13 January 2009
City welcomes launch of International Centre for Financial
Regulation
Centre to foster global regulatory cooperation to improve
efficiency of financial markets
The International Centre for Financial Regulation (ICFR), an
independent global research institute focused entirely on financial
regulation, launches today (13 January) at the Mansion House in the
City of London. The ICFR will be led by Barbara Ridpath as Chief
Executive.
The ICFR, the first of its kind, is the product of a unique
cooperation between 19 financial services institutions and HM
Government. The City of London Corporation has pledged £1 million
to support it. The ICFR will provide objective, non-partisan
research, debate and training on financial regulation.
The current international economic and financial turmoil has
accelerated the need for a more collaborative approach to global
regulation and consideration of lessons to be learned. The
ICFR will examine how regulation could better address and
anticipate the evolution of financial markets, and how to shape
international cooperation among regulators fundamental to
re-establishing financial stability and confidence.
The ICFR will commission cutting-edge research to move forward
thinking on regulatory frameworks and will also commission training
to improve regulatory understanding, compliance and risk
management. The ICFR will work in collaboration with existing
bodies and standard setters providing financial training to create
'best in class' tailored provision for market participants, policy
makers and regulators. The Centre, while based in London, is
intended to serve constituencies well beyond the borders of the UK
aiming to provide a secure international forum for open dialogue on
effective regulatory collaboration and best practice.
Barbara Ridpath, Chief Executive of the ICFR said, "The
continued impact of the current financial turmoil has highlighted
the very real need for greater harmonisation of financial
regulation globally to address the current concerns of all market
practitioners. Bringing together academics, policy makers,
regulators and market participants through discussion forums,
working groups and independent research, the ICFR will address
themes to support a more efficient regulatory environment. The
launch of the Centre comes at a pivotal time when it is absolutely
critical to be looking for new thinking on how to return stability
to the financial markets, and how to adapt regulation to changed
market structures."
Lord Mayor of the City of London Alderman Ian Luder said, "In
the City of London we have long wanted an independent concentration
of expertise in Financial Regulation. The ICFR is not a product of
the current financial crisis – but we can expect it to play a
central role in the regulatory structures we will need as we emerge
from it.
The watchword needs to be transparency and the focus needs to be on
perpetuating an open, honest environment based on good governance.
This reassures investors and those looking for investment, not
least when large sums of investment capital are needed to bring
innovations to the market."
Stuart Fraser, Chairman of the City of London Corporation Policy
& Resources Committee said, "The City of London has always been
a hub for global talent and expertise in finance so I am delighted
to support the new Centre’s launch today. I believe the ICFR will
become a world-class centre of financial regulatory expertise, able
to influence global developments in regulation. It will be a
catalyst to connect the best academics, policy makers and
practitioners within the UK and beyond."
Ends
Notes to editors
The International Centre for Financial Regulation (ICFR) is the
product of cooperation between 19 leading financial services
companies together with Her Majesty’s Government and the City of
London, and provides training, scholarship and thought leadership
on financial regulation. The Centre, while based in the City of
London, will serve constituencies well beyond the borders of the
UK. Internationally, the ICFR will engage dialogue across borders
on effective regulatory cooperation and regulatory best practice;
act as a clearing centre for those seeking training on regulation
and commission research on regulatory frameworks fit for the 21st
Century.
List of stakeholders:
- Aberdeen Asset Management
- Aviva
- Barclays Bank
- Citigroup
- Dresdner Kleinwort
- Goldman Sachs
- HSBC Group
- JPMorgan
- The Man Group
- Merrill Lynch
- Morgan Stanley
- Prudential
- Standard Chartered
- 3i Group
- Union Bank of Switzerland
- The City of London Corporation
- Her Majesty’s Government
- PWC
- KPMG
- Ernst & Young
- Deloitte
In addition, Clifford Chance is providing legal services for the
ICFR.
For further information please refer to
http://www.icffr.org/