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Global Emerging Markets Programme - Risk and Vulnerability of Global Markets: Reinforcing Resilience in Emerging Markets

Introduction to the Global Emerging Markets Programme

This new international cross-border regulator-to-regulator (R2R) sharing programme is open to all capital market regulators from developed and emerging economies around the world. DAY 1 of this programme will also include participation from capital market industry leaders. It will invite industry to join discussions in exploring and developing practical solutions for the growth and governance of capital markets.

The 2016 Theme: Risk and Vulnerability of Global Markets: Reinforcing Resilience in Emerging Markets

Capital markets make a significant contribution to global economic growth. However, as global markets continue to face economic headwinds, the potential systemic risk implications to emerging markets also grow in significance. Emerging capital markets today continue to be impacted by global liquidity flows emanating from the monetary policy stance of major economies and volatile currency and commodity markets, resulting in these markets being the hardest hit, with their currencies falling to multi-year lows.

As capital markets become increasingly interconnected and integrated, the potential for external risk and volatility to be transmitted via cross-border linkages also grows in tandem. Reinforcing resilience of markets has become a key priority amongst market regulators. Leading regulators today also believe capital market regulation and policy should be developed collectively to promote greater stability in an interconnected world. Greater international cooperation among policymakers appears more vital today in dealing with the risk and vulnerability of global economics than ever before.
 

Who Should Attend

DAY 1: Senior regulators and capital market business and professional leaders
DAYS 2 & 3: Senior officials of capital market regulatory agencies

 

  • Programme Delivery

    Principal Objectives of the Global Emerging Markets Programme

    • Establish a global platform for capital market regulators to exchange information and ideas to promote cross-border cooperation in developing, implementing and adhering to internationally recognised standards of regulation, market oversight and enforcement principles.
    • Exchange insights with global thought leaders on the growing market trends and changes that can quickly impact the dynamics of the world capital market landscape, as well as reflect on effective regulatory responses in managing investor confidence and market integrity.
    • Engage and dialogue with leading industry practitioners and other prominent experts on emerging risk issues affecting capital markets.
    • Employ the collective voice of emerging markets to play a bigger role in shaping the global capital market regulatory framework.

    This programme is presented in two distinct parts:

    DAY 1
    High Level Conference for Leaders in Capital Markets
    A high level conference designed for both senior regulators and capital market business and professional leaders. It reviews the global capital market outlook and highlights potential vulnerabilities and challenges for both regulators and industry in building resilient regulatory environments that can facilitate and accelerate the continued development of emerging capital markets.

    DAYS 2 & 3
    Senior Regulators Programme
    A programme designed for senior officials of capital market regulatory agencies. It focuses on key regulator functions that deal with current and new risk issues of emerging market regulators in building resilient and facilitative regulatory environments.
     

     

    Special Guest Speaker
    Mark-Mobius_print-res088.jpg Mark Mobius, PH.D.
    Executive Chairman, Templeton Emerging Markets Group

    Mark Mobius, Ph.D., executive chairman of Templeton Emerging Markets Group, currently directs 51 analysts based in Franklin Templeton's 20 emerging
    markets offices and manages the emerging markets portfolios. Dr. Mobius has spent more than 40 years working in emerging markets all over the world. He
    joined Franklin Templeton in 1987 as president of the Templeton Emerging Markets Fund, Inc.

    Dr. Mobius earned bachelor's and master's degrees from Boston University, and a Doctor of Philosophy (Ph.D.) in economics and political science from the
    Massachusetts Institute of Technology. He is the author of the following books: Trading with China, The Investor's Guide to Emerging Markets, Mobius on
    Emerging Markets, Passport to Profits, Equities - An Introduction to the Core Concepts, Mutual Funds - An Introduction to the Core Concept, Foreign
    Exchange - An Introduction to the Core Concepts, Bonds - An Introduction to the Core Concepts, Mark Mobius - An Illustrated Biography and The Little Book of
    Emerging Markets.

