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IOSCO's Martin Moloney to Join the FSB

IOSCO's Martin Moloney to Join the FSB

by Starling Insights

Starling Insights Editorial Board

May 15, 2024


Last week, the Financial Stability Board (FSB) announced that Martin Moloney, Secretary General of the International Organization of Securities Commissions (IOSCO), will become its new Deputy Secretary General starting September 1, 2024.

Moloney, who will succeed Rupert Thorne, brings extensive experience, having served as Director General of the Jersey Financial Services Commission and as a Special Adviser to the Central Bank of Ireland. "I have admired the work of the team at the FSB for years: they do incredible work defending the stability of the global financial system and it will be a privilege to join them," Moloney wrote in a related LinkedIn post.

The FSB plays a key role in promoting international financial stability by coordinating with national authorities and standard-setting bodies as they work toward developing strong regulatory, supervisory, and other financial sector policies. The FSB sees operational and conduct risks as critical areas for promoting financial stability, given the potential for major incidents and misconduct to undermine public trust and threaten the safety and soundness of institutions.

In an In Focus contribution to Starling's 2023 Compendium, Moloney discussed how market competition impacts sector-wide culture, and how regulators can utilize principles and outcomes-based regulation to guide that culture in the right direction.

"Culture continues to be seen as primarily firm specific," Moloney wrote. "But firms don't come out of nowhere, they emerge from a broader cultural environment. As we tackle issues such as crypto and systemically risky leveraged trading positions, we come up against cultural barriers. As always, cultural challenges will be the toughest challenges." ▸ Read More

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