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The Monetary Authority of Singapore (MAS) and the China Securities Regulatory Commission (CSRC) announced that they have agreed to strengthen supervisory cooperation and facilitate the development of their capital markets, during the 2nd MAS-CSRC Supervisory Roundtable held in Singapore on 31 October 2017.
The Roundtable is one of the key outcomes of President Xi Jinping’s State Visit to Singapore in 2015, which called for securities regulators from both sides to hold regular high-level dialogue sessions. This second edition builds on the success of the inaugural Roundtable which was held in Chongqing, China in April 2016.
The 2nd MAS-CSRC Supervisory Roundtable was co-chaired by MAS’ Deputy Managing Director Mr Ong Chong Tee and CSRC’s Vice Chairman Mr Fang Xinghai. During the Roundtable, MAS and CSRC discussed regulatory developments in the derivatives markets and their respective frameworks for supervising fund managers. They also deliberated on enhancing information sharing arrangements for derivative products through an upgraded memorandum of understanding.
MAS and CSRC also discussed how they could work together to facilitate the development of their capital markets. They agreed on initiatives to support the listing of qualifying Chinese companies in Singapore and explore possible mutual recognition of collective investment schemes. They also agreed to develop a staff exchange programme between the two authorities. Representatives from the financial industries in Singapore and China were invited to the meeting to share their experiences and insights into possible capital markets collaboration initiatives between both countries.
Mr Ong said:
As global capital markets become more interlinked, it is important for supervisory authorities to promote greater understanding of their respective regulatory frameworks. With growing cross-border capital market activities taking place between China and Singapore, the MAS-CSRC Roundtable provides a good platform for both agencies to exchange views on potential areas for supervisory cooperation on a regular and timely basis.