Bank Negara and Security Commission signs enhanced MoU
Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) signed a new Memorandum of Understanding (MoU) on 30 October 201, in addition to the MoUs signed between both parties in 2002 and 2007. The new MoU takes into account the changing financial landscape and the new international regulatory regime, covering formulation of legistrations and policies, regulation and supervision of entities, supervision of payment system, mutual recognition of financial planners and financial advisers and the conduct of investigation and enforcement actions.
Through this signing, BNM and SC can collaborate more closely in promoting financial sector and capital market stability under the joint regulatory oversight as well as in managing threats to financial stability and systemic risk including supervision of financial groups, management of financial crisis, supervision of money markets and derivatives market, combating threats relating to money laundering and terrorism financing and supervision of auditors of financial institutions.
by Terry Brown