    Dr. Mobius was named by Asiamoney magazine in 2006 as one of their "Top 100 Most Powerful and Influential People." Asiamoney said, he "...boasts one of
    the highest profiles of any investor in the region and is regarded by many in the financial industry as one of the most successful emerging markets investors
    over the last 20 years. Despite tough times during the financial crisis nine years ago, he still commands a strong following in the investment world and is
    influencing the direction of billions of investment dollars." Other awards include: (1) "50 Most Influential People" by Bloomberg Markets Magazine in 2011, (2)
    "2010 Africa Investor Index Series Awards" by African Investor, (3) "Emerging Markets Equity Manager of the Year 2001" by International Money Marketing, (4)
    "Ten Top Money Managers of the 20th Century" in a survey by the Carson Group in 1999, (5) "Number One Global Emerging Market Fund" in the 1998
    Reuters Survey, (6) "1994 First in Business Money Manager of the Year" by CNBC, (7) "Closed-End Fund Manager of the Year" in 1993 by Morningstar and,
    (8) "Investment Trust Manager of the Year 1992" by Sunday Telegraph.
     

     

    The Speakers
    salmah-bee.jpg Salmah Bee Mohd Mydin
    Senior General Manager, Supervision, Securities Commission Malaysia

    In her 22-year career with the Securities Commission Malaysia ("SCM"), Salmah has been involved in a range of functions from licensing and authorization, development and policy
    formulation and investigation. She is presently involved in the supervision function, where she is in a leadership position for the strategic planning and delivery of the organisation's oversight function of licensed capital market intermediaries.

    Salmah plays a key role in managing the SC’s function to undertake prudential and conduct supervision to achieve the objective of ensuring the safety and soundness of market intermediaries and investor protection. Among the regulated activities that she supervises are Investment Banks, stock brokers, asset managers and corporate advisers.

    In addition, Salmah is also a board member of the Capital Market Compensation Corporation that is responsible for the management and administration of the Capital Market Compensation Fund, including establishing process and procedures for the determination and handling of claims and approval of such payments.
    IMG_1110-(2).jpg Tim Binning
    Lawyer, Dubai Financial Services Authority

    Tim Binning is an Associate Director in the General Counsel’s Division of the Dubai Financial Services Authority.  He is responsible for providing legal advice on, and drafting, new DFSA legislative proposals and Rules and also for providing legal advice to the Supervision and Markets Departments of the DFSA.

    He is admitted as a solicitor in both England and Australia. Before joining the DFSA, he worked for 10 years as a senior lawyer and manager with the Financial Services Authority in London and for 3 years as a Policy Officer with the European Commission in Brussels, where he was involved in developing and revising a number of financial services directives.

    He has also worked in Australia in various legal and policy positions.
     
    Bradley-Brown.jpg Bradley Brown
    Director International Policy, Australian Transaction Reports and Analysis Centre (AUSTRAC)

    Bradley Brown is currently the Director of International Policy at AUSTRAC. This role has responsibility for considering implications to Australia’s AML/CTF Regime of the revised Financial Action Task Force International Standards. There is a strong partnership in this work with the Attorney-General’s Department. Bradley has been with AUSTRAC since September 2004 and during his time has held various roles in AUSTRAC’s Intelligence Branch, Program and Project Management, Policy and Government Relations. Bradley has represented AUSTRAC and Australia at various international typology meetings presenting on money laundering and terrorism financing vulnerabilities. Prior to joining AUSTRAC, Bradley was a law enforcement officer, serving 15 years with the Queensland Police Service, principally in intelligence positions. Bradley holds a Masters in Policing, Intelligence and Counter-Terrorism.
     
    Lito-Camacho.jpg Lito Camacho
    Managing Director
    Vice Chairman, Asia Pacific
    Country Chief Executive Officer, Singapore


    Jose Isidro N. (Lito) Camacho is a Managing Director of Credit Suisse, based in Singapore. He is the Vice Chairman for Asia Pacific and also the Country CEO for Credit Suisse Singapore.

    Mr Camacho joined Credit Suisse in March 2005 after a distinguished career in government and international banking. He was appointed Secretary of Finance for the Philippines in 2001, a position he held until November 2003. As Secretary of Finance, Mr Camacho led the country's economic team and supervised the fiscal and financial sectors.

    Prior to that, Mr Camacho was the Secretary of Energy for the Philippines where he was credited with the successful passage of the country's power sector reform legislation. He was also Chairman of Land Bank of the Philippines, Philippine Deposit Insurance Corporation, Trade Development and Investment Corporation (PhilExim), Home Guaranty Corporation, National Power Corporation (NPC), Power Sector Asset and Liability Management Corporation (PSALM), National Transmission Corporation (Transco), Privatization Council, Capital Market Development Council, and National Credit Council.

