s approach to supervision of the bank. towards this end and with an underlying objective of improving the effectiveness of our cross - border and cross - sector supervision, rbi has set up supervisory colleges for six banking groups. the acbs of these banking groups would do well to remain informed on the concerns raised by various overseas supervisors and other sectoral regulators during these supervisory colleges and lead the bank ’ s initiatives in responding to supervisory concerns. e ) some other important regulatory and supervisory measures introduced / likely to be introduced for bank / banking groups in india include capital and provision requirements for banks ’ exposures to entities with unhedged foreign currency exposure, capital requirement for bank exposures to central counterparties, provision for countercyclical buffer, liquidity coverage ratio and leverage ratio. acbs should make themselves more conversant with working paper no. 27 ( impact and implementation challenges of the basel framework for emerging market, developing and small economies ). bis central bankers ’ speeches these regulatory requirements and seek to be regularly updated on steps taken by the bank to comply with these requirements. additionally, the audit committees need to oversee the evolution of the institution ’ s audit and control functions in line with changes in the regulatory landscape. mutual fund industry 13. an analysis of portfolio holdings in equity of the top ten amcs in india along with their top ten holdings in equity stocks shows that the portfolio holdings of amcs comprise quite a few common stocks indicating preference towards a select group of stocks. although there are regulations limiting the exposure of amcs / schemes to particular scrip, a significantly high degree of concentration by the mutual fund sector may have implications for stability of the securities market as well as on the performance of the individual amcs too. i would urge the concerned audit committee to make it a part of their review process. ifrs implementation challenges 14. another area which needs close attention from the acb is the impending implementation of the much delayed migration to ifrs. as you may be aware, hon ’ ble finance minister in his budget speech of july 2014, announced the migration to ifrs converged indian accounting standards ( ind as ) for corporate on a voluntarily basis from fy 2015 – 16 and mandatorily from fy 2016 – 17. also, iasb has finalised ifrs 9 and made it mandatory from january 2018. this has paved the way for migration of banks to ind as from fy 2018 – 19 onwards. 15. there are several implementation challenges that are envisaged in

zeti akhtar aziz : economic ties between china and malaysia address by dr zeti akhtar aziz, governor of the central bank of malaysia, at the launch of industrial and commercial bank of china ( malaysia ) berhad, kuala lumpur, 28 april 2010. * * * it gives me great pleasure to be here today on the official launch of industrial and commercial bank of china ( malaysia ) berhad ( icbc ). the establishment of icbc in malaysia, the largest commercial bank in the world today, represents an important development in forging stronger economic and financial ties between the people ’ s republic of china and malaysia. this licence is issued pursuant to the arrangement entered into between the government of malaysia and the people ’ s republic of china in 2009, reinforcing a long - term relationship that has been strengthened over the years. the presence of icbc, in our financial system will pave the way for increased business and investment opportunities between our two countries. as asia leads the global recovery and with the progressive liberalisation in the region, the economic integration of the asian region can be expected to strengthen further. today, intraregional trade in asia has increased to an average of 50 % of the total exports of the region as compared to 32 % in 1995. the underlying structural and demographic changes in asia are expected to reinforce this trend. in addition, as domestic demand in the regional economies increases, it will provide further impetus to intra - regional trade and to the overall prospects for asia. in the area of infrastructure development in asia, the overall investment requirements for the next ten years are estimated to be about usd8 trillion. to support these developments, the regional financial integration process in asia needs to be accelerated and deepened. significant progress has already been achieved in strengthening cooperation and collaboration efforts amongst regional policymakers within the asian region to ensure that financial stability in the region is preserved. efforts have also been taken to develop the financial markets in asia. in addition, after a decade of financial reforms, the financial systems in asia have emerged resilient. while the financial systems in several of the advanced economies continue to be confronted by unresolved challenges, financial systems in the region have continued to function and perform well to support private sector economic activity. financial institutions in asia, have in fact, continued to expand their reach within the region during this period to support and facilitate the regional financial and economic integration. as regional financial integration accelerates moving forward, this would contribute towards sustaining the future