The Model Code
The only global code is the ACI’s Code of Conduct: The Model Code. It is written by a group of professionals and market practitioners for the use of market practitioners. It provides guidance on practical matters as well as giving guidance on ethical and moral issues. It demands that individuals be accountable for their behaviour, but also places emphasis on supervisory responsibility and obligation. As such, it is fully aligned with the requirements of various regulators. Despite the difficulty in doing so, it has been updated regularly. Importantly, it is in use around the world by a number of central bankers and regulators, as well as by ACI members in their thousands. It is referenced in the “Global Preamble” by all central bank FX Committees, or is used directly by them as is the case across much of Europe and Africa, for example. This gives it value not only in developed markets like the UK, but also across many other countries, where regulations and banking communities are less developed. Recently, it has an exam available to allow for suitable testing of the knowledge of the Code by the market participants who require this guidance. This feature makes it highly attractive for management to demonstrate its commitment to installing the best practices within their institutions, and for senior management and directors on Boards to satisfy themselves of the culture change taking place inside their company. The Model Code, the only global code, has a number of significant attributes to bring to the wholesale financial markets. Adopting The Model Code can significantly assist the industry by bringing a well-functioning self-regulated market back to the fore, and in serving the broader economy. The Model Code can help ensure a globally level playing field for regulation, and can be adopted by all institutions across all jurisdictions. It can be easily embedded and assist in bringing the positive culture change to the industry that regulators and governments are demanding. Please visit ACI FMA web site to DOWNLOAD the latest update of the Model Code.
ELAC – The ACI FMA E-Learning and Certification Portal
The ELAC-Portal provides employers and individual market practitioners in the financial sector a high-quality accredited continuing professional development solution, helping the industry reclaim professional standards in ethical conduct in a sustainable manner. With the support of the ACI member’s network, and engagement with the industry, we offer a solution that empowers employers to provide and demonstrate the concrete steps they are taking to ensure all of their staff are continuously educated to the highest ethical standards of conduct. It provides assurance that staff are aware of the latest best practice, and that they understand their individual obligations.