Memorandum of Understanding signed in Sydney on 16 May 2000 at 5.30 pm (Sydney time)MAS signs Memorandum of Understanding with the US Securities and Exchange Commission and Commodity Futures Trading Commission
16 May 2000... The MAS has signed a tripartite Memorandum of Understanding (MoU) with the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). The MoU was signed in Sydney, Australia at the sidelines of the International Organisation of Securities Commissions (IOSCO) Meeting by MAS Deputy Managing Director, Mr Tharman Shanmugaratnam, SEC Chairman Mr Arthur Levitt and CFTC Chairman Mr William Rainer.
The signing of the tripartite MoU paves the way for greater co-operation between the regulatory authorities in US and Singapore. Under the MoU, MAS, SEC and CFTC agree to provide mutual assistance and exchange information necessary for investigations into offences or fraudulent practices regarding securities and futures transactions, as well as to facilitate the effective performance of their supervisory functions and enforcement of laws and regulations.
Said Mr Shanmugaratnam, "We are pleased to have reached agreement on a tripartite MoU with the US SEC and CFTC. As markets become more globalised, regulators face an increasing challenge to protect investors' interest and uphold the integrity of the markets. The signing of this MoU signifies a further step in that direction."
MAS has also signed MoUs with other securities and futures regulators. Earlier today, the MAS signed an MoU with the Australian Securities and Investments Commission (ASIC) to allow for greater co-operation and exchange of information between the two regulatory authorities. The MAS said that MoUs have been and will continue to play an important role in facilitating exchange of regulatory information between securities and futures regulators.