this calls for a more harmonised and integrated approach to supervision of the financial system. besides co - ordinating among the different regulatory bodies to address unsupervised risks, overlaps and gaps in their regulatory framework, there may be a need to re - look the way national regulatory and supervisory authorities are organised, to create greater synergies and enhance efficiency. at the international level, efforts are underway to strengthen the architecture of the international financial system. in particular, efforts have been taken to increase transparency, and develop and implement standards and codes to promote greater stability and enhance the robustness of financial systems to shocks. efforts undertaken by international financial institutions include the imf's reports the east asian 9 economies are indonesia, malaysia, thailand, the philippines, singapore, korea, chinese taipei, hong kong and china. on standards and codes ( roscs ), and the imf / world bank's financial sector assessment program ( fsap ). many developing countries, however, have expressed concerns over the tendency of these organisations to adopt a one - size - fits - all approach without taking into account the different circumstances and varying implementation capacity of the countries involved. in the banking industry, the basle capital accord of 1988 was a landmark agreement which helped to increase the capital held by internationally active banks, and to create a more level playing field for banks under different jurisdictions. however, the rapid changes in banking and finance have led regulators to propose a new basle capital accord which will establish a more risk sensitive and comprehensive capital framework, to benefit banks as well as improve safety and soundness of the financial system. the new accord, however, poses challenges to asian banks and regulators alike. the banks would have to develop more sophisticated risk management capability while the regulators would need to build up technical knowledge as well as supervisory resources to validate banks'risk management systems and determine if banks are sufficiently well capitalised on an on going basis. mas initiatives to face the challenges i am sure governors will discuss at length the various challenges that i have highlighted earlier. perhaps i could share with governors efforts taken by singapore to address some of these challenges. the monetary authority of singapore undertook a fundamental review of our supervisory and regulatory policies. in the area of banking, our reforms have focussed on liberalising the banking sector, strengthening corporate governance and raising disclosure standards of local banks, and shifting away from one - size - fits - all regulation to risk - based supervision. mas announced a five - year

ong chong tee : regulatory landscape for 2016 – positioning for a dynamic, trusted and vibrant market keynote address by mr ong chong tee, deputy managing director ( financial supervision ) of the monetary authority of singapore, at the sgx equities dialogue 2016, singapore, 28 january 2016. * * * mr loh boon chye, ceo of sgx ladies and gentlemen good afternoon. i am delighted to join you at the inaugural sgx equities dialogue. a challenging start 1. 2016 has started on a challenging note for global stock markets. the first trading week of this year alone saw global markets losing close to s $ 3 trillion, 1 led by sharp declines in the chinese stock market. the sti index has fallen by more than 20 % during the last 12 months to the lowest level since october 2011. oil prices are testing lows last seen in 2004 and many other commodity prices are also under downward pressure. 2. the prevailing negative market sentiments reinforce the importance of various measures undertaken by both mas and sgx together with different market stakeholders, to build a more robust and resilient financial market. these include areas relating to capital, liquidity and margin rules, infrastructure resilience and so on ; all of which complement various measures on promoting high standards of professional conduct, improved corporate disclosures as well as retail investor education. we have also worked with the industry at large on regular stress tests and crisis management exercises. the current uncertain macroeconomic and market environments underscore the importance of staying vigilant to new or growing risk areas and vulnerabilities. 3. but it is also important not to lose sight of the long - term positives. our capital markets continue to attract a diverse range of players and activities. besides sgx, international exchange groups such as the intercontinental exchange ( ice ) and eurex, have or will establish exchanges and clearing houses in singapore. these will add to the vibrancy of our exchange landscape in parallel with the continued growth in our asset management industry. the last asset management survey done for 2014 showed robust growth in total assets under management, with assets under management increasing by 30 % to s $ 2. 4 trillion. there is clearly a role for our capital markets to help match savers and users of capital and in the management of financial risks. 4. the sgx equities dialogue this afternoon is a good occasion for sharing, discussion and reflection on developments affecting our securities market. allow me to use this address to