Mr Chairman, The new ACCA qualification is designed to provide accounting knowledge skills and professional values which will deliver finance professionals who are capable of building successful careers across all sectors, whether they are working in the public or private sectors, practising in accounting firms or pursuing a career in business. ACCA has designed a qualification which embeds the global accounting education standards set by the International Federation of Accountants (IFAC). There is a strong focus on professional values, ethics and governance. These skills are essential as the profession moves towards strengthened codes of conduct, regulation and legislation with an increasing focus on professionalism and ethics in accounting. They will be examined at the highest level in the new ACCA Qualification, and will be a core element of students’ practical experience requirements. Mr Chairman, allow me now to dwell on the main theme of our discussion this evening. Going through the literature one finds it difficult to obtain explicit definitions as regards the concepts of “integrity” and “professionalism”. However, the associated behaviours and characteristics of the two concepts are fairly unproblematic. In this regard, behaviours associated with “integrity” include honesty, sincerity, truthfulness, punctuality, ethics, fairness and justice while professionalism is characterised by expertise, generalised and systematic knowledge, a high degree of self control and governance by a code of ethics. Mr Chairman, the behaviours and characteristics described are virtues which are desirable in finance, industry and business.
Coordinated application of these tools will clearly pose a challenge to the new Spanish macroprudential authority (AMCESFI), which published its first annual report on 31 July. I think it may be inferred from what I have said that the definition of macroprudential policy is currently evolving. In the present decade, we are moving from the drawing board to implementation, that is to say from the theoretical framework to practical application, while attempting to learn from experience in other jurisdictions. 4  One of the issues currently under debate is the usability of these buffers and the possible constraints that may limit it. As I have already mentioned, the amendments to the Basel III microprudential framework also include specific capital buffers, for example, to cover the systemic dimension of some institutions or to conserve capital. Clearly these liquidity and capital buffers are helping in the present situation, but banks are reluctant to use them, given the implications that a reduction in the capital ratio would have on the markets and the fact that it could potentially affect the coupon payments on certain issuances. In this respect, the macro and microprudential authorities need to collaborate to coordinate the measures to be adopted in this context. Evidently, many of the actions taken in response to the crisis have implications for both types of supervision. Some examples would include the recommendations on the use of liquidity and capital buffers, supervisory expectations regarding the timeline and conditions for replenishing buffers and, more recently, recommendations on dividend distributions and variable remuneration payments.