Committees drive our core functions
AFMA has an extensive network of member committees that help us to carry out three core functions:
- Facilitate the smooth operation of Australia's financial marketss.
- Promote effective regulation of Australia's financial markets.
- Enhance the competency of financial markets participants through specialised training and accreditation.
Who can join committees?
Staff of our members who have the required industry experience, expertise, and decision making authority are eligible to join the three main types of committees and working groups. Generally, these people will be nominated by their firm.
Purpose of Committees
- Market Committees ensure the efficient operation of Australia's OTC markets by managing their conventions, practices and documentation. For more detail on how they operate, view the Market Committee Rules.
- Operations Committees deal with the operational aspects of financial transactions, such as transactional confirmation, settlement, reconciliation and risk management. For more detail on how they operate, view the Operations Committee Guidelines.
- Policy Committees consider a wide range of issues including existing and proposed legislation, policy and regulatory reforms that are relevant to AFMA member business and advise the Board on the position AFMA should take with governments and regulators.
- Business Line Committees deal with issues that are specific to the financial products or groups of products (non-OTC) that can be exchange traded and/or offered to retail investors.
- Education Advisory Committees ensure that at the strategic level, all AFMA education programs focus on delivering the workforce skills and knowledge training required for the ongoing efficiency, integrity and professionalism of Australian financial markets. At an operational level, the committees ensure that all learning and assessment materials are current, meet the needs of Australian financial markets, and are consistent with industry processes, practices and expectations, as well as regulatory, technical and other developments in the markets. For more detail on how they operate, view the Terms of Reference.
Market Committees are elected by market participants every two years. Membership of policy and operations committees is open to AFMA Financial Markets Members who can contribute to the work of the committees. Partner Members may be invited to join policy committees if they have particular expertise in the issues being considered.
If you are interested in joining a committee, please contact us for more information.