Financial market groups partner on E.U. issues

The following is from the AFME...

The Association for Financial Markets in Europe (AFME) and the International Capital Market Association (ICMA) have announced the signing of a Memorandum of Understanding (MoU) which will strengthen their co-operation on matters of mutual interest in European financial markets. The agreement is focused on streamlining communication between the two associations and eliminating any operational inefficiency which could arise through duplication of effort. The aim is to maximise the influence of each association on behalf of its individual members.

AFME and ICMA represent different sectors within the capital markets and different, although partially overlapping, membership bases. Under the new arrangement, each retains its current structure and independence. Collaborative efforts will be directed towards agreeing a common approach to regulatory developments in Europe which affect both associations’ members. Examples would include the sharing of information and responses to consultations and attending each other’s relevant committees and councils as observers.

AFME and ICMA will also from time to time organise joint market events and educational courses on topics which would benefit both membership groupings.

Simon Lewis, AFME’s chief executive said: “The financial sector is undergoing sweeping structural and regulatory reform. It is more important than ever that its members speak with a consistent voice and work together to ensure this reform achieves the lasting financial stability that legislators, financial firms and their customers all desire. Co-operation between representative bodies is key to achieving an integrated approach across the sector and we believe this agreement between AFME and ICMA will be welcomed by all stakeholders as a more efficient and effective way of working with them.”

Martin Scheck, ICMA’s chief executive said: "The future well being of the capital markets in Europe and the consequent health of its economy demand that all market participants, both retail and wholesale, have access to coordinated representation as the new framework of market regulation evolves. It is critical that ICMA maintains its constructive relationships with all relevant financial market associations and in this context we are delighted to be making a public commitment to mutual co-operation and enhanced efficiency with our colleagues at AFME."

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