MAS Signs MOU with the Securities and Exchange Commission of Thailand
Singapore, 16 August 2007...The Monetary Authority of Singapore (MAS) today signed a Memorandum of Understanding (MOU) with the Securities and Exchange Commission of Thailand (SEC).
2 The MOU establishes a framework for the mutual recognition of product knowledge examinations required for the admission of market professionals dealing with securities and collective investment schemes in Singapore and Thailand. Market professionals who have passed the relevant professional examinations in their home country will be exempt from equivalent examinations in the host country. This initiative allows market professionals of both countries to provide capital markets services in Singapore and Thailand with greater ease, and paves the way for closer links between the Singapore and Thai capital markets over the longer term.
3 The MOU will take effect on 1 January 2008. MAS will update financial institutions on operational details over the coming months.
4 The MOU was signed by Mr Shane Tregillis, Deputy Managing Director (Market Conduct), MAS, and Mr Thirachai Phuvanatnaranubala, Secretary-General, SEC, in the Philippines at the sidelines of the ASEAN Capital Market Forum (ACMF).
5 Mr Tregillis said, “This MOU is a first step in reducing regulatory barriers to capital market professionals providing their services in both countries. We will continue to explore opportunities for greater cooperation in removing regulatory impediments to capital market integration with the Thai SEC and with other regulators in ASEAN.”
6 Mr Thirachai said, “This is a concrete outcome of the work undertaken by ACMF to create a framework for mutual recognition of entry standards for market professionals in Thailand and Singapore. Mutual recognition is a significant way to show trust between regulators in different jurisdictions. Moving along this line, there will be more and more cooperation among regulators.”