Monetary Authority of Singapore Annual Report 2011/2012
Our Partners

Strengthening Cooperative Ties with Fellow Regulators

MAS organises and participates in numerous international and regional events to strengthen cooperative ties with central banks and fellow regulators.

ASEAN Capital Markets Forum and Working Committee on Capital Market Development
MAS chairs the ASEAN Capital Markets Forum (ACMF) and Working Committee on Capital Market Development (WC-CMD). We work with ASEAN regulators and the private sector to promote the strengthening and deepening of regional capital markets by enhancing market linkages, market access and market liquidity. MAS is actively involved in ACMF’s initiatives in respect of harmonisation and mutual recognition of various aspects of securities laws among ASEAN countries.

In March 2012, MAS and SGX signed a MoU on "Expedited Review Framework for Secondary Listings" with the securities regulators and stock exchanges of Malaysia and Thailand. The objective of the Expedited Review Framework is to speed up the processing of secondary listing applications by corporations that are incorporated and primarily listed in signatory jurisdictions. This is an initiative under the ACMF Implementation Plan to foster ASEAN capital markets integration, in line with the objectives of the ASEAN Economic Community Blueprint 2015.

Within ASEAN, the vision of achieving an ASEAN Economic Community by 2015 continues to drive the progress of various initiatives. As chair of the WC-CMD, MAS works with ASEAN counterparts to strengthen and deepen regional bond markets. For 2012, WC-CMD plans to continue existing efforts, including updating the ASEAN Bond Market Development Scorecard and facilitating the implementation of targeted and focused capacity building programmes to address market gaps identified in the scorecard. The WC-CMD will coordinate with the new ASEAN Steering Committee for Capacity Building and other ASEAN capital market initiatives, including partnering the ACMF and ASEAN Secretariat on an independent study of regional bond market development initiatives.

Supervisory College Meetings
MAS continues to participate in supervisory college meetings of international and regional banks. MAS also hosts supervisory college meetings for the three Singapore banking groups involving supervisors in the region where the banks have sizeable operations. These meetings provide a platform for home and host supervisors to exchange information, discuss supervisory issues and coordinate the cross-border supervision of the institutions.

Cross-border Crisis Management Group Meetings
MAS participated in the Cross-border Crisis Management Group (CMG) meetings of five globally systemic banks. The CMG meetings sought to coordinate group resolvability assessments and the development of group recovery and resolution plans. They also enabled home and host supervisors of these banks to be better prepared for crises and to clarify home-host cooperation during a crisis.

ASEAN Insurance Regulators’ Meeting
MAS is the Chair of the ASEAN Insurance Regulators’ Meeting. Singapore hosted the 14th ASEAN Insurance Regulators’ Meeting in November 2011. The meeting discussed ways of strengthening ASEAN insurance cooperation and increasing insurance penetration in ASEAN markets.

Executives’ Meeting of East Asia-Pacific Central Banks
MAS chairs the Working Group on Financial Markets under the Executives’ Meeting of East Asia-Pacific Central Banks (EMEAP). During the year, the working group studied central bank liquidity arrangements and reviewed the effectiveness of the Asian Bond Funds in developing local bond markets. It also facilitated regular exchanges on financial market developments and policy measures among members and with central banks from the US, Europe, UK, Canada and India.

Training and Development
More than one hundred central bankers and regulators from 39 countries participated in four programmes organised by the MAS Academy, including, for the first time, participants from France, Holland, the United Kingdom and the United States. The programmes included the MAS Banking Supervisors Training Programme, the MAS-Toronto Centre Regional Leadership Programme for Securities Regulators and the MAS Information Technology Workshop for Financial Regulators. MAS and the Bank for International Settlements jointly organised a workshop on “Property Markets and Financial Stability” which provided an opportunity for regional regulators to discuss the relationship between property markets and financial stability, and policy options for the macroprudential oversight of real estate lending.