Asia-Pacific Securities Regulators Commit to Enhancing Co-operation Efforts

Kuala Lumpur, 24 February 2004

The Asia Pacific Regional Committee (APRC) of the International Organisation of Securities Commissions (IOSCO), under the chairmanship of the Chairman of the Malaysian Securities Commission (SC), Datuk Ali Abdul Kadir met in Wellington, New Zealand on 20 February 2004.

The first meeting among the securities regulators in the Asia-Pacific region for the year was officiated by the Minister of Commerce of New Zealand. Some 60 chairpersons, senior officials and enforcement directors from 21 jurisdictions attended the meeting to discuss regional issues affecting the capital markets. Particular emphasis was accorded to the enhancement of co-operation and collaboration amongst its members towards regional financial stability, co-ordinated enforcement activities and continued development of regional capital markets.

During the meeting, the regulators focused primarily on issues relating to investor protection, regional bond markets, corporate governance, regulation of stock exchanges, and co-operation for the purpose of enforcement of securities laws, particularly cross-border enforcement issues.

"Indeed it is the view of the APRC that the region's growth and attraction with regards to its capital market activities is very much dependent on the credibility of its regulators and our ability to work together towards common goals, objectives and regulatory standards," said Datuk Ali.

Datuk Ali who has chaired the APRC for the last four years had also expressed satisfaction at the significant achievement of the regional regulators in reinforcing commitment towards greater co-operation for enforcement actions, in enhancing capacity-building and mutual development of regional capital markets.

In addition, the regional regulators had also invited Mr. Roel Campos, the Commissioner of the United States Securities and Exchange Commission, and co-chair of the IOSCO Task Force established to study the implications of the recent financial fraud which took place in Parmalat Finanziaria SpA and chair of the IOSCO Task Force to develop a code of conduct for credit rating agencies. Mr. Roel Campos discussed the impact of these recent developments and its implications to the Asia-Pacific regional capital markets.

In its continued efforts to enhance bilateral ties with its foreign regulatory counterparts, the SC signed a memorandum of understanding (MOU) with the New Zealand Securities Commission, the host of this year's meeting. This brings the number of MOUs signed by the SC with its foreign counterparts to 20.


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