The International Council of Securities Associations (ICSA) this week released its 2005 communiqué at its annual meeting in Lugano, Switzerland. ICSA endorsed a number of initiatives aimed at aiding and encouraging the sound growth of international securities markets. In the document, ICSA endorsed anti-money laundering provisions, and pledged its full support for the international campaign against terrorism and criminal abuse of the financial system. The council called for an examination of existing regulatory systems for pre- and post-trade transparency, and encouraged regulators and self-regulators to adopt structured consultation practices in line with the principles and best practices contained in ICSA’s Statement on Regulatory and Self-Regulatory Consultation Practices. The communiqué stressed the importance of the World Trade Organization’s financial services negotiations in supporting economic growth and development in both developed and developing economies. At the meeting, ICSA members also examined issues related to self-regulation of capital markets and the emerging debate about the role of self-regulation and the interaction between trade associations, self-regulatory organizations, and statutory authorities.
The Securities Industry Association is one of the 16 international organizations, which compose ICSA. ICSA members represent and/or regulate the industry in 12 jurisdictions. A copy of the communiqué is available here. For more information about ICSA go to http://www.icsa-intl.com.
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