MAS and SGX will no longer vet prospectuses with a view to determining if they contain inaccuracies in information or factual  BIS Review 14/2001  5  errors. Issuers and their advisers have to bear greater responsibility for ensuring accurate and adequate disclosure. After a prospectus has been registered, it is proposed that MAS be empowered to issue a stop order and prevent further issues of securities if a prospectus is found to contain misleading or incorrect statements, or to have omitted material information. Investors who have subscribed for securities on the basis of the deficient prospectus can withdraw their applications and have their monies refunded. The new prospectus registration regime is aimed at placing greater responsibility on issuers and their advisers to meet the high standards of disclosure necessary for the development of more effective market discipline, and a more mature capital market environment. MAS will be seeking feedback on the proposed prospectus registration regime shortly, as part of our public consultation on the draft SFA. Conclusion Approaches to regulation worldwide are evolving with the times. An effective system of market discipline is necessary to sustain and promote the growth of open, transparent and competitive markets. Singapore is making substantial changes to its laws, rules and standards to support enhanced market discipline. It will be a process of evolution, but we have made good progress. Succeeding in this endeavour will require effort by both the regulator and all market participants, including issuers, their advisers and investors themselves.

The Government has committed itself to improving socio-economic conditions of the entire Island with a mix of infrastructure development, human capital development, and enterprise development while providing a safety net to the needy segments. To do so, the Government  6  BIS Review 88/2007  is attempting to direct investments beyond the centre, focusing on public-private partnerships and promoting the utilization of resources in the provinces. In that way, both the private sector and the public sector will have to become engines of growth and development! In all these endeavours, our ultimate goal has to be the provision of better living conditions for our people. That is one reason why the Statistics Department of the Central Bank is in the process of constructing a Prosperity Index to ascertain national, provincial and district-wise economic prosperity Once in place, the new index will be able to track regional performance, and we are hopeful that it would serve as a measure and a catalyst to encourage poverty reduction and to induce a faster trickle down effect. At the same time, we believe that there is great role for academics and professionals in the development of our country. In fact, the Central Bank has consciously recognized the importance of professionals’ contribution and has made efforts to gain from their expertise and knowledge as well. For example, in January 2007, a Monetary Policy Consultative Committee was established in the Bank, comprising of professionals, experts and representatives from other stakeholders in order to obtain their views on monetary policy implementation.