    Prior to joining the government, Mr Camacho was a Managing Director and Chief Country Officer for the Philippines at Deutsche Bank, AG in Manila. Before Deutsche Bank, Mr. Camacho worked for Bankers Trust Company for over twenty years in New York, Japan, Hong Kong, Philippines and Singapore. His last position at Bankers Trust was Head of Investment Banking for Southeast Asia. Mr Camacho became a Managing Director at Bankers Trust in 1990 and obtained Partner status in 1996.

    Mr Camacho is currently a Director of SymAsia Foundation (Singapore), a board member of the National Gallery Singapore, a member of the Securities Industry Council (Singapore), a member of the Capital Markets Advisory Group of the Securities Commission (Malaysia) and a Founding Member of Asia Peace and Reconciliation Council. He is also the Non-Executive Chairman of Sun Life of Canada (Philippines), a board member of Sun Life Malaysia Assurance Berhad and Sun Life Malaysia Takaful Berhad. He was previously a board member of National Heritage Board (Singapore) and a former member of the Group of Experts of the ASEAN Capital Markets Forum.

    Mr Camacho obtained his Bachelor's degree in mathematics (cum laude) from De La Salle University in 1975. He received his MBA with concentration in Finance from Harvard University in 1979.
     
    sandip-ghose.jpg Sandip Ghose
    Director, National Institute of Securities Market (NISM)

    Mr. Sandip Ghose is the Director of the National Institute of Securities Markets (NISM), an educational initiative of the Securities and Exchange Board of India (SEBI). Prior to taking over as Director of NISM, Mr. Ghose was Head of Human Resource in the Reserve Bank of India (RBI).

    A central banker by profession, Mr. Ghose was Chief of Staff and Advisor to three successive RBI Governors - Dr. C. Rangarajan, Dr. Bimal Jalan, and Dr. Y.V. Reddy - over a period of nine years, i.e. 1996-2004. He was also the Principal, Bankers' Training College, Mumbai, between 2004-2007 where he was responsible for grooming and capacity building of the top management of the commercial banks in India. He has also served as Principal of College of Agricultural Banking, Pune and Regional Director of the RBI, Delhi.

    His knowledge of job markets and work place effectiveness coupled with his experience both within the country and abroad, provide a comprehensive perspective to institutions in formulating policies on training, performance and talent management.

    During his career, Mr. Ghose has received several prestigious awards including an Honorary Doctoral Degree by the Sikkim University.

    Mr. Ghose is Member on the boards of national and international training institutions and business schools.
     
    prof-rohan-gunaratna.jpg Professor Rohan Gunaratna
    Head of International Centre for Political Violence and Terrorism Research, Nanyang Technology University, Singapore

    Rohan Gunaratna is the head of the International Centre for Political Violence and Terrorism Research (ICPVTR)[1] at the S. Rajaratnam School of International Studies in Nanyang Technological University, Singapore. Currently, he is a professor of Security studies at the ICPVTR in S. Rajaratnam School of International Studies. By its size, ICPVTR is one of the largest counter-terrorism research and training centres in the world. Gunaratna received his Masters from the University of Notre Dame (USA), where he was Hesburgh Scholar and his doctorate from the University of St Andrews (Scotland), where he was British Chevening Scholar. He is a specialist in counter terrorist finance.

    A former Senior Fellow at the Combating Terrorism Centre at the United States Military Academy at West Point (New York), he was invited to testify on the structure of al Qaeda before the 9/11 Commission. The author of 15 books, including Inside al Qaeda: Global Network of Terror(University of Columbia Press), Gunaratna interviewed terrorists and insurgents in Afghanistan, Pakistan, Iraq, Yemen, Libya, Saudi Arabia and other conflict zones. For advancing international security cooperation, Gunaratna received the Major General Ralph H. Van Deman Award in June 2014.

     
    nik-h.jpg Nik Mohd Hasyudeen Yusoff
    Executive Director, Market and Corporate Supervision & Executive Chairman, Audit Oversight Board
    Securities Commission Malaysia

    Nik Hasyudeen is the Executive Director of the Securities Commission responsible for the Market and Corporate Supervision and the Executive Chairman of the Audit Oversight Board (AOB).
    He is presently a member of the Financial Reporting Foundation and also serves on the Corporate Debt Restructuring Committee which was set up by Bank Negara Malaysia. Nik is an Adjunct Professor at the Faculty of Business and Accountancy, University of Malaya.

    Nik was the former President of the Malaysian Institute of Accountants and also the former Vice-President of the Asean Federation of Accountants. He had also served on the Malaysian Accounting Standards Board, the Listing Committee of Bursa Malaysia and the Operational Review Panel of the Malaysian Anti-Corruption Commission.

