Medcraft steps down as chairman

ASIC chairman Greg Medcraft has announced he will not seek a further term as chairman of the International Organization of Securities Commissions (IOSCO).

Mr Medcraft was chairman of the IOSCO board for three years, and has decided not to seek a third term because he believes the chairman should serve no more than two terms, in the interests of refreshing the organisation, according to a statement by ASIC.

The IOSCO is the leading international policy forum for securities regulators. The organisation’s membership regulates more than 95 per cent of the world’s capital markets in more than 120 jurisdictions.

Under Mr Medcraft’s leadership, the IOSCO said the association reinforced its position as the key global reference point for securities markets regulation, and increased its work on risk identification and mitigation, including developing standards and guidance.

Furthermore, the IOSCO said Mr Medcraft helped the association boost its assistance to members in building capacity and cooperating among themselves to develop, supervise and enforce laws in their jurisdictions.

Mr Medcraft said the IOSCO plays a critical role in setting and implementing international capital markets policy, which “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,” he said.

Ashley Adler will take over as the new chairman of the organisation. Mr Adler is currently the CEO of the Securities and Futures Commission (SFC) of Hong Kong and vice-chair of the IOSCO board.

“I congratulate Ashley Alder on his appointment,” Mr Medcraft said.

“He is an outstanding regulator and an excellent person. I wish him all the best for his chairmanship of the IOSCO board.”

[Related: Securitisation changes ‘would benefit smaller banks’]

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