WORKING WITH CENTRAL BANKS AND FELLOW REGULATORS
Participation in Multilateral Institutions
To foster greater cooperation and discussions among central bankers and monetary authorities, and as part of our efforts to advance closer economic and financial integration, MAS continues to participate in multilateral and regional initiatives on a wide range of issues.
As host of the Asia-Pacific Economic Co-operation (APEC) process in 2009, Singapore has been facilitating discussions to address issues on sustainable financing and development in light of the global economic crisis. Such forums provide useful channels for the exchange of views and promote a better understanding of financial issues pertinent to the growth and development of the region.
Apart from contributing as a full member of the FSB, MAS is involved in the development of supervisory guidance and standards as a member of the working groups under the Basel Committee on Banking Supervision (BCBS). We participate in the work of the BIS' Committee on Payment and Settlement Systems (CPSS), Committee on the Global Financial System (CGFS) and the Markets Committee. As a member of the Risk Management and Modelling Group (RMMG), we work with industry counterparts to further the advancement of risk measurement and management. The RMMG issued the Principles for Sound Stress Testing Practices and Supervision in May 2009 to address weaknesses in banks' stress tests that were highlighted by the financial crisis.
Singapore, together with seven other countries, was invited to become a member of the Basel Committee on Banking Supervision (BCBS) on 10 June 2009. The decision to expand the BCBS' membership reflected the recognition of the need for wider cross-border cooperation and information sharing amongst participants in the global supervisory community. This will also enhance the committee's ability to carry out its core mission to strengthen global supervisory practices and standards.
As an integrated supervisor with oversight of the securities market, MAS is also an active participant in the meetings of the International Organisation of Securities Commissions (IOSCO) at both Standing Committee and Asia Pacific Regional Committee (APRC) levels. At the Standing Committees, MAS is involved in looking at functional issues related to secondary markets and market intermediaries. In addition, we contribute to the efforts of the APRC in dealing with specific regional securities issues.
MAS is a member of the International Association of Insurance Supervisors (IAIS) and its various sub-committees. We participate actively in the formulation of the IAIS Standards and Guidance Papers, and we are the regional coordinator for the Asia-Oceania region and chair the Insurance Core Principles (ICP) Coordination Group. The ICP Coordination Group is a follow-up to the ICP Review Taskforce, which was also chaired by MAS. The ICP Coordination Group brings together the Chairs of the various subcommittees of the IAIS Technical Committee to coordinate the revision of the ICPs with the work of the standard setting subcommittees.
MAS is also a member of the Financial Action Task Force (FATF) and the Asia Pacific Group on Money Laundering (APG). We are a committed participant in the global network for combating money laundering and terrorist financing at both the regional and international levels.