ASIC Chairman Greg Medcraft has confirmed that he has decided not to seek a further term as Chairman of the board of the International Organization of Securities Commissions (IOSCO). The new IOSCO Chairman will be Ashley Alder, CEO of the Securities and Futures Commission (SFC) of Hong Kong and currently Vice Chair of the IOSCO Board.
IOSCO is the leading international policy forum for securities regulators. The organisation’s membership regulates more than 95% of the world’s capital markets in more than 120 jurisdictions.
Mr. Medcraft was Chairman of the IOSCO board for three years. He has decided not to seek a third term, in line with his belief that the IOSCO Chairman should serve no more than two terms in the interests of refreshing the organisation.
In announcing the transition, the IOSCO board acknowledged Mr. Medcraft’s contribution. Under his leadership, IOSCO:
- reinforced its position as the key global reference point for securities markets regulation;
- increased its work on risk identification and mitigation, including developing standards and guidance;
- intensified the assistance it provides members in building capacity and cooperating among themselves to develop, supervise and enforce laws in their jurisdictions; and
- actively and strongly advocated the views of markets regulators in international forums, particularly the Financial Stability Board.
Mr. Medcraft was responsible for the 2016-2020 Strategic Direction which set the agenda for IOSCO to 2020, supported by resourcing and funding plans. The Strategic Direction aims to reinforce IOSCO’s position as the key global reference point for securities regulation and support capital markets to fund the real economy and support economic growth.
Reflecting on his leadership of IOSCO, Greg Medcraft had the following to say:
IOSCO plays a critical role in setting and implementing international capital markets policy – policy that affects Australia and that ultimately affects the lives of Australians. That is why I was involved in IOSCO – it was important to have an Australian looking out for Australia.
I congratulate Ashley Alder on his appointment. He is an outstanding regulator and an excellent person. I wish him all the best for his chairmanship of the IOSCO board.