    He holds a Bachelor of Business degree from Curtin University of Technology and is a Fellow of CPA Australia.
     
    Jane-Jarcho.jpg Jane E. Jarcho
    Deputy Director of the Office of Compliance Inspection and Examinations, U.S. Securities and Exchange Commission

    In February 2016, Jane E. Jarcho was named as the Deputy Director of the Securities and Exchange Commission’s Office of Compliance Inspection and Examinations (OCIE). Previously, beginning in March 2013, she served as the National Associate Director of OCIE’s Investment Adviser/Investment Company (IA/IC) examination program, a role she will continue to hold. In her roles, she will oversee approximately 600 lawyers, accountants, and examiners responsible for inspections of U.S. registered investment advisers and investment companies. Under Ms. Jarcho’s leadership, the IA/IC program increased examinations by more than 27 percent and targeted areas such as cybersecurity, never before examined investment advisers and investment companies, alternative mutual funds, fixed income funds, and retirement accounts.

    Before being named National Director of the IA/IC examination program, Ms. Jarcho was an Associate Director of the program in the SEC’s Chicago regional office. She began her SEC career in 1990 in the Division of Enforcement and held several positions, including Branch Chief, Senior Trial Counsel, and Assistant Regional Director, before joining OCIE in 2008. Ms. Jarcho has a bachelor’s degree from Middlebury College and a law degree from the University of Wisconsin Law School.
     
    DCE.png Dato' Dr Nik Ramlah Mahmood
    Deputy Chief Executive, Securities Commission Malaysia

    Nik Ramlah Mahmood made the transition from academia to capital market regulation in 1993 after serving 13 years at the Faculty of Law, University of Malaya – Malaysia’s oldest law school - where she taught subjects ranging from Commercial Law and Insurance Law to Tort and Jurisprudence at undergraduate and post-graduate levels.

    Nik Ramlah joined the Securities Commission (SC) as a Manager and Head of Department in 1993. She was made Executive Director in 1998, Senior Executive Director in 2006 and Managing Director in 2008. In 2012, she was appointed Commission Member and Deputy Chief Executive, a position provided for in the Securities Commission Act 1993.

    Since joining the SC, Nik Ramlah has been directly involved in most areas of capital market development and regulation, providing strategic and legal guidance in areas such as product and market development, bond market, fund management, corporate governance, Islamic finance as well as supervision and enforcement. She was directly involved in key capital market initiatives introduced over the last 2 decades such as corporate governance reform, development of the Islamic Capital Market, demutualisation of the stock exchange, rationalisation of the regulatory framework, introduction of the Capital Market Services Act and the Capital Market Masterplans. She has spoken extensively on these subjects locally and internationally.

    She is a member of the Board of the Securities Industry Development Corporation (SIDC) and the Capital Market Development Fund. She also sits on the Malaysian Venture Capital Development Council and is a member of the Professional Development Panel of the International Centre for Education in Islamic Finance (INCEIF).

    Nik Ramlah graduated with a First Class Honours in Law in 1979 from the University of Malaya, obtained her LLM in 1980 and PhD in 1988 from the University of London.

     
    adrian-mowat-for-web.jpg Adrian Mowat
    Managing Director & Chief Asian and Emerging Markets Equity Strategist, J.P. Morgan

    Adrian Mowat is J.P. Morgan's Chief Asian and Emerging Markets Strategist. He is responsible for advising J.P. Morgan’s institutional clients on equity investments in Asia and emerging markets.

    Adrian joined J.P. Morgan in 2002 as the Chief Asian Equity Strategist. Prior to this, he worked at Martin Currie Investment Management in Edinburgh for 14 years. During that time, he managed a broad range of mandates, including Asian, U.S. and emerging markets.
    Stephen-Po_2015-(1).jpg Stephen Po
    Senior Director, Intermediaries Supervision Department 
    Securities and Futures Commission, Hong Kong 

    Mr Po is the Senior Director and head of the SFC’s Intermediaries Supervision Department. In this capacity, Mr Po manages over 150 professionals and has prime responsibility for the supervision of market intermediaries in the securities and futures sector to strive for the highest standards of conduct, ethics and integrity.

    The SFC supervises over 2,200 financial intermediaries in Hong Kong including investment banks, securities dealers, futures brokers, financial planners and fund managers. Mr Po oversees key supervision activities such as carrying out on-site inspections of firms for the purpose of identifying and managing risky firms and detecting misconduct. He has also been actively involved in the formulation and implementation of anti-money laundering measures for the securities and futures industry.

