##udential perspective in financial regulation to curb excessive risk on certain sectors. guidelines have been issued for the implementation of macro - prudential policy measures such as caps on loan to value ratio, debt2 / 4 bis central bankers'speeches to - income ratio, higher provisioning and capital requirements for certain sectors. the macroprudential rules have been reviewed from time to time in the light of variations in the vulnerabilities of the system. one among the essential aspects of supervision that are crucial for macro - level monitoring is the efficient exchange of information between supervisors, both at home and abroad. such an exchange provides an essential supervisory tool to support the supervision of banking groups. in this respect, the bank has signed memoranda of understanding ( mous ) with several domestic and foreign regulatory authorities. the banking act 2004 allows the bank to share information with any other central bank, under conditions of confidentiality. we are mindful, at the bank, that exchange of information is crucial with regulators of countries where our banking groups hold a regional presence. the bank has, in this context, held three supervisory colleges since 2013 with its host regulators. in mauritius, a memorandum of understanding ( mou ) was drawn since december 2002 between the two supervisory authorities, namely the bank of mauritius and the financial services commission, on information sharing. over the years, the cooperation and coordination of these two institutions have been enhanced through the setup of a joint coordination committee ( jcc ) and several working groups to coordinate supervisory work on common supervisory areas. the jcc typically meets every two months and reviews areas of interest. in addition, as the first deputy governor of the bank, i have been appointed vice - chairman of the fsc since june 2017. this appointment makes the cooperation between the two institutions more efficient and focused. as part of its reform strategy to reinforce the domestic banking sector, the bank also initiated changes to the corporate structure adopted by the two largest banking groups in mauritius. the separation of banking activities from non - banking activities limits the risk of contagion from nonbanking business to the bank, and allows management to focus on their core business of banking. in line with basel iii requirements, these banks are made to hold higher capital requirements. five domestic banks have been identified as being domestic systemically important banks, and since 1 january 2016, these banks have been required to hold, in a phased manner over a four - year period, an additional capital requirement ranging from 1 to 2. 5 per

the human behavior side of markets. this should help us be more adept at finding the bis central bankers ’ speeches convergence points among policy intent, market expectations and the eventual outcomes of market behavior. the business environment today is certainly dynamic not only because of the usual evolution of the markets. instead, the dynamism of the markets is driven by a fundamental shift in the market architecture. while we all recognize the importance of an enabled environment for the business community, we cannot afford to concede the overall stability of financial markets. bsp initiatives on fs and regional integration this shift towards financial stability – both as the prudential norm and as it affects regional integration – requires a broader mindset from all of us. at the bangko sentral ng pilipinas, we have invested a lot towards the pursuit of financial stability. we created a high - level financial stability committee at the bsp and thereafter collaborated with the dof, btr, sec, ic and pdic to establish the financial stability coordination council. within this ambit, a formal definition of financial stability has been adopted and there is a continuing assessment of regional integration as a financial stability issue. parallel initiatives are meant to strengthen market governance and risk controls. we raised the standards on bank capital, clarified supervisory expectations on the management of risks and enhanced board and management governance protocols. we have actively advocated financial inclusion and consumer protection, crafting a national strategy in the former and establishing a formal bank framework for the latter. new guidelines on credit and operational risks have been issued, with the it risk framework issued several years ago, long before concerns regarding cyber security came about. our active participation in regional forums is with a clear view of pursuing financial stability. we welcome the challenge of being the incoming chair of the working committee on asean banking integration framework ( wc - abif ) as well as executing the abif learning roadmap which the bsp led in crafting. in addition, we make time to be engaged at the fsb regional consultative group for asia ( fsb - rcga ) and the emeap working group for banking supervision ( emeap - wgbs ). both of these are principally platforms for calibrating global reforms into the regional context. i would be remiss if i do not share with you our involvement in the best - practice process of the oecd international network for financial education ( oecd - infe ). it is clear to us that financial education can better anchor