A speech by Greg Medcraft, Chairman, Australian Securities and Investments Commission at the Bloomberg Buyside Forum (Sydney, Australia), 20 June 2017
Introduction
Good morning and thank you for this opportunity to speak with you.
Much of the conversation today no doubt will be about international developments in the asset management industry and how significant changes to overseas regulations, such as MiFID II, can affect domestic markets.
As a smaller economy, significant differences in regulatory approach between jurisdictions is a real issue for Australia. They can create hurdles for Australian businesses wanting to expand their operations offshore. They also act to reduce opportunities for Australian investors and the sources of finance for Australian business.
We take these issues very seriously – both with regard to our supervision of the domestic market but also with respect to our work with our international partners.
I would like to take this opportunity to discuss some international developments within the regulation of the asset management industry globally, as well as some related domestic initiatives that ASIC is working on. We believe that these domestic initiatives will improve investor confidence and the resilience of the asset management industry in Australia, as well as increasing our international competitiveness.
Regulatory developments in asset management
These domestic initiatives are:
- the release of Regulatory Guide 259 Risk management systems of responsible entities (RG 259)
- the new corporate collective investment vehicle regime
- the Asia Region Funds Passport.