ethics. in advancing this endeavour, the fspb will promote, advocate and facilitate the identification, development and the adoption of professional and ethical standards across all sectors of the financial services industry. the primary purpose of such standards will be to clearly define the expected level of performance and ethical conduct that financial services professionals are required to achieve in the service of the public. it is particularly important that the standards are unambiguous about the values for the industry and its workforce. it would facilitate financial services practitioners to understand and embrace their professional obligations, and be held accountable for their own continuing professional development. bank negara malaysia and the securities commission malaysia believe that with its stature and global complexion, the fspb is well positioned to lead efforts aimed at raising the bar of bis central bankers ’ speeches professional and ethical standards including continuous professional development for across the financial services industry, thereby strengthening confidence in the industry and affirming the industry ’ s commitment to better serve public interest. its membership of eminent experts and financial practitioners from the united kingdom, europe, australia and asia provides a valuable global perspective that will enhance the relevance of the standards developed by the fspb and their universal application. the establishment of fspb also reflects the advancement and progress of the financial services industry in malaysia and the vision of its members to embrace and promote globally acceptable and applicable standards of professionalism, human capital development and ethical behaviour that will provide the much needed clarity to the public and the industry on what is expected of financial services practitioners. indeed, in moving forward, the emphasis on the development of human capital which includes elevating professionalism and ethical behaviour of financial services professionals is paramount. today, professionalism, ethics and the quality of human capital have become key drivers and enablers of change in the financial services industry. i would like to take this opportunity to acknowledge the role of the asian institute of finance ( aif ). the idea of fspb culminated from engagements initiated by aif with the industry which was followed by a process of developing the conceptual framework to reflect the shared aspirations of the industry and the board of aif that has supported the establishment of fspb. i would also like to take this opportunity to highlight the participative role that the financial services industry would need to have in enabling fspb to meet its objectives. the value of the establishment of fspb lies in the role taken to develop professional and ethical standards that are relevant and practical, which could, subsequently, be

fairly among society. 3 / 7 bis central bankers'speeches the german government ’ s climate package is a good start. but it ’ s clear that further steps will also be needed. the cornerstone of this climate package is a more comprehensive co2 pricing system. this approach has been endorsed by numerous experts. it will probably need to be readjusted as time goes by ; a fact we are fully aware of. what this will boil down to is a balancing act between comfortably meeting climate goals and clear prospects for economic agents. what do we need from political stakeholders in terms of the financial markets? the answer is : solid guidelines for sustainable finance reforms, ideally at the international level. financial regulation isn ’ t a climate policy instrument ; instead, it serves to safeguard the stability of the financial system. what ’ s crucial here is the focus on financial risk rather than on promoting economic growth. and that mustn ’ t change. bafin recently published a notice providing supervisory guidance to institutions on dealing with the increasingly important issue of sustainability risks. in other areas, the eu is taking action with its sustainable finance action plan – in the form of its new taxonomy that defines which economic activities are considered “ green ”, for instance. the european council hopes that the taxonomy will be fully implemented by the end of 2022. disclosure standards for increased transparency are just as important. who is exposed to what climate risks? the recommendations issued by the g20 task force on climate - related financial disclosures are aimed at establishing consistency in climate - related reporting. a great deal is riding on these recommendations, since financial markets can only distribute capital efficiently with regard to climate risk and perform its guiding role properly if transparent, price - relevant information is available. nor must we underestimate the growing importance of sustainable finance within the eu as a location factor. the federal government has recognised this and wishes germany to play a leading role as a hub for sustainable finance. the sustainable finance advisory council is to act as coordinator here, providing the government with strategic advice and specific recommendations for action. the council has already outlined the first topics it believes should now be tackled in more detail. the first progress report should be ready as early as the start of 2020, in view of germany ’ s eu presidency in the second half of next year, amongst other factors. what ’ s crucial here is that the government will receive specific, workable recommendations within the next year. however, policymakers themselves can lead by example when it comes to sustainable finance.