The Securities and Exchange Regulator of Cambodia (SERC) and the Securities Commission Malaysia (SC) have entered a cooperation agreement on capital market development, in light of growing globalisation and cross-border activities of regulated entities/persons in both countries.
A Memorandum of Understanding (MoU) was signed in Kuala Lumpur, Malaysia early this week between H.E. Mr. Sou Socheat, Delegate of the Royal Government in charge as Director General of the SERC, and Dato’ Seri Dr. Awang Adek Hussin, SC Executive Chairman, a SERC’s press release said.
The MoU, which covers cross-border enforcement assistance, regulation, and supervision of capital market intermediaries, and the facilitation of licensing information, will strengthen collaboration in areas of mutual regulatory interest, it said.
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.
Both markets will gain from this cooperation as this will create long-term benefits for our people and country in this globalisation of financial market, said H.E. Sou Socheat.
“With the MoU signing, the cooperation between the two authorities is highly valued, signaling strong trusted relationships and sharing of experiences in various areas especially regulation and supervision,” he stressed.
The SC Executive Chairman Dato’ 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 added.
Following the signing of the MoU, senior officials from SERC and SC held a bilateral discussion as a first step to explore the MoU’s objectives to facilitate the development of the respective capital markets.
Areas such as investor protection, capacity building and product offerings and development were discussed. In furthering some of these areas, SERC and SC agreed that consultation with domestic market participants would enable stakeholders to gauge relevant demand and feasibility.