    Mr Po is also the Chairman of the International Organisation of Securities Commissions (“IOSCO”) Committee 3 on the Regulation of Market Intermediaries. The C3 is part of IOSCO’s standard setting body that is responsible for reviewing and proposing standards on the regulation of market intermediaries in a cross border environment. The C3 currently comprises of members from 32 regulatory authorities around the world. Under the leadership of Mr Po, C3 has delivered a number of instrumental reports such as “Suitability Requirements with respect to the Distribution of Complex Financial products”, “Market Intermediary Business Continuity and Recovery Planning”, “Client Assets Protection” and “Crowdfunding 2015 Survey”.

    Mr Po is a qualified accountant and holds a MBA and BBA degree.
     
    Vincent-Poon-pic-(1).jpg Vincent Poon
    Manager, Hong Kong Investor Education Centre

    Mr Vincent Poon, manager at the Investor Education Centre (IEC), is responsible for the IEC’s education programmes for retirees. Supported by the four fi­nancial regulators in Hong Kong, the IEC is a dedicated organisation with the mission of improving financial literacy in Hong Kong. It aims to better equip the general public with skills and knowledge to make informed financial decisions and manage their money wisely through the provision of comprehensive, credible and impartial financial information. Before joining the IEC, Mr Poon had been an investment professional in international institutions for over 10 years and taught finance subjects in university.

     
    khairul-ridzwan.jpg Khairul Ridzwan Abdul Kuddus
    Deputy General Manager and Head of Investor Affairs and Complaints
    Securities Commission Malaysia 

    Mr Khairul Ridzwan Abdul Kuddus is the Deputy General Manager and Head of Investor Affairs and Complaints, Securities Commission Malaysia (SC). Mr Khairul has served with the SC for more than 20 years, and has held various posts during his tenure, including Assistant General Manager of Securities Issues, Head of Prospectus Department and Commission Secretary & Special Assistant to the Chairman. Immediately prior to his present posting, he was seconded to the Securities Industry Dispute Resolution Center (SIDREC) as the Chief Executive Officer for 2.5 years from 2010-2013.

    As Head of Investor Affairs and Complaints, Mr Khairul is responsible for rolling out the investor empowerment and education initiatives of the SC, which is a key thrust under SC’s investor protection mandate. In addition, the department handles and seeks to resolve complaints relating to capital market products, services and stakeholders.

    Mr Khairul sits on the International Forum for Investor Education (IFIE) Advisory Committee, and represents the SC on the International Organisation of Securities Commission’s (IOSCO) Committee 8 on Retail Investors, as well as the OECD’s International Network on Financial Education (INFE).

    Mr Khairul holds a LL.B (Hons) degree from Brunel University, United Kingdom and the Certificate of Legal Practice (Malaysia).
     
    Pak-Sarjito-Foto-1-(2).jpg Pak Sarjito
    Deputy Commissioner of Capital Market Supervision 1, Indonesia Financial Services Authority (OJK)

    Mr. Sarjito, SH., SE, MBA. is currently Deputy Commissioner for Capital Market Supervision I, Indonesia Financial Services Authority (OJK).

    He earned his Undergraduate Degree in Law specializing in Legal Practitioner from Faculty of Law, University of Indonesia. He also earned his Undergraduate Degree from Faculty of Economics, Gadjah Mada University, Yogyakarta. He holds an MBA degree in Finance from Saint Louis University, MO, USA.

    Mr. Sarjito is a progressive thinker and productive speaker in the area of capital market and enforcement. He lectures capital market and enforcement for Police Officers, Public Prosecutors, Judges, Corruption Eradication Commission, Lawyers, Public Notary, Issuers, Bankers, Academicians, and others.

    He has attended and spoken in several international conferences, seminars, and training, such as in France, Switzerland, Peru, Brazil, Hong Kong, United Kingdom, USA, Canada, Australia, Singapore, Peru, Japan, Korea, Malaysia, India, and others.

    He has been trained in several jurisdictions including serious training in Case Management and Management of Serious Crimes in Australian Federal Police (AFP), Canberra, and Australian Securities and Investment Commission (ASIC), and others.
     
