Key Supervisory and Regulatory Initiatives SUPERVISION Strengthening Partnership with Industry As part of MAS’ consultative approach, we constantly seek feedback and comments from our licensees through various channels. Over the year, we conducted regular dialogues with industry associations. For example, on the securities front, we organised the annual Compliance Roundtable in 2003 and 2004 to discuss and gather feedback on industry-wide regulatory and compliance issues. These dialogues strengthened ties between MAS and the industry, and enabled MAS to implement regulations that are both relevant and practical. In addition, MAS paid non-inspection company visits to capital markets licensees. These visits give MAS insights into their future business strategies, and help us tailor appropriate supervisory plans. We also encouraged companies to visit MAS, to be forthcoming with information and updates, and to demonstrate support and commitment to resolving regulatory concerns and compliance issues. We will continue our efforts to forge close relationships with the industry in order to achieve effective supervision of our licensees.