Ethical Behaviour in the Financial Markets – Moving from Industry to Profession
The financial services industry is facing a severe challenge in the aftermath of the global crisis and a number of fixing/benchmarking scandals. Demonstrating best practice to the Board, clients, shareholders, staff and general public is of prime importance. ACI Financial Markets Association (ACI FMA) can be the perfect partner to assist you with this, both within your country of residence, and globally.
ACI FMA has an existing asset in The Model Code of Conduct that sets out both a wider code of conduct as well as a large number of specific examples as to how professionals in the wholesale markets should behave. The Model Code is endorsed by a number of regulators and central banks, and is acknowledged as the current definition of best practice. To support the ACI FMA in continuing to promote best practice, and to visibly demonstrate its commitment to the highest expectations of ethical conduct, puts you in a leadership position relative to your local and international clients and regulators.
ELAC – ACI’s eLearning and Certification Portal allows institutions to embed The Model Code within their wider compliance-learning programme and offers a true up-to-date transparent “industry sourced” compliance continuous learning portal helping institutions to recognize the risks and actively implement the necessary cultural change in financial markets. ELAC can be implemented alongside existing in-house learning as a ‘standard’ that crosses geographies and institutional approaches, in the sure knowledge that regulators and central banks across the world are recognising this as a behavioural standard.
In order for the Model Code to be developed on an ongoing basis, as well as to be made available to compliance functions across jurisdictions the ACI FMA has targeted institutions to sign-up for ELAC to enable this work.
This is far more than developing an e-learning tool. At a time of poor public perception regarding behaviour within the wholesale markets, the ability to point to a neutrally recognised ‘badge’ that demonstrates most strongly the institution’s support of a global behavioural standard is of immense value. Institutions that are visible in their concrete actions to assist the industry will be rewarded in numerous ways. In sponsoring and supporting the ACI FMA, eligible industry staff can benefit from the individual membership scheme, with a wide variety of local ways to participate. Institutionally, will be recognised among the emerging leaders on ethical conduct, and appreciated for its commitment to this area. This is what ACI FMA offers to Industry.
ELAC will enable you to demonstrate the concrete steps you are taking to ensure all of your staff are educated to your expectations of the highest ethical standards of conduct, and that they understand their individual obligations.
Please feel free to contact us for more information or to request a demonstration.
The ELAC team