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
IOSCOs Objectives and Principles of Securities Regulation; Information
Sharing and Cooperation amongst members; and Capacity Building in
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
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.