SC Establishes Cooperation with Australian Counterpart

Kuala Lumpur, 8 July 1998

The Securities Commission of Malaysia (SC) today signed a Memorandum of Understanding (MOU) with the Australian Securities and Investments Commission (ASIC) to establish a framework for assistance and mutual cooperation between the two regulators.

Under the MOU, both parties agree to facilitate the exchange of information to enforce and ensure compliance with the securities and futures laws of their respective countries.

It is hoped that the signing of the MOU would help increase investor protection and further promote the integrity of the securities, futures and options markets of Malaysia and Australia. In view of the increasing volume of trade and investment between the two countries, it has become necessary for the regulatory authorities to coordinate efforts to ensure sufficient safeguards for these investments.

SC Chairman Dato' Dr Munir Majid said the MOU reflects the shared belief of the two commissions in the urgent need for continued strengthening of the oversight of the securities and futures markets internationally, in the face of globalisation and liberalisation.

"The contagion effects of the East Asian crisis have only served to highlight the fact that no regulator can regulate in isolation in a globalised economy where capital is highly mobile".

"Regional cooperation and mutual coordination of policies among regulators are therefore crucial in ensuring smooth-functioning markets and better understanding of the causes and effects of cross-border as well as cross market linkages", Dato' Munir added.

Chairman Alan Cameron of ASIC said that it was significant that ASIC continued to expand its ties with its Asian neighbours.

"Asia is an important area for foreign investment for Australia and it is important for investor confidence for us to have open, well-regulated regional markets", said Mr. Cameron.

The SC- ASIC MOU is the 11th MOU for the SC. It also marks the first MOU for the newly restructured and renamed Australian regulator, previously known as the Australian Securities Commission, following a recent major review of Australia's financial regulation system.


Issued on behalf of the Securities Commission. For further assistance, please contact the Corporate Affairs Department at tel: 603 - 2597184 (Sarina Ariffin) or tel : 603 -2507550 (Nafizah Omar), or fax : 603 - 2536184.
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