Malaysia Hosts Training for International Regulators

SIDC Programme aims to Strengthen International Cooperation, Share Knowledge on Cross Border Surveillance and Regulatory Enforcement

Kuala Lumpur, 26 September 2005

Forty-five senior financial regulators from 28 emerging economies are in Kuala Lumpur to attend the sixth annual Emerging Markets Programme (EMP), with a view to further develop an efficient and effective cooperative framework for international capital markets.

Organised by the Securities Industry Development Centre (SIDC), the education and training arm of the Securities Commission (SC), the EMP aims to provide a yearly forum for regulators to share their practical experiences and knowledge of regulatory issues affecting emerging capital markets.

This year's programme will run from 24 - 30 September 2005, and its theme, "Capital Market Regulation: Striking a New Balance" seeks to explore the intricate role of capital market regulators in promoting high regulatory and compliance standards, while understanding the impact of the capital market on the economic growth of a country.

"Regulators around the world face the challenging task of ensuring the objectives of securities regulation - the protection of investors, ensuring fair, efficient and transparent markets, and the reduction of systemic risk, are met in a rapidly changing economic environment," said the SC Deputy Chief Executive Dato' Zarinah Anwar in her welcoming remarks.

With the emergence of electronic trading models and development of sophisticated investment products and trading strategies that can carry the risk of complex fraudulent schemes, she stressed that policy makers need more than ever now to enhance cross-border surveillance and regulatory enforcement.

She added, "The only way to combat financial fraud is to co-operate with regulators from other jurisdictions through robust and effective information sharing and enforcement mechanisms."

Dato' Zarinah said that enforcement is key to sending the right signals to the market, and is also central in building investor confidence and the image of markets.

"The challenge for regulators has been to meet broadening responsibilities and the investing public's expectations in a changing environment," she said.

The EMP, widely recognised as an international training programme for capital market regulators since 2000, has attracted regulators from emerging economies in central and south-eastern Europe, Latin America, the African Continent, Middle East, and Asia. Among the countries being represented for the first time are the Kyrgyz Republic, Uruguay and Romania.

As in previous years, senior executives of the SC, regulators from key jurisdictions and subject matter experts from international and local financial institutions will facilitate discussions to encourage emerging market regulators to exchange ideas and learn from each others' experiences.

The programme also draws on the experiences and perspectives of regulators from the Ontario Securities Commission, Philippines Securities and Exchange Commission, Australian Securities and Investment Commission, China Securities and Regulatory Commission, Securities and Exchange Board of India, Hong Kong Securities and Futures Commission, Monetary Authority of Singapore, Securities and Exchange Commission of Thailand and the Singapore Exchange Limited.

In the next four days, speakers will cover a broad range of topics from emerging trends in global economics, regulatory models for emerging markets, market manipulation and insider trading, and cyber crime, to contemporary issues on corporate governance and the value proposition of the Islamic capital market in complementing conventional capital markets.


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