SIDC Role as International Training Centre for Securities Regulators Boosted by MTCP Accreditation

Kuala Lumpur, 4 October 2004

The Securities Industry Development Centre (SIDC), the capital market education and training centre of the Securities Commission (SC), has won recognition among emerging economies as an international training ground for capital market regulators of developing economies.

The SIDC's annual Emerging Markets Programme (EMP) for securities regulators this year has attracted 46 senior financial regulators from 29 emerging economies in central and south-eastern Europe, Latin America, the African Continent, Middle East, and Asia. Last year this regulators programme attracted 26 participants from 17 countries.

The number of participants and countries participating this year increased significantly due to the accreditation accorded by the Malaysian Technical Cooperation Programme (MTCP). The MTCP is run by the Malaysian government, through the Economic Planning Unit, and provides sponsorships to 20 foreign participants annually. Today, the MTCP has been expanded from the initial ASEAN countries to include 135 countries representing 10 regions in the world.

"The EMP's inclusion into the government's programme is indeed recognition of the quality and contribution of the EMP as an effective training platform for the securities sector," said the SC Chairman, Dato' Md Nor Yusof in his welcome remarks at the fifth EMP that starts today in Kuala Lumpur and will run until 8 October.

The theme of this year’s EMP is “Enhancing the Effectiveness of Regulatory Structures".

Consistent with the theme, Dato’ Md Nor in his welcome remarks said "regulator(s) face the task of putting in place and implementing a regulatory framework that is suitable for its market at its particular stage of development, with capabilities of future enhancements or changes as the market grows".

Dato' Md Nor stressed that "international standards and best practices must be met if a market is to be accepted as sound, attractive and investable".

Elaborating on the Malaysian approach to regulation, Dato’ Md Nor said that the regulatory framework should set out the appropriate balance between pursuing regulatory goals and allowing the private sector to take risks that will encourage innovation and competition with the recognition that some risks will result in failures and losses, as consistent with a market-driven environment.

“At the same time, a commitment of sound, transparent and facilitative policies is essential to the capital market’s integrity and reputation for fair and transparent regulation,” he added.

“Market regulation requires flexibility to facilitate innovation and growth, yet address investor protection and prudential concerns effectively,” said Dato’ Md Nor.

Dato' Md Nor said that the Malaysian SC developed the EMP for emerging market regulators to share experiences and concerns of their own markets that may sometimes vary considerably from those of developed markets.

Participants at the EMP deliberate ideas and practical approaches, regulatory models and the thinking behind them. The regulators aim to confront common issues effectively and speedily, as they continue to ensure the adoption of high regulatory standards worldwide and the development of their respective domestic markets.

The programme draws on the support of securities regulators from the developed markets as well to enable participants to benefit from the experiences and perspectives of senior regulators from jurisdictions such as Australia, Hong Kong and the United States.

Speakers at the programme comprise among many others regulators from the Securities and Exchange Commission of the US, 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 Stock Exchange.

The interaction among the emerging economies and senior regulators from the more developed economies will provide a platform to further network and contribute towards a better understanding of current issues and in channeling the regulators' collective efforts in strengthening the capital market regulatory structure.


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