SYDNEY (Reuters) - International regulators are close to releasing the first stage of a global code of conduct for the scandal-hit foreign exchange market that seeks to restore trust in the industry through a range of voluntary principles.

Reserve Bank of Australia (RBA) Assistant Governor Guy Debelle said on Thursday the first part of the two-part code would be released in late May and would include “mechanisms” to encourage all participants to adhere to the principles.

“The concrete details of the adherence mechanisms remain a work in process,” said Debelle, who heads up the work on the code for the Bank of International Settlements.

“We will have more to say on this in New York in May. At this stage, our thinking is that there is unlikely to be a single adherence mechanism but rather a suite of mechanisms.”

The code will set out principles of good practice in the wholesale foreign exchange market that provide guidance on what sort of practices are acceptable or not.

“One of the guiding principles underpinning our work is that the code should promote a robust, fair, liquid, open and transparent market,” said Debelle.

“This should help to address the lack of trust as well as promote the effective functioning of the wholesale FX market.”

The full code will be released following the Global Foreign Exchange Committee meeting in London in May 2017.