VALUED PARTNER

ON THE INTERNATIONAL FRONT

REGIONAL FORUMS
ASEAN COOPERATION

MAS chairs the ASEAN Working Committee on Capital Market Development (WCCMD). The WCCMD monitors initiatives and progress towards building capacity and laying infrastructure for the development of ASEAN capital markets, with a long-term goal of achieving a more integrated ASEAN capital market.

MAS and the Bank of Thailand co-chair the ASEAN Senior Level Committee (SLC). The SLC oversees the key workstreams for ASEAN financial integration and provides guidance to the respective ASEAN Working Committees on central banking issues. MAS also participates actively in the ASEAN Working Committees, focussing on capital account liberalisation, financial services liberalisation and payment and settlement systems.

MAS chairs the ASEAN Capital Markets Forum (ACMF) and actively contributes to ACMF's initiatives to harmonise various aspects of securities laws among ASEAN countries. These are aimed at achieving greater integration of the region's capital markets under the ASEAN Economic Community Blueprint 2015.

In October 2013, MAS signed an MOU with the securities regulators of Malaysia and Thailand to establish the ASEAN Collective Investment Schemes Framework (ASEAN CIS Framework) for cross-border offering of CIS to retail investors. Under the ASEAN CIS Framework, fund managers from participating countries will be able to offer their retail funds directly to investors in the other countries under a streamlined process.

In support of their agreement to put in place regulations in their respective jurisdictions to exempt or fast-track offerings of CIS to non-retail investors, MAS also signed an MOU with the securities regulators of Malaysia and Thailand in October 2013 to provide a framework for mutual assistance and exchange of information.

MAS is an active member of the annual ASEAN Insurance Regulators Meeting (AIRM). AIRM aims to promote closer cooperation and sharing of experience on insurance matters among the ASEAN regulators. The meetings are held on an annual basis and are hosted on a rotational basis among the ASEAN countries. The recent 16th AIRM held in Vietnam discussed the different supervisory approaches of the ASEAN regulators, disaster risk financing and insurance initiatives, as well as the liberalisation of the insurance market in line with the ASEAN Framework Agreement on Services Enhancement and Regional Comprehensive Economic Partnership Initiatives.