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ICSA Summary: Statement on Regulatory and Self-Regulatory Consultation Practices

Core Content

The International Council of Securities Associations (ICSA) is a global organization representing trade and self-regulatory associations in the securities industry from eleven countries. It plays a key role in shaping regulatory policy, both nationally and internationally, and collaborates with organizations such as IOSCO, the IASB, and the Committee of European Securities Regulators.

The document outlines a set of principles and best practices for regulatory and self-regulatory consultation processes in the securities industry. These principles are designed to enhance transparency, improve the quality of regulatory decisions, and ensure that market participants and other stakeholders are effectively involved in the policy-making process.

Main Views

• Transparency is essential: ICSA members believe that transparent regulatory systems are crucial for the development and stability of capital markets. Transparency fosters cooperation, improves decision-making, and enhances accountability.
• Consultation at all stages: Effective consultation should begin at the "ideas" stage of policy development and continue throughout the entire process. This ensures that diverse perspectives are considered early and that the final regulations are well-informed.
• Inclusive consultation: Regulators should engage a wide range of interested parties, including market participants, consumers, and end-users, through various means such as public hearings, written consultations, and internet-based methods.
• Structured and timely consultation: A structured consultation process should be established with clear timelines, proper documentation, and opportunities for stakeholders to provide feedback on the cost and operational implications of proposed regulations.
• Follow-up on feedback: Regulators should consider and respond to feedback received, and in some cases, reconsult if the initial feedback reveals significant issues or if revised proposals differ substantially from the original.

Key Information

• ICSA Membership: Includes associations from France, Australia, South Africa, the United States, Chinese Taiwan, Italy, the United Kingdom, Switzerland, Canada, Japan, Korea, and Sweden.
• Consultation Principles:
  1. Ideas Stage: Start consultation early with informal discussions and publish preliminary proposals to invite public debate.
  2. Open Consultation: Ensure all interested parties are informed and have access to consultation proposals.
  3. Consultation Culture: Promote a culture of consultation within regulatory bodies through leadership commitment, integration into mission statements, and staff education.
  4. Real Dialogue: Provide due consideration to all feedback, publish summaries of responses, and allow for follow-up consultations if needed.
  5. Pragmatic Approach: Acknowledge that in some cases, it may not be possible to follow all best practices due to external pressures, but significant departures should be justified and published.

Conclusion

The ICSA emphasizes that consultation is not just a procedural formality but a critical component of effective and transparent regulatory policy. By engaging stakeholders throughout the policy development process, regulators can ensure that their decisions are informed, balanced, and beneficial to the financial markets they oversee.