Asian nations should take a pragmatic approach in adopting the package of global financial regulatory reforms aimed at addressing shortcomings exposed by the global financial crisis originated in the United States and Europe, the Chairman of the Securities and Futures Commission, Dr Eddy Fong said.
Speaking today at the 2nd Pan-Asian Regulatory Summit in Singapore, Dr. Fong said that Asian nations not only traditionally chart their own course without being wedded to any single ideology or development model, but also are adept at adopting success stories in advanced markets and adapting them for their own economic and financial development.
“This pragmatic, sensible and proven approach has served Asian countries, including Hong Kong, well over the years. Likewise, in considering financial reforms, Asian nations would do well to adopt and adapt international regulatory reform initiatives, as appropriate, and in initiating their own reforms to address specific local regulatory issues,” Dr Fong said.
Equally important, for Asia to have a voice in shaping the global regulatory reforms, Asian nations must continue to actively engage their counterparts in the West through participation in various standard setting bodies and international organizations, such as the Financial Stability Board.
“This would enable Asian nations to better understand the functioning of global financial markets and new regulatory concerns such as systemic risks associated with shadow banking and OTC derivatives market, as well as to avoid making the same mistakes in the future,” Dr Fong added.
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Hong Kong's Securities And Futures Commission: Pragmatic Approach In Embracing Global Financial Regulatory Reform
Date 28/09/2011