| Azlan Othman |
AUTORITI Monetari Brunei Darussalam (AMBD) is currently exploring ways to encourage corporations to use fund raising avenues other than banks, Hjh Mahani bte Hj Mohsin, Executive Director, Insurances/Takaful and Capital Market Supervision of AMBD, said yesterday.
Speaking at a regional seminar on Supervision of Self-regulatory Organisation (SRO) and Financial Market Infrastructures (FMI), she said this includes establishing the necessary financial infrastructure, providing incentives and creating a conducive environment. These initiatives are expected to transpire over the next few years.
“We are looking forward to Brunei Darussalam having its own self-regulatory organisations such as the establishment of stock exchange, central securities depositories, clearing agencies and others.
“In order to develop our capital market for better financial stability in our country, we will need to learn from other jurisdictions; their experiences and best practices.”
Hjh Mahani also said capital market is one of the key components in contributing to the development of a financial system. In order to maintain a stable capital market, SRO and self-regulation with proper policies and infrastructure can support market integrity and investor protection.
SROs’ prudential regulation and supervision in ensuring effective market supervision and promoting good market conduct strengthens the financial system.
The seminar is jointly organised by the Asia-Pacific Economic Cooperation Financial Regulators Training Initiative (APEC FRTI) and Asian Development Bank (ADB) from October 13-17 at the Rizqun International Hotel, Gadong.
The seminar is attended by over 60 local and foreign participants from securities commissions and capital market regulatory authorities. Expert speakers and consultants in the field of capital markets will deliver talks on various issues.
The objectives of the five-day seminar are to build the capability of regulators and supervisors in promoting a regulatory and supervisory environment that supports the development of their respective capital markets particularly SROs and FMIs.
The seminar is divided into 15 topics aimed to enable the participants to gain knowledge on the main responsibilities of SROs and division of responsibilities between SROs and regulators and how SROs are organised and governed as well as trends in governance principals.
The APEC finance ministers endorsed the establishment of the APEC Financial Regulators Training Initiative (FRTI) in May 1998 to strengthen financial supervision and regulation in the region by enhancing the analytical and technical capability of bank supervisors and securities regulators.
The APEC FRTI provides a sustainable, efficient and cost-effective training structure for junior and mid-level staff of financial supervisory and regulatory agencies, stock and derivative exchanges. To implement APEC FRTI, a secretariat was established at the ADB headquarters in Manila and is responsible for coordinating the training programmes, sourcing presenters and implementing the activities.