    Ulrich_Zachau__220x220.jpg Ulrich Zachau
    Country Director, South East Asia (Brunei, Cambodia, Lao PDR, Malaysia, Myanmar, Thailand), East Asia and Pacific Region
    World Bank Group

    Mr. Ulrich Zachau, a German national, joined the World Bank Group in 1988. He has held various staff and management positions at the World Bank, including in Operations in Asia, Europe, and Latin America and the Caribbean as well as in Finance, Policy, and Research. During 1998-2003, he managed the development, reform, and implementation of the World Bank’s policies and approaches to country assistance and partnership strategies and development policy operations. He served as Director of Strategy and Operations for the Latin America and Caribbean Region (2003-2007) and Country Director for Turkey (2007-2011). Since joining the East Asia and Pacific Region in January 2012, he served as Director of Strategy and Operations for the Region (2012-2013) and acted as Country Director for the Pacific (September – December 2012). In October 2013, he took up the position of Country Director for South East Asia (covering Brunei, Cambodia, Laos PDR, Malaysia, Myanmar and Thailand).

    Mr. Zachau holds degrees in mathematics and economics from the University of Munich and a Ph. D. degree in economics from Oxford University, where he was a Rhodes Scholar. Before joining the World Bank, he worked for McKinsey & Co and taught economics at the University of Bonn.
     

     

  • Programme Outline

    High Level Conference for Leaders in Capital Markets

    10 SIDC CPE Points
    DAY 1 Tuesday, 15 March 2016
    08:45 am Arrival of Participants
    09:15 am Opening Remarks by
    Ranjit Ajit Singh
    Chairman of Securities Commission Malaysia, Vice Chairman of IOSCO Board and Chairman of IOSCO Growth & Emerging Markets Committee
    09:30 am Global Capital Markets Outlook - Emerging Opportunities, Risks, Uncertainties and Implications to Emerging Markets
    As global markets continue to be dominated by challenges including liquidity issues, commodity prices, interest rates and the Chinese economy, it is imperative for regulators and market players in emerging markets to study their implications from both risk and opportunity perspectives.

    This presentation will provide insights into the outlook of the global economy as well as examine its opportunities and risks to emerging markets. It will also discuss potential vulnerabilities and possible strategies to address challenges arising from these developments.

    Speaker:
    Dr Ulrich Zachau, Country Director, South East Asia (Brunei, Cambodia, Lao PDR, Malaysia, Myanmar, Thailand), East Asia and Pacific Region, World Bank Group
     
    10:15 am Coffee Break & Networking
    10:40 am
    SPECIAL GUEST SPEAKER
    Mark Mobius

    Executive Chairman, Templeton Emerging Markets Group

    Emerging Asia and Its Long-term Potential
     
    Investments in emerging markets may involve risks, including currency fluctuations and economic instability, in addition to their smaller market sizes, lesser liquidity and evolving legal, political, business and social frameworks that support securities market development. However, within this scenario, global investors have by and large been resiliently optimistic, more so in the long-term potential of some markets over others. This presentation will discuss where investors are most optimistic and explain why.
    11:40 am Panel Session I
    The Rise and Fall of Currencies and Commodities - Managing through Volatility and Complexity
    With commodities, currencies and developments in China continuing to influence global markets, managing investments in capital markets has become increasingly challenging for market players. Highly volatile and complex environments expose portfolios to greater risk. This session will discuss how commodities, currencies and developments in China affect the global business climate, particularly in emerging markets. It will also examine strategies and challenges in managing investments in volatile and complex business environments.

    Moderator:
    Lito Camacho, Managing Director and Vice Chairman of Credit Suisse Asia Pacific 

    Panellists: 
    Adrian Mowat, Managing Directory & Chief Asian and Emerging Markets Equity Strategist, J.P. Morgan
    Dr Ulrich Zachau, Country Director, South East Asia (Brunei, Cambodia, Lao PDR, Malaysia, Myanmar, Thailand), East Asia and Pacific Region, World Bank Group
     
    12:15 pm Panel Discussion and Q&A
    12:45 pm Lunch
    2:15 pm Rebuilding Trust and Confidence
    In recent years, ongoing occurrences of serious professional misbehaviour, ethical lapses and compliance failures in financial institutions have resulted in the erosion of public trust and confidence in financial markets as a whole, despite the hefty fines and penalties meted out as intervention measures against further erosion.

    The speaker will examine the key imperatives in rebuilding trust and confidence in global capital markets and how capital markets can effectively support equitable and sustainable growth of the economy, on the basis of good conduct and behaviour by all its participants.

