Kuala Lumpur, 30 October 2012
BNM and SC Sign MoU to Enhance Joint Regulatory Oversight
The MoU was signed by Tan Sri Dr Zeti Akhtar Aziz, Governor of BNM and Datuk Ranjit Ajit Singh, Chairman of the SC, and witnessed by senior management of both BNM and the SC
Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) signed a new memorandum of understanding (MoU) on 30 October 2012. This MoU builds on and further strengthens the MoUs signed by BNM and the SC in 2002 and 2007 respectively. It takes into account the changing financial landscape and the new international regulatory regime.
The MoU provides for an enhanced scope of collaboration and co-operation between BNM and the SC, focussing on common areas of interest that are important to promote financial sector and capital market stability. The signing of this MoU hence reinforces the intent to collaborate, cooperate and share information to enable both regulatory agencies to effectively carry out their respective mandates.
Areas covered in the MoU include formulation of legislations and policies, regulation and supervision of entities which come under the joint regulatory oversight of BNM and the SC, supervision of payment system, mutual recognition of financial planners and financial advisers and the conduct of investigation and enforcement actions.
The enhanced MoU also paves the way for continued collaboration and information sharing between BNM and the SC in areas which are critical in managing threats to financial stability and systemic risk including supervision of financial groups, management of financial crisis, supervision of money markets and derivatives market, combating threats relating to money laundering and terrorism financing and supervision of auditors of financial institutions.
The MoU was signed by Tan Sri Dr Zeti Akhtar Aziz, Governor of BNM and Datuk Ranjit Ajit Singh, Chairman of the SC, after the annual bilateral meeting between BNM and the SC at the Securities Commission’s building in Bukit Kiara. The signing ceremony was witnessed by senior management of both BNM and the SC.
BANK NEGARA MALAYSIA / SECURITIES COMMISSION MALAYSIA