SC chairman Datuk Seri Dr. Awang Adek Hussin (left) and SERC Director-General Sou Socheat
KUALA LUMPUR: The Securities Commission Malaysia (SC) and the Securities and Exchange Regulator of Cambodia (SERC) signed a memorandum of understanding (MoU) on Feb 27, 2023, to facilitate greater regulatory, enforcement, and supervisory cooperation between the two regulators.
In a joint statement today, the two regulators said the MoU was signed in light of growing globalisation and cross-border activities of regulated entities/persons in both countries.
They said the agreement, which covered cross-border enforcement assistance, regulation, and supervision of capital market intermediaries, and the facilitation of licensing information, would strengthen collaboration in areas of mutual regulatory interest.
"In addition, the MoU also addresses capacity building and human capital development, as well as the exchange of regulatory expertise and technical knowledge to facilitate and encourage the development of the respective capital markets, in tandem with the continued growth and development of both Malaysian and Cambodian capital markets,” the statement said.
SC chairman Datuk Seri Dr Awang Adek Hussin said as connectivity between Asean markets grows, increased regulatory cooperation between authorities becomes imperative.
"This MoU significantly enhances bilateral ties between the two authorities and will be mutually beneficial as we develop and regulate our respective capital markets”, he said.
Director-general of the SERC, Sou Socheat, said: "With the MoU signing, the cooperation between the two authorities is highly valued, signalling strong, trusted relationships and sharing of experiences in various areas, especially regulation and supervision.
"Both markets will gain from this cooperation as this will create long-term benefits for our people and country in this globalisation of the financial market.”
Following the signing of the MoU, senior officials from SC and SERC held a bilateral discussion as a first step to explore the MoU’s objectives to facilitate the development of the respective capital markets.
The two authorities said areas of discussion included investor protection, capacity building and product offerings and development.
"In furthering some of these areas, the SC and SERC agreed that consultation with domestic market participants would enable stakeholders to gauge relevant demand and feasibility,” they added. - Bernama
