THE FINANCIAL SECTOR: KEY SUPERVISORY AND REGULATORY INITIATIVES       Content Page Supervision Regulation Risk-based Regulatory Regime Fine-Tuning Regulatory framework Ensuring Sound Market Conduct Innovative Systems for Efficient Payment and Settlement     ENSURING SOUND MARKET CONDUCT   . Developing Framework for Composition of Offences . Publishing Unlicenced Operators . Box 6 – Integrated Dispute Resolution Scheme . Improving Corporate Disclosure . Enhancing Management of Insurance Agents . Helping Consumers Better Understand “Critical Year” . Regulatory Frameworks for Business Trusts and Trust Companies . Consulting Industry on CIS . Box 7 – MoneySENSE – Singapore’s Financial Education Programme . Box 8 – Boosting Research . Health Insurance and Changing Demographics . Box 9 – Coping with E-Banking Risks   Improving Corporate Disclosure   One initiative undertaken during the year to improve corporate disclosure was the issuance of an Operating and Financial Review (OFR) guide which promulgates good practices on OFR disclosure for listed companies in their annual reports. This was recommended by the Council of Corporate Disclosure and Governance and accepted by the government in February 2004. Such disclosure will enable investors to have a good understanding of the company’s business, performance and future direction. The OFR guide will be included in the listing manual of SGX.