MAS: Annual report 2006 / 2007
CONTENTS
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TEAMWORK - Our Partners
SINGAPORE 2006 INTERNATIONAL MONETARY FUND AND WORLD BANK GROUP ANNUAL MEETINGS
WORKING WITH INDUSTRY
FINANCIAL COOPERATION
FINANCIAL COOPERATION 52
Working With Foreign Regulators 52
Participation In International Forums and Initiatives 53
Partnership With Toronto Centre (MAS-Toronto Centre Regional  
  Leadership Programme for Securities Regulators 54
Regional Training Initiative 54
Financial Integration Initiatives 54
MAS and International Monetary Fund High-Level  
  Seminar On Crisis Prevention in Emerging Markets 55
Box 15 - Brunei-Singapore Currency Interchangeability  
  Agreement 40th Anniversary Celebrations 55
 

Participation In International Forums And Initiatives
MAS participates in a wide range of international and regional activities. This enables us to contribute to policy debates on emerging issues, share information and forge closer relationships with our counterparts.

At the Bank for International Settlements (BIS) and the Financial Stability Forum (FSF) meetings, we exchange views with regulators and central banks on financial risk management and crisis prevention measures, and review economic and financial developments in our respective regions. MAS is also involved in the work of numerous BIS groups.

Within the BIS Committee on Payment and Settlement Systems (BIS-CPSS), MAS contributed to a study on central banks’ achievements in reducing foreign exchange settlement risk. MAS is also in the Working Group on System Interdependencies which is studying interdependencies among payment and settlement systems of CPSS member countries, and analysing their impact on financial stability.

MAS is a member of the Basel Committee's International Liaison Group (ILG). We are also a member of the ILG's Working Group on Capital, and the Accord Implementation Group's Validation Subgroup. The Subgroup discusses issues relating to the validation of banks' systems for internal ratings-based approaches to credit risk in preparation for Basel II. We are also involved in the work of the Accounting Task Force which works to ensure that international accounting and auditing standards and practices promote sound risk management practices at financial institutions, support market discipline through transparency, and reinforce the safety and soundness of the banking system.

Further, MAS participates in the Basel Committee's Working Group on Liquidity which analyses the regulatory and supervisory approaches to liquidity risk management in major jurisdictions, and their impact on international banks. As a member of the Basel Committee’s Working Group on Cross-Border Banking (CBB), MAS participated in a study on a risk-based approach to anti-money laundering and countering the financing of terrorism (AML/CFT). The study outlined practical guidance from the standpoint of bank supervisors and was submitted to the Financial Action Task Force's Electronic Advisory Group (EAG) in January 2007.

MAS participates in the International Organisation of Securities Commissions (IOSCO) Standing Committee meetings on the regulation of secondary markets and supervision of market intermediaries over the year. MAS jointly led a working group of the Asia Pacific Regional Committee (APRC), which resulted in a report on the principles of risk-based supervision.

MAS is also a member of the International Association of Insurance Supervisors (IAIS) Executive Committee, Technical Committee and a number of other sub-committees. Through these committees, MAS participates actively in the formulation of various IAIS Principles, Standards, and Guidance Papers. In addition, we are the regional coordinator for the Asia-Oceania region.
Members of the working group of the Asia Pacific Regional Committee.
MAS is a full member of the Islamic Financial Services Board (IFSB) and currently participates in the Islamic Money Market Taskforce, the Supervisory Review Process Working Group and the Special Issues in Capital Adequacy Working Group.

Within EMEAP (Executives’ Meeting of East Asia-Pacific Central Banks), MAS assumed the Chairmanship of the Working Group on Payment and Settlement Systems (WGPSS) in 2007. In April, the WGPSS agreed to adopt an overarching payment and settlement systems vision for the working group. To this end, the working group will focus its discussions on three strategic topics of Risk Management, Oversight, and Standards and Best Practices.