Malaysian Securities Commission Chairman Dato’ Dr Munir Majid told the regional futures regulators that, as Chairman of the Emerging Markets Committee of IOSCO (International Organisation of Securities Commissions), he would want to see meaningful participation of Emerging Markets regulators in the process of determining minimum standards. There must not be the feeling of an imposition, on the contrary there must evolve a sense of ownership of the standards and of their utility, he emphasised.

Dr Munir also cautioned the forum against having any hidden agenda and to stick to cooperation in surveillance strictly for the purpose of market and financial integrity.

The SC Chairman offered the report on "Regulation of Exchange-traded derivatives" prepared under Malaysia’s lead by Working Group 2 of the Emerging Markets Committee of IOSCO, as the basis in the course of determining minimum standards, which was generally accepted by the meeting.

Earlier, Dr Munir had addressed the forum on the regulatory framework of the futures industry in Malaysia, closely following the text attached.