A speech by Greg Medcraft, Chairman,
Australian Securities and Investments Commission
Australian Centre for Financial Studies Workshop, ‘Can codes of conduct restore trust and warranted accountability?’, King & Wood Mallesons, Sydney
14 September 2017
Introduction
Good morning everyone…
To contribute to today’s discussion I want to give you a conduct regulator’s perspective on codes of conduct.
At ASIC, we think codes of conduct can deliver real benefits to both consumers and code subscribers.
I personally have been a real supporter of increased co-regulation and self-regulation.
However – and I want to be very clear about this – codes:
- should not be considered a substitute for strong legislative obligations, backed by a strong regulator; and
- the effectiveness of a code will depend on the capacity and commitment of the relevant industry sector.
To unpack this for you, I want to talk about three things today:
- How codes of conduct can help promote trust and confidence in an industry sector.
- The industry characteristics required for a code to be effective.
- ASIC’s approach to code approval.