SC: Active engagement key to strengthening international confidence in Malaysian capital market

Datuk Ali satisfied with outcome of international meetings hosted by SC

Kuala Lumpur, 1 November 2002

More active and direct engagement with major participants is key to strengthening international confidence in Malaysia’s capital market, the Chairman of the Securities Commission (SC), Datuk Ali Abdul Kadir said today.

“It is vital that international institutional investors and other participants in the capital market, including securities regulators, get a direct feel and appreciation of the situation ‘on the ground’ as well as of the strong initiatives that Malaysia has pursued,” said Datuk Ali.

Datuk Ali made these remarks at the end of a series of high-level meetings of the International Organisation of Securities Commissions (IOSCO), which Malaysia hosted the last two weeks.

Such engagements provide a tremendous learning experience for stakeholders, who otherwise may not be as aware of the situation in Malaysia, he said.

“In the case of CalPERS (the California Public Employees’ Retirement System), we invited them here, and participated in a frank and open exchange of views and ideas. As a result, I believe they are now more confident in dealing with Malaysia and have a much better idea of what we are doing and why,” Datuk Ali said.

It is therefore crucial that all stakeholders in the Malaysian capital market make a concerted effort by engaging actively and directly with major participants, and strengthen confidence in the domestic market, he said.

“Confidence is an important driver of growth and development for the country and should never be underestimated,” he said.

“The presence of so many visitors from developed as well as emerging markets during the last fortnight was I believe an important expression of confidence for the region and for Malaysia,” he said.

He said the positive comments on Malaysia by several high-profile market participants who visited the country recently reflected this confidence. These participants included CalPERS, McKinsey & Co, ING Baring and HSBC Bank.

“We are recognised for having a strong vision for our market and for our economy. Our legal and regulatory framework is highly regarded,” he said.

“Therefore, it is vital that Malaysia takes the lead in international initiatives where we have comparative advantage or expertise. This ensures that Malaysia’s views are heard directly and promotes greater awareness of Malaysia’s strengths,” he said.

Datuk Ali added that he was pleased with the outcome of today’s inaugural meeting of the IOSCO task force on Islamic capital markets, which he chairs, and said that he was looking forward to the work of the task force on creating greater international awareness of Islamic finance among non-Muslim as well as Muslim market participants. Members of the task force include securities regulators from Australia, Jordan, Italy, South Africa, Turkey, the United Kingdom and the United States.

In line with efforts to promote greater international regulatory co-operation, the SC signed a memorandum of understanding with the Jordan Securities Commission yesterday (31 October), taking the number of MOUs with its international counterparts to 16, including those with Australia, France and Hong Kong.


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