code. the code incorporates the principle of proportionality, given the diverse nature of market participants. what this means is that not every principle will apply directly to every market participant. in the case of a buy - side participant, you will find that only a portion of the principles have direct applicability. for example, most of the principles relating to execution are directly applicable only to sellside participants. hence, the implementation burden may not be as significant as one would expect. nevertheless, while the rest of the principles may not have direct applicability, they provide clarity to your counterparty relationship with the sell - side. by understanding the practices that your counterparties are abiding by, it informs what you should expect from the counterparty relationship. for example, in the hotly debated issues of mark - ups and last look, the good practices help you make more informed choices in selecting and interacting with your counterparties. while we were initially less optimistic about buy - side adoption relative to the sell - side, our outreach efforts have indicated that once the buy - side sees the benefits the code brings, they become enthusiastic adopters. the third reason why this code will be different, is that it was developed by an unprecedented public - private partnership, and will be kept relevant over time. the development process for the code was an intense and inclusive one, involving the participation of a wide range of market participants. hence, we expect strong buy - in from market participants. this partnership also recognises the importance of keeping the code relevant over time. moving forward, the code will be collectively owned and maintained by the local foreign exchange committees ( or fxcs ), through the global foreign exchange committee ( or the gfxc ). the gfxc was launched in may this year, together with the publication of the code. the gfxc, comprising members from key central banks and private sector market participants, will assess regularly if there are new market developments that should be included into the code. it will also oversee a comprehensive review of the code on a less frequent basis, keeping the code relevant over time. fourth, extensive outreach to market participants has been done and will continue. over the past two years, extensive outreach was undertaken to more than 120 sell - side and buy - side industry associations, and key market infrastructure globally. the response has been positive. these efforts by the gfxc, central banks and local fxcs, to raise awareness and encourage adherence to the

such as improved credit bureaus, and collateral and insolvency regimes. for the success of effective sme financing models, it is imperative that suitable supporting environment for the financial sector is in place. in particular, financial information and the ability to enforce collateral are seen as critical necessities. weaknesses in these areas appear to impede more aggressive financial services growth in developing markets. 29. we are very aware of these requirements and have taken several measures in that direction. our recent guidelines, based on aditya puri committee recommendations, envisage that credit information now will flow to all credit bureaus simultaneously and therefore the financial entities can have a holistic view about any prospective borrower at one go. as regards collateral registry, steps have been initiated in this direction. the central registry of securitisations, asset reconstruction and security interest of india ( cersai ) has come on the scene for registering security interests over property. other types of registry and inter - linking registries are also being debated. as regards insolvency, especially for msmes, as announced in the last budget, a committee is working out an insolvency framework. bis central bankers ’ speeches 30. public support schemes ( funded facilities, guarantee schemes, and state banks ) represent the large majority of the collected models. india has also adopted these strategies. cgtsme, msme lending as a priority sector lending for banks etc measures have been in line with this thought. 31. although msme financing and microfinance models have started yielding desired results, equity financing remains a challenge. given that banking and lending services represent the bulk of sme financing in the developing world, especially for small firms, equity financing presents an opportunity for the development of a complementary financial product. conclusion 32. to conclude, let me emphasize that increasing access to finance can only be successful if qualitative aspects are taken into account. adhering to principles of responsible finance and the g - 20 principles on innovative financial inclusion can serve this purpose. it should also be noted that although financial access is critical for msme growth, expansion of financial access should not be achieved at the cost of financial stability. appropriate prudential measures need to be exercised while offering finance to msmes, in order to avoid the potential pitfalls stemming from excessive credit. bis central bankers ’ speeches