The Monetary Authority of Singapore (MAS) and the China Securities Regulatory Commission (CSRC) have affirmed their commitment to strengthen supervisory cooperation and enhance financial connectivity between the capital markets of both countries, at the 3rd MAS-CSRC Supervisory Roundtable held on 24 October 2018.
The Roundtable was co-chaired by MAS’ Deputy Managing Director Mr Ong Chong Tee and CSRC’s Vice Chairman Mr Fang Xinghai. Key highlights include agreement on cross border derivatives cooperation and formalising staff exchanges.
Building on the discussions at last year’s Roundtable, MAS and CSRC have agreed on the substantive areas for cooperation in supervising exchange-traded derivatives with a nexus to each other’s capital markets. The agencies will formalise the agreement in a Memorandum of Understanding (MOU) soon. This will enhance cooperation in the supervision of futures markets in both jurisdictions, and foster sound and stable development of the futures markets in Singapore and China.
MAS and CSRC signed a Staff Exchange MOU to facilitate staff exchanges between both agencies. Such regular exchanges will deepen working relationships and mutual understanding.
Other topics discussed during the Roundtable include ways to enhance cross-border supervision of capital markets, application of data analytics in supervision and the role of capital markets in supporting the Belt and Road Initiative.
Mr Ong said:
The Roundtable has been an excellent platform for us to work on meaningful initiatives to enhance supervisory cooperation. With increased cross-border capital market activities, MAS and CSRC acknowledge the importance of improving regulatory coordination and ensuring the financial stability of our capital markets. The derivatives MOU will lead to more effective cross-border regulatory oversight of futures markets, while the staff exchange arrangement will deepen ties between staff at both agencies.