There are various policy initiatives under way to address the aforementioned shortcomings: At the EU, in accordance with the Ecofin roadmap, CEBS (in coordination with the industry) has been mandated to review public disclosure of types and amounts of securitisation exposures, significant individual transactions and Special Purpose Vehicles exposures by 7 banks and to consider complementary guidelines. At the international level, the Basel Committee on Banking Supervision (BCBS), following the Financial Stability Forum (FSF) recommendations, will issue further guidance to strengthen 8 disclosure requirements under Pillar 3 of the Basel II framework. However, the onus of identifying areas of improvement and providing useful disclosures that allow investors to assess the risk/return profile of financial institutions rests primarily with the industry. In this respect, I would like to make special reference to the European Securitisation Forum that since the early stages of the turmoil has acknowledged the importance of enhancing transparency. As you know, its work addresses the pertinent issues of (i) developing guidelines of best practices concerning securitisation disclosures; (ii) providing periodic aggregate data concerning the securitisation market and (iii) enhancing information to investors on the composition and performance of underlying assets at issuance and on an on-going basis. Availability of information is critical to maintain incentives along the securitisation chain and to enable market participants to make informed decisions. The quality of the documentation underlying issuances, such as pre-sale reports by rating agencies and prospectuses, should be improved.

In ASEAN, we are expected to be more integrated as a region arising from economic and financial integration process. It is from this perspective that I would like to expound some ideas on what ought to be the immediate priorities for the industry and the Association. Creation of domestically strong businesses With the foundation laid solidly for the conduct of professional and efficient money services business in the industry, the aspiration is for the creation of a pool of domestically strong and vibrant businesses that are able to compete with the best and expand beyond the Malaysian shores. Such businesses would be characterised by the ability to deliver a strong value proposition; and are committed to offer excellent service to their customers. To achieve this goal, I would like to focus on 3 immediate priorities for the industry: •  Firstly, continuing to nurture a mindset change within individual companies to spur and sustain the progress of the industry;  •  Secondly, putting in place a comprehensive human capital development plan to support strategies for the further advancement; and  •  Thirdly, creating the right incentives and a strong reputation for the constant delivery of high quality and innovative money services. Mindset change We are seeing many positive changes now taking place in the industry. Sustaining this transformation will call for businesses to have a long-term strategic view, the perseverance, willingness and be agile enough to adjust to changes in the operating environment.