IOSCO's Hub Reflects Strength, Quality Of Country's Capital Market: PM Najib

KUALA LUMPUR, March 14 (Bernama) -- The opening of the International Organisation of Securities Commission's (IOSCO) Asia-Pacific Hub here is a recognition of Malaysia's international leadership role in building sound global capital markets. Prime Minister Najib Razak said the selection of Malaysia as the host also reflected the strength and quality of the country's capital market as well as its regulatory architecture. "This Hub is a testament to the organisation's commitment to closer and productive engagement within the region and with emerging markets in general. "This commitment is shared by Malaysia, which has led initiatives to facilitate stronger cross-border linkages that will generate greater business and development opportunities for the country and the region," he said at the launch of the Hub here Tuesday. The Hub, which is IOSCO's first hub outside its headquarters in Madrid Spain, was launched at the Global Emerging Markets Regulatory Conference 2017. IOSCO, established in 1983, is the leading global body of capital market regulators from both developed and emerging economies. Najib said the regulatory framework of Malaysia's capital market has been assessed by the World Bank and the International Monetary Fund to be highly compliant with the IOSCO Objectives and Principles of Securities Regulation. "I believe there is an even greater potential for emerging countries to complement and strengthen each other, as well as through working with advanced economies. "And this is only through open discussions, close cooperation and collaboration among regulators and policymakers that we will arrive at common understanding and consensus about how all countries can collectively benefit," he said. Najib said that through the organisation's mechanism for multilateral information sharing and cooperation, the regulators were able to strengthen their markets and their regulatory capabilities. Through its promotion of internationally-recognised standards, capital markets and investors worldwide were able to benefit from a consistent and robust mode for market regulation, oversight and enforcement, he said. Meanwhile, Securities Commission Malaysia Chairman, Ranjit Ajit Singh, said the Hub would play a major role to further boost Malaysia's capital market in collborative basis and provide more connectivity and opportunities. He said the Hub would focus on creating a stronger and resilient market place for the region. "We're excited with the prospect and the potential for what it offers. It also allows the industy to be able to leverage on the presence of the Hub here and navigate the capital market opportunity around the region," he told reporters after the launching ceremony. He said the Hub was expected to be fully operational by mid-year, with specific regulatory focus initiatives for Asia-Pacific such as capacity-building programmes and technical assistance. Today, Asia-Pacific countries contributed close to 30 per cent of global gross domestic product, that is almost doubled what it was in 1980, and together they accounted for 47 per cent of the world's manufacturing output. By 2030, the region would account for 66 per cent of the world's middle class and represent 59 per cent of global middle class consumption. -- BERNAMA