MAS in the International Arena Strengthening Regulatory Cooperation MAS is a member of the Asia Pacific Regional Committee (APRC), a regional committee of regulators under the International Organisation of Securities Commissions (IOSCO). The APRC seeks to promote sound and consistent securities regulation across the region. Singapore has chaired the APRC since May 2004. MAS hosted the APRC Meeting in November 2004. The meeting discussed the three strategic thrusts of the APRC: Implementing IOSCO’s Objectives and Principles of Securities Regulation; Information Sharing and Cooperation amongst members; and Capacity Building in the region. MAS also participates in the ASEAN Capital Market Forum (ACMF). The ACMF was convened to provide a high-level meeting place for ASEAN capital markets regulators to discuss the harmonisation of standards that will facilitate the integration of regional capital markets. These include disclosure standards, distribution rules, accounting and auditing standards and cross-recognition of the education and experience of capital market professionals. MAS hosted and chaired the second ACMF in November 2004. The inaugural ACMF meeting was held in Bangkok in June 2004. At the regulator-to-regulator level, MAS signed a Memorandum of Understanding (MOU) with the China Banking Regulatory Commission on 14 May 2004. The MOU aims to strengthen cooperation between the two regulatory authorities, including cooperation in training and staff exchange programmes. It also provides for the sharing of information and views on developments affecting our banking systems. This is the first banking MOU that MAS has signed with another bank regulatory authority. Beyond our immediate region, MAS continues to play an active role in contributing to the formulation of global regulatory standards in the financial sector. This includes anti-terrorism and anti-money laundering efforts through the Financial Action Task Force (FATF). Singapore hosted a plenary meeting of the FATF in June 2005. As a member of the Core Principles Liaison Group established by the Basel Committee on Banking Supervision, MAS is taking an active part in the Basel Committee's project to review the Core Principles for Effective Banking Supervision and accompanying Core Principles Methodology. In addition, MAS is involved in the work on the development of supervisory guidance undertaken by various Basel Committee sub-groups, including those on the implementation of Basel II and on accounting issues. Since June 2004, MAS has also taken on Chairmanship of the EMEAP Working Group on Banking Supervision. The Working Group seeks to contribute to the development of banking supervision standards, and to facilitate the adoption of international standards for enhancing banking supervision and financial system stability in Asia. The Working Group has established study groups to look into issues relating to Basel II implementation and macro-surveillance, and is conducting annual workshops on banking supervision issues. In July 2004, MAS and the Financial Stability Institute jointly hosted a meeting on the Practical Application of Basel II. The meeting provided a platform for G10 and Asian central banks and supervisors to discuss the key features of the Basel II framework and the implementation challenges faced in their respective jurisdictions. In April 2005 MAS also became a Full Member of the Islamic Financial Services Board (IFSB). The IFSB is a standard setting body engaged in preparing prudential, supervisory and transparency standards for the Islamic financial services industry and in promoting international best practices on their regulation and supervision. Since joining the IFSB, MAS has become a member of its Supervisory Review Process Working Group which will be setting standards on the supervisory review process for Islamic financial institutions.