ASIC and Financial Markets Standards Board extend cooperation to promote fair and effective wholesale markets

ASIC today announced a three-year extension of its Consultation Agreement (Agreement) with the Financial Markets Standards Board (FMSB) to 25 September 2029.

ASIC and FMSB first signed the Agreement in September 2022 and extended it in 2024 to promote global standards for fair and effective wholesale financial markets.

Since its inception, the Agreement has enabled ASIC’s and the FMSB’s strong shared interest in maintaining, and where appropriate improving, best practice industry standards and operational practices among market intermediaries in Australia. The relationship has strengthened further over time, with ASIC also recognising the increased Australian connection with the FMSB Board of Directors.

This extension of the Agreement reinforces ASIC’s active interest in the development of global industry standards. It will also further facilitate FMSB’s consultation with ASIC in shaping draft standards, guidance materials and other publications and provide ASIC with periodic updates on FMSB’s strategy.

ASIC’s participation does not constitute implicit or explicit endorsement of FMSB’s publications, and industry standards do not replace obligations under Australian law.

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Background

FMSB is an industry-led, member-funded, global standards body for the wholesale financial markets. FMSB Members represent all parts of the wholesale financial industry: banks, investment institutions, infrastructure and information providers, corporates, data services providers, pension funds and interdealer brokers. FMSB promotes good practice in wholesale markets globally by developing Standards as well as publishing Statements of Good Practice and Spotlight Reviews. For more information see FMSB.com.

 

ASIC is Australia’s corporate, markets and financial services regulator.