    Speaker:
    Ian Johnston, Chief Executive, Dubai Financial Services Authority
     
    3:00 pm Coffee Break & Networking
    3:30 pm Panel Session II
    Facilitating the Development of Resilient Capital Markets
    On the back of the global market outlook and challenges presented in the morning’s sessions, our panellists for this presentation will share and discuss their experiences and expert opinions on regulatory philosophies and approaches that can facilitate growth and innovation on one hand, while addressing the risk concerns of global investors on the other.

    Moderator:
    Dr. Nik Ramlah Mahmood, Deputy Chief Executive, Securities Commission Malaysia

    Panellists:
    Sarjito, Deputy Commissioner of Capital Market Supervision 1, Otoritas Jasa Keuangan Indonesia
    Stephen Po, Senior Director and Head of Intermediaries Supervision Department, Securities and Futures Commission, Hong Kong and Chair of IOSCO’s Committee 3 on Regulation of Market Intermediaries 
    Jane E. Jarcho, Deputy Director of the Office of Compliance Inspection and Examinations, U.S. Securities and Exchange Commission
    4:40 pm Panel Discussion and Q&A
    5:00 pm End of Day One
     

    Senior Regulators Programme

    DAY 2 Wednesday, 16 March 2016
    08:45 am Arrival of Participants
    09:15 am Globalisation of Securities Regulation: Issues and Challenges
    The globalisation of securities regulation presents challenges to regulators all over the world as markets around the globe have varying degrees of regulatory oversight. Further, as the interconnectedness of capital markets has the potential to transmit external risk and volatility through cross-border linkages, reinforcing market resilience has become the top domestic priority amongst emerging market regulators.

    This session will discuss the issues and challenges emerging market regulators face in their effort to develop regulation that adheres to international standards.

    Speaker:
    Timothy Binning, Associate Director, General Counsel's Division, Dubai Financial Services Authority
     
    10:15 am Photography Session
    11:00 am Panel Session III
    Interactive Session on Culture, Conduct and Ethics
    The focus on business conduct and ethical behaviour within the financial services industry has received renewed impetus. Further, the publication of the UK Fair and Effective Markets Review (FEMR) in June 2015 has emphasised the need for higher professional standards within the fixed income, currencies and commodities (FICC) markets.

    The session aims to review the concepts of culture and conduct, their drivers, and how regulators and firms can ensure that these concepts are embedded in the firm’s DNA. To what extent can regulatory tools be used in dealing with bad conduct? Are escalating fines for financial firms an effective means of dealing with poor conduct?

    Moderator:
    Nik Mohd Hasyudeen Yusoff, Executive Director, Market & Corporate Supervision, Executive Chairman, Audit Oversight Board, Securities Commission Malaysia

    Panellists:
    Lito Camacho, Managing Director and Vice Chairman of Credit Suisse Asia Pacific
    Sandip Ghose, Director, National Institute of Securities Markets (NISM), India
     
    12:05 pm Panel Discussion and Q&A
    12:45 pm Lunch
    2:00 pm Panel Session IV
    Moving beyond Regulation - Making Supervision Work
    With greater emphasis being placed on culture and conduct in the current regulatory climate, supervisors are increasingly focused on financial institutions’ role in maintaining public trust and ensuring that the interests of customers are protected.

    Conduct issues run the gamut from the collusion and manipulation of financial markets demonstrated in the LIBOR and foreign exchange scandals, to providing services to sanctioned groups. But culture is an intangible concept – how can culture be measured? How does culture translate into good conduct? 

    As regulators, how do we supervise – and also incentivise – good culture and good conduct?

    The session will discuss what regulators should do in order to make supervision more effective. Should supervisors focus beyond systems and controls, for example, to examine a firm’s wider business more closely and be in direct contact with a wider range of people in firms? Further, what needs to be done before supervisors can effectively engage with the firm’s people to have a better understanding of the firm’s culture, including the way its business is conducted?

