The APRC, one of four regional committees of IOSCO, consists of 23 members and includes, among others, market authorities from Australia, China, Hong Kong, India, Japan, Korea, the Philippines, Singapore, Taiwan and Thailand.

"The APRC has been an important forum for the discussion of capital market issues of concern to the region. In going forward, it must focus its efforts on providing a strategic platform to give a stronger collective regional voice on global issues, particularly in discussions at international forums, such as the Financial Stability Forum," said Encik Ali.

He added that the APRC should be used as a forum for moving towards the greater integration of regional capital markets and the overall development of Asia-Pacific capital markets for mutual benefit.

In order to do this, Encik Ali said that the committee will identify specific issues affecting the region's capital markets, and seek to resolve them through mutual co-operation among and by obtaining feedback from its member countries. The APRC will also be used as a forum for promoting greater regional capital market education and training, including exchange programmes and regional secondments.

The SC has been a key member of IOSCO, and currently chairs the Emerging Markets Committee's (EMC) working group on secondary market regulation. Over the past six years, the working group has studied and published reports on topics in relation to emerging markets, such as: the causes, effects and regulatory implications of the financial crisis in emerging markets; legal and regulatory frameworks for exchange-traded derivatives and for clearance and settlement; and financial risk management in emerging markets.

IOSCO is a world-wide forum for securities regulators that addresses issues and demands related to the regulation of securities and futures markets. IOSCO's ordinary membership consists of 97 national securities regulators. In addition, there are 60 affiliate members and 9 associate members. The SC joined the organisation in 1993 and was elected to chair the working group on the regulation of secondary markets in 1994. The SC held the chair of the EMC from 1996 to 1999.