Monetary Authority of Singapore Annual Report 2012/2013
  • COMMITTED TOWARDS INTERNATIONAL EFFORTS ON FINANCIAL STABILITY AND FINANCIAL REGULATORY REFORM
Valued Partner

COMMITTED TOWARDS INTERNATIONAL EFFORTS ON FINANCIAL STABILITY AND FINANCIAL REGULATORY REFORM

Regional Engagements

Strengthening Cooperative Ties with Fellow Regulators

MAS organises and participates actively in various bilateral and regional events to strengthen cooperative ties with central banks and fellow regulators. For instance, MAS is an active member of the annual ASEAN Insurance Regulators Meeting (AIRM). MAS also chairs the ASEAN Capital Markets Forum (ACMF) and the Working Committee on Capital Market Development (WC-CMD). We work closely with ASEAN regulators and the private sector to promote the ASEAN Economic Community 2015 vision of strengthening and deepening regional capital markets.

ACMF and the ASEAN Exchanges have made significant progress on initiatives to promote the integration of ASEAN capital markets. These include the launch of the ASEAN Trading Link, the implementation of the fully harmonised ASEAN Disclosure Standards, the implementation of a framework for expedited review of secondary listing applications, the development of a regulatory framework for cross-border offers of mutual funds, and the completion of a common regulatory model to facilitate the cross-border provision of supporting marketing services. The ASEAN Trading Link will benefit ASEAN investors who will have greater access to a broader and more diverse portfolio of stocks to invest in. To enhance the ASEAN Trading Link further, it will be supported by ongoing work in the area of clearing, settlement and depository linkages.

As chair of the WC-CMD, MAS works with ASEAN counterparts to develop regional capital markets. Through 2012-2013, WC-CMD continues existing efforts, including updating the ASEAN Bond Market Development Scorecard, which serves as a useful benchmark for ASEAN finance and central bank officials to monitor the progress of ASEAN’s bond market development, openness and liquidity. The WC-CMD also identifies capacity building programmes and the exchange of views on best practices, in an effort to reduce market gaps as identified in the Scorecard. Other key initiatives include enhancing ASEAN members’ understanding in the area of over-the-counter derivatives and a partnership with ACMF and ASEAN Secretariat on an independent study of regional bond market development initiatives.