In a bid to bolster regulatory efficacy, and the region’s status within the global financial community, securities regulators in Asia are seeking greater cooperation.
The Asia Pacific Regional Committee (APRC) of the International Organization of Securities Commissions (IOSCO) says that, at a recent meeting in Tokyo, its 29 members took steps to enhance cooperation between the region’s securities regulators, and to work on building regulatory capacity. At the meeting, they agreed to a strategic framework for contributing to the region’s development.
The committee’s key areas for greater cooperation include strengthening regional cross-border regulatory cooperation; extending training and assistance between jurisdictions; dealing with the cross border impact of European and U.S. financial reform initiatives; and, recognizing the role of small and medium-sized firms in driving the region’s capital markets, collaborating and coordinating closely with other regional regulatory institutions, government bodies and the Financial Stability Board (FSB).
“We will continue to work collectively as a strong Asian voice on core issues which concern the sustainable development of Asian capital markets, recognizing the diversity of Asian economies as well as promoting greater regional convergence of standards,” said the APRC’s chair, Ashley Alder, CEO of the Hong Kong Securities and Futures Commission.
“We also intend to strengthen our relationship and collaboration in areas of mutual interest with other regional bodies such as ASEAN, the Financial Stability Board Regional Consultative Group for Asia, Asian Development Bank and the Capital Market Takeovers Forum,” he added.