On Monday 24 May 2021 the Australian Law Reform Commission hosted a webinar featuring a panel of international experts who compared approaches to the design of financial services regulation across different jurisdictions. Over 450 people registered to participate in the informed and productive discussion. Wolters Kluwer CCH Learning facilitated the live streaming which included questions taken from the audience on registration and during the event.
Justice Craig Colvin, part-time Commissioner of the ALRC and Federal Court judge, welcomed the international audience and introduced the impressive panel:
- Ashley Ian Alder, SBS, JP, Board Chair, International Organization of Securities Commissions (IOSCO) and CEO, Securities and Futures Commission (Hong Kong)
- Deemple Budhia, Partner, Banking and Finance, Russell McVeagh (Auckland)
- Martyn Hopper, Partner, Linklaters (London)
- Kim Kit Ow, Partner, Bird & Bird ATMD (Singapore)
- Andrew Procter, Partner, Herbert Smith Freehills (London)
- Mark Steward, Executive Director, Enforcement and Market Oversight, Financial Conduct Authority (UK)
Justice Sarah Derrington, President of the ALRC, chaired a panel discussion that covered panellists’ views on the strengths and weaknesses of corporate and financial services law in their jurisdiction, the use of definitions to define the boundaries of regulation, and the role and format of regulator-made rules and guidance.
Key areas of discussion included:
- Challenges posed by emerging technologies like cryptocurrency that do not fit neatly within existing regulatory perimeters
- Divergences in the structure and functions of regulators in different jurisdictions
- Dynamics between regulators and the regulated population and the importance of robust consultation
- The role of principles and prescription in regulatory frameworks, including the role of the Financial Conduct Authority’s 11 Principles for Business in the UK
Questions from webinar participants were also discussed, including:
- The challenges in reaching global agreement on regulation of cross-border products, and the potential role of IOSCO in facilitating cooperation between jurisdictions with respect to new products
- How consumers standards and outcomes like ‘fairness’ can be measured, and the potential gap between the expectations of retail clients and the reality of what can be appropriately achieved through regulation.
*The recording and transcript are available via the CCH Learning Platform. Registration is required to view.