BFCSA are the only borrower representation in Australia. As such BFCSA must be involved in all decision making boards in issues that affect Australian borrowers. Maybe Denise should be on the Board of ASIC, APRA, ABA, ABACUS and any similar organisations. She and BFCSA should not have to keep knocking on their door to get a hearing on borrower's rights. I don't think any of them have considered the borrower and consumer consequences of their decision making beyond their concepts like "the market" and "the economy". Time for them to deal with some real people who represent the million plus Australians who use consumer credit.

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