    Moderator:
    Stephen Po, Senior Director and Head of Intermediaries Supervision Department, Securities and Futures Commission, Hong Kong and Chair of IOSCO’s Committee 3 on Regulation of Market Intermediaries 

    Panellists:
    Sandip Ghose, Director, National Institute of Securities Markets (NISM), India
    Salmah Bee Mydin, Senior General Manager, Supervision, Securities Commission Malaysia
    Jane E. Jarcho, Deputy Director of the Office of Compliance Inspection and Examinations, U.S. Securities and Exchange Commission
    3:05 pm Panel Discussion and Q&A
    3:45 pm Coffee Break & Networking
    4:15 pm Town Hall Session
    Open discussions with speakers of the day
    5:00 pm End of Day 2
     

    Senior Regulators Programme

    DAY 3 Thursday, 17 March 2016
    08:45 am Arrival of Participants
    09:00 am
    Panel Session V
    Combating Anti Money Laundering (AML) and Countering Financing of Terrorism (CFT) in Capital Markets
    The session will explore the practical issues, priorities and emerging challenges in combating AML/CFT. Central to the Financial Action Task Force 40 Recommendations on International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation is the emphasis on the Risk Based Approach (RBA), which includes RBA to regulation and supervision of financial intermediaries. The new focus on RBA is intended to ensure that financial market regulators are able to identify, assess and understand the money laundering and terrorist financing risks which the financial sectors are exposed to, and take the necessary AML/CFT measures that commensurate with those risks to mitigate them.

    The session will address, among others:
    • The role of standard setters and regulators in setting baseline expectations in policy formulation and supervision, and facilitating effective implementation of RBA by industry players;
    • The necessary prerequisites regulators must adopt for successful implementation of RBA.
    Moderator:
    Jane E. Jarcho, Deputy Director of the Office of Compliance Inspection and Examinations, U.S. Securities and Exchange Commission

    Panellists:
    Professor Rohan Gunaratna, Head of International Centre for Political Violence and Terrorism Research, Nanyang Technology University, Singapore
    Bradley Brown, Acting National Manager Strategic Intelligence and Policy, Australian Transaction Reports and Analysis Centre (AUSTRAC)

    Sandip Ghose, Director, National Institute of Securities Markets (NISM), India
    10:05 am Panel Discussion and Q&A
    10:45 am Coffee Break & Networking
    11:00 am Panel Session VI
    Promoting Effective Cross-Border Enforcement and Credible Deterrence
    In an increasingly cross-border environment, raising the standards of enforcement action, encouraging cooperation among international regulators and making it more difficult to commit market misconduct are critical.

    The session will examine factors necessary to promote effective cross-border enforcement as well as some of the approaches adopted by regulators to credibly deter misconduct in capital markets in order to deliver better enforcement.

    Moderator:
    Jane E. Jarcho, Deputy Director of the Office of Compliance Inspection and Examinations, U.S. Securities and Exchange Commission

    Panellists:
    Ahmad Fairuz Zainol Abidin, Executive Director of Enforcement, Securities Commission Malaysia
    Professor Rohan Gunaratna, Head of International Centre for Political Violence and Terrorism Research, Nanyang Technology University, Singapore

    Bradley Brown, Acting National Manager Strategic Intelligence and Policy, Australian Transaction Reports and Analysis Centre (AUSTRAC)
    12:05 pm Panel Discussion and Q&A
    12:45 pm Lunch
    2:00 pm Panel Session VII
    New and Emerging Challenges to FInancial Literacy and Investor Education
    Digitisation and financial innovation are having a significant impact on global financial markets, and in particular, on how investor education and financial literacy programmes are being designed and delivered. While these developments provide for greater democratisation of markets and enable investors to benefit from greater access and cost savings, they also require investors to be appropriately equipped with the relevant skills and knowledge to navigate the increasingly complex financial landscape and to make informed investment choices.

    The session will examine the emerging trends and challenges in investor education and how regulators can work together to reduce cost and enhance effectiveness of investor education.

    Moderator:
    Azman Hisham Che Doi, Chief Executive Officer, Securities Industry Development Corporation

    Panellists:
    Sandip Ghose, Director, National Institute of Securities Markets (NISM), India
    Vincent Poon, Manager, Hong Kong Investor Education Centre
    Khairul Ridzwan Abdul Kuddus, Deputy General Manager and Head of Investor Affairs and Complaints, Securities Commission Malaysia
    3:05 pm Panel Discussion and Q&A
    3:45 pm Town Hall Session
    Open discussions with speakers of the day
    4:30 pm "Selamat Jalan" High Tea
    5:30 pm End of Global Emerging Markets Programme


    The programme for the Global Emerging Markets Programme (GEMP) 2016 is correct at the time of publication. However, the Securities Commission (SC) and the Securities Industry Development Corporation (SIDC) reserve the right to change dates, the programme and speakers without notice as a result of circumstances beyond their control.
  • Programme Fees

    By invitation only.

    For more information, please contact the GEMP Secretariat.

 

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