Singapore , Thailand Team Up on Regulatory Synergy
Bangkok, 15 September 2005...The Monetary Authority of Singapore (MAS) and the Securities and Exchange Commission of Thailand (SEC) today signed a letter of intent (LOI), setting out initiatives for bilateral cooperation in the regional capital market.
2 These initiatives include the establishment of cross-border trading of collective investment funds, mutual recognition of professional qualifications and certification of financial professionals working in the field of securities, and exploration of cross-border trading linkages between Singapore and Thailand.
3 The LOI also underlines the commitment of the two regulators to explore several mutual recognition ideas to further develop their capital markets. This bilateral regulatory cooperation will also complement ongoing efforts of Singapore and Thailand to explore alliance possibilities and strengthen the regional securities market through such tools as the ASEAN Capital Markets Forum and the ASEAN Equity Index Development.
4 The LOI was signed by Shane Tregillis, MAS' Deputy Managing Director (Market Conduct), and Thirachai Phuvanatnaranubala, SEC Thailand's Secretary-General.
5 Mr Tregillis said: "This letter of intent signals a close working relationship we have with the SEC. We hope it will also serve as a catalyst for greater cooperation within ASEAN."
6 "The collaboration and mutual recognition of rules and standards will facilitate trading of financial products between Singapore and Thailand. We will set up a working group to further explore these initiatives and move toward an efficient and fair integration of the regional capital market," said Mr Thirachai.