Annual Report 2001/2002

Information Exchange, Bilateral Dialogue and Technical Co-operation

In 2001, MAS strengthened co-operation with our fellow regulators in the super-vision of securities markets. MAS signed Memoranda of Understanding (MoUs) with the Comissão de Valores Mobiliários of Brazil in February 2001, the Commission des valeurs mobilières du Québec, the Financial Services Board of the Republic of South Africa both in June 2001, and the Financial Services Agency of Japan in December 2001. MAS also signed an MoU in March 2002 with the Hong Kong Office of the Commissioner of Insurance to provide mutual assistance and exchange of information, to facilitate co-operation between the two supervisory authorities in the effective supervision of insurers who have presence in both jurisdictions.

Also, in March 2002, MAS and the People’s Bank of China (PBC) signed an MoU to strengthen co-operation to promote the implementation of sound economic and prudential policies in the two countries, the effective supervision and development of the banking industry as well as staff training and development.

During the year, MAS held regular bilateral dialogues with regional central banks and financial regulators, including Bank of Thailand, Bank Negara Malaysia, Hong Kong Monetary Authority and Bank Indonesia (BI). MAS also held bilateral meetings with the PBC, China Insurance Regulatory Commission (CIRC) and China Securities Regulatory Commission. These bilateral dialogue sessions serve as platforms to foster better understanding of developments in the respective economies and financial systems, and to discuss issues of mutual concerns.

MAS actively provides technical co-operation to other countries, either bilaterally or through various multi-lateral fora, to help in enhancing their financial infrastructure and supervisory regimes. In 2001, MAS held briefings for close to 300 foreign visitors and also tailored training seminars and attachment programmes for 540 participants, including more than 300 officials from the PBC and BI. Further training programmes for officials from the PBC and the CIRC are planned. MAS will also be providing training on on-site inspection techniques to the Central Bank of Iran in June 2002 under a World Bank technical assistance programme.

MAS will continue to host and organise annual training seminars for insurance supervisors from Asian jurisdictions in its capacity as the International Association of Insurance Supervisors (IAIS) Training Co-ordinator for Asia. The training seminars will focus on the discussion of IAIS Insurance Core Principles & Standards and will be sponsored by the Singapore and Japanese Governments under the “Japan-Singapore Partnership Pro-gramme for the 21st Century”.

MAS organised a Capital Markets
Seminar in May 2002 with the theme “Evolving Regulatory Approaches”. The Seminar provided a forum for securities regulators, mainly from the Asia-Pacific region, to discuss and share experiences on regulatory challenges in today’s rapidly evolving financial landscape. Regulators from major global markets and prominent speakers from the private sector were invited to provide a global dimension and contribute market perspective to the issues raised.

[MAS in the International Arena] [International Relations] [Anti -Money Laundering Efforts] [Information Exchange, Bilateral Dialogue] [International Policy Dialogue] [Global Free Trade and Agreements] [Relations with IMF] [Standard-Setting and Innovation]

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