Page 123 - SC SCAR 2023 ENGLISH Flipbook

PART 4 STRATEGIC ENGAGEMENTS WITH STAKEHOLDERS
Association of Southeast Asian Nations (ASEAN)
The SC plays a pivotal role in contributing to the development and harmonisation of capital markets across the ASEAN. Through various ASEAN-level platforms, the SC actively engages with other securities regulators, finance ministries, and central banks to champion initiatives that enhance market integrity, investor protection, and the adoption of sustainable finance practices within the region.
As Chair of the ATB Working Group on Market Facing and Resourcing, as well as Co-Chair of the ASEAN Capital Markets Forum’s (ACMF) Sustainable Finance Working Group (SFWG), the SC has a particular focus on facilitating sustainable finance-related initiatives. With the ATB, the SC led stakeholder consultations and engagements both within and beyond the region on Version 2 of the ASEAN Taxonomy for Sustainable Finance and capacity-building sessions such as the ASEAN Taxonomy Version 2 Socialisation Webinar. Furthermore, through the ACMF SFWG, the SC contributed to the publication of the ASEAN Green, Social, and Sustainability-Linked Bond Standards, the ASEAN Sustainable and Responsible Fund Standards, and the ATFG.
The SC is also an active member of the Working Committee on Capital Market Development (WC-CMD)3. At the WC-CMD, the SC chairs the Infrastructure Finance Working Group (IFWG) which supports the development of infrastructure financing throughout ASEAN. This includes sharing experiences by sovereign issuers at a Sustainable Bond Knowledge Sharing session organised by the IFWG, which takes place at each WC-CMD meeting to promote the use of sustainable finance by governments to fund sustainable projects.
Fostering International Regulatory Co-operation
Strengthening regulatory co-operation and linkages with its foreign counterparts remains a key focus of the SC’s international efforts. The relationships that the SC cultivated over the years have enabled it to tap on relevant expertise, insights, and request necessary assistance to support the SC’s role and functions.
In relation to supervision and enforcement, the SC has regular engagements with its counterparts through regional Supervisory and Enforcement Directors’ meetings. The IOSCO’s Multilateral Memorandum of Understanding (IOSCO MMOU) also allowed the SC to provide and receive regular assistance from international regulators, thus strengthening its enforcement capabilities and reach in dealing with cross-border market misconduct. In efforts to strengthen regional co-operation, the SC signed an MOU with the Securities and Exchange Regulator of Cambodia to facilitate greater regulatory, enforcement, supervisory co-operation and capacity-building efforts between the two regulators.
The SC continues to play an important role through the IOSCO Asia Pacific Hub, in strengthening the regulatory capabilities of securities regulators in the region as well as globally. The Hub fosters knowledge-sharing among securities regulators through interactive panel discussions, the exchange of best practices and case studies during workshops and seminars. To date, the Hub has trained over 1,800 participants from across 110 jurisdictions. In 2023, a total of six workshops and one webinar were organised, encompassing a variety of topics, including emerging risks in global capital markets, derivatives activity in developing markets, sustainable finance, cyber resilience, and regulatory enforcement.
3
Co-ordinating committee that monitors initiatives and progress of the ASEAN members towards building the capacity and laying the infrastructure for the development of ASEAN capital markets.
SECURITIES COMMISSION MALAYSIA ANNUAL REPORT 2023 121