European Parliament Delegation Visits Securities Commission

Kuala Lumpur, 21 January 1998

The Securities Commission (SC) yesterday played host to a delegation from the European Parliament. The 9-member delegation, headed by Dr. Gunter Rinsche of Germany hoped to gain a better understanding of the current economic situation in Malaysia and foster a closer relationship between the European Union (EU) and Malaysia.

During their visit, the delegation was briefed on the history and development of the Malaysian capital market, and were given a general overview of the role and functions of the Securities Commission in the regulation and development of the securities and futures industries.

The meeting, chaired by SC Chairman Dato' Dr. Mohd. Munir Abdul Majid, raised several key issues relating to the currency and financial turmoil in the region. The delegation acknowledged the international dimension of the issue of the foreign exchange system and shared Malaysia's view that called for greater transparency and regulation of currency markets.

Other matters discussed included the progress of liberalisation in the Malaysian financial services sector, systemic risk management, the regulation of derivatives and accounting standards. The delegation also expressed interest in SC's efforts to develop new products and markets, such as the Islamic Capital Market and MESDAQ (Malaysian Exchange of Securities Dealing and Automated Quotation).

The delegation are on a week-long visit to several South-East Asian countries, particularly the ASEAN members states, and South Korea.


Issued by Corporate Affairs Unit. For further information, please contact Ms Nafizah Omar at (603) 2507550 or Mr Izelan Basar at (603)2507511.
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