ASIC today announced the two-year extension of its Consultation Agreement (Agreement) with the Financial Markets Standards Board (FMSB) to 25 September 2026.
ASIC and FMSB first signed the Agreement in September 2022 to promote global standards for fair and effective wholesale financial markets, and to formalise ASIC's active interest in the development of global industry standards.
While industry standards do not replace obligations under Australian law, the development and promotion of good industry standards can drive robust operational practices among market intermediaries.
The two-year extension to the Agreement will further facilitate FMSB's consultation with ASIC in the development of draft standards and other publications and provide ASIC with periodic updates on FMSB's strategy.
While the Agreement enables ASIC to observe open sessions of certain FMSB meetings, it does not constitute ASIC's implicit or explicit endorsement of FMSB's publications.
Related links
- View the Consultation Agreement and letter regarding the two-year extension
- ASIC signs Consultation Agreement with Financial Markets Standards Board (22-263MR)
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.
