ICMA appointed Co-chair of IOSCO-AMCC Working Group on NBFI, Market Intermediaries and Financial Stability
13 October 2025 The International Capital Market Association (ICMA) has been appointed to co-chair the newly established IOSCO-AMCC Working Group on NBFI, Market Intermediaries and Financial Stability. This appointment underscores ICMA’s central role in international regulatory dialogue and its long-standing collaboration with IOSCO.
The Working Group was created as part of a broader restructuring of the IOSCO Affiliate Members Consultative Committee (AMCC), which introduced a number of new groups to better reflect IOSCO’s priority themes. The new Terms of Reference for the AMCC were approved by the IOSCO Board at its meeting in Doha in May 2025.
Representing ICMA in this role will be Andy Hill, Managing Director and Co-Head of Market Practice and Regulatory Policy, who will serve as Co-chair alongside Federico Cupelli of EFAMA. Andy has been ICMA’s main representative within the AMCC since 2017 and brings extensive experience, having previously chaired the AMCC Bond Market Liquidity Working Party.
Beyond this appointment, the ICMA secretariat will also play an active role across several other AMCC working groups, including those focused on Financial Innovation, Sustainable Finance, Emerging Risks, and Market Fragmentation. Together, these engagements ensure that ICMA members have a strong and influential voice at the highest levels of international standard-setting.
This development reflects the constructive and strategic relationship that ICMA has built with IOSCO in recent years, both through its active AMCC participation and through bilateral cooperation, such as joint work on regulatory capacity building in developing markets.
