ICMA, the self regulatory body which represents financial institutions active in the capital markets, has fully endorsed the ‘Principles for Better Regulation’ issued by the International Council of Securities Associations (ICSA) of which it is an active member.
The principles clearly set out the criteria for deploying regulatory action by first establishing that there has been a significant market failure which is not ‘appropriately addressed by existing regulations and their enforcement and which is unlikely to be mitigated over a reasonable period of time by market forces’.
“ICMA wholly supports the view that regulators should look to other responses to a market problem before resorting to legislative measures”; observed Nick Collier ICMA’s Head of Regulatory Policy at ICMA. “As the only pan-European self-regulatory organisation for the capital markets, ICMA’s experience over a period of more than 30 years has shown that self regulation is often a proven and successful alternative to statutory regulatory intervention to correct market failure”.
Press release
© ICMA
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