In response to the Communication on European financial supervision published by the European Commission on 27 May 2009 (AMAFI / 09-46), Amafi fully endorsed the proposed guidelines but urged the Commission to adopt a broader, medium- to long-term view. It stressed that the political goal of integrating financial services would not be fully achieved unless supervisory practices were integrated in parallel.

The International Organization of Securities Commissions (IOSCO) held its 34th annual conference in Tel Aviv from 8 to 11 June 2009. IOSCO’s Self-Regulatory Organisations Consultative Committee (SROCC), of which Amafi is a member, held its own annual meeting at the same time. Amafi, represented by Chief Executive Pierre de Lauzun and European and International Affairs Advisor Véronique Donnadieu, also attended meetings between industry representatives and regulators.

Responding to IOSCO’s consultation on “Unregulated Financial Markets and Products”, Amafi concentrated chiefly on measures for regulating securitisation and credit derivatives (AMAFI  / 09-36).

Amafi responded to the European Commission consultation on initiatives to enhance the resilience of over-the-counter derivatives markets. It endorsed the Commission’s proposals, which include the standardisation and use of clearinghouses and central depositaries and greater price transparency, but emphasised that the future regulatory framework for OTC derivatives should be tailored to and commensurate with each product or market (AMAFI  / 09-53).