ASIC chair Greg Medcraft has declined to seek a third term as chairman of the board of the International Organization of Securities Commissions (IOSCO), saying IOSCO chairs should not serve more than two terms.
The new chair will be Ashley Alder, chief executive of the Securities and Futures Commission (SFC) of Hong Kong and current vice-chair of the IOSCO board.
Mr Medcraft was chairman of the board for three years and said he had decided not to seek a third term in line with his belief that the chair should serve no more than two terms in the interests of refreshing the organisation.
The IOSCO board acknowledged Mr Medcraft’s contribution.
“Under his leadership, IOSCO reinforced its position as the key global reference point for securities markets regulation; increased its work on risk identification and mitigation, including developing standards and guidance; intensified the assistance it provides members in building capacity and cooperating among themselves to develop, supervise and enforce laws in their jurisdictions; and actively and strongly advocated the views of markets regulators in international forums, particularly the Financial Stability Board,” an ASIC statement said.
"IOSCO plays a critical role in setting and implementing international capital markets policy – policy that affects Australia and that ultimately affects the lives of Australians," Mr Medcraft said. "That is why I was involved in IOSCO – it was important to have an Australian looking out for Australia.
"I congratulate Ashley Alder on his appointment. He is an outstanding regulator and an excellent person. I wish him all the best for his chairmanship of the IOSCO board."
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.