Australian Securities and Investments Commission (ASIC) Chairman Greg Medcraft has relinquished his role as Chairman of the International Organisation of Securities Commissions (IOSCO).

The new IOSCO Chairman is Ashley Alder, CEO of the Securities and Futures Commission of Hong Kong.

Mr Medcraft was Chairman for three years but decided not to seek a third term. In December 2013 he was forced to defend his global role after he was criticised by politicians who said he was spending too much time overseas and should concentrate on Australian issues.

IOSCO says under his leadership it reinforced its position as the key global reference point for securities markets regulation and increased its work on risk identification and mitigation.

“IOSCO plays a critical role in setting and implementing international capital markets policy – policy that affects Australia and that ultimately affects the lives of Australians,” Mr Medcraft said in a statement.

“That is why I was involved in IOSCO – it was important to have an Australian looking out for Australia.”

IOSCO is the leading international policy forum for securities regulators. Its members regulate more than 95% of the world’s capital markets in more than 120 jurisdictions.