UNITED KINGDOM DEBUTS REGULATORY RESEARCH INSTITUTE

Posted January 13, 2009

LONDON -- The International Centre for Financial Regulation (ICFR), an independent global research institute focused entirely on financial regulation, has launched, with Barbara Ridpath as Chief Executive. The ICFR is a venture by 19 financial services institutions, the City of London Corporation and HM Government to provide objective, non-partisan research, debate and training on financial regulation.

“The continued impact of the current financial turmoil has highlighted the very real need for greater harmonization of financial regulation globally to address the current concerns of all market practitioners,” says Ridpath. “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.”

The ICFR plans to 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 plans to research regulatory frameworks and commission training to improve regulatory understanding, compliance and risk management.

“As the international community moves from crisis management to longer-term reform, The International Centre for Financial Regulation will help Governments, regulators and firms across the world to learn from recent experiences and build a stronger global regulatory framework,” says Gordon Brown, Prime Minister.

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, will serve constituencies outside the UK aiming to provide a secure international forum for open dialogue on effective regulatory collaboration and best practice.

“The watchword needs to be transparency and the focus needs to be on perpetuating an open, honest environment based on good governance,” says Ian Luder, Lord Mayor of the City of London Alderman. “This reassures investors and those looking for investment, not least when large sums of investment capital are needed to bring innovations to the market.”