1st Pan-Asian regulatory summit held in HK

13:19, November 29, 2010      

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The 1st Pan-Asian Regulatory Summit, an event organized by global information provider Thomson Reuters, was held in Hong Kong on Monday, to discuss issues including Asia's role on global financial regulation, regulatory challenges, and balancing act between innovation and supervision.

Speaking at the summit, Martin Wheatley, CEO of Hong Kong's Securities and Futures Commission, said the regulatory challenges for countries around the world include how to achieve the cross- border transnational regulatory implementation as regulatory structure is centrally domestically.

To build a system that would help us tackle the problems we may face in the future, we should not only look into past for advices, Wheatley added.

China has experienced a sustained and stable development in banking system, said Yan Qingmin, director general of China Banking Regulatory Commission (CBRC), Shanghai, while addressing at the two-day summit.

In the past, CBRC has learned to combine rule-based supervision with principle-based one, and connect individual- as well as business-based guarding activities together, Yan pointed out.

Referring to cross-border risk prevention, Yan said China has already had some successful experiences on such matters, and will continue to improve its capability to deal with them, Yan said.

The summit gathered more than two hundred people from relevant fields with high-level officials from institutions like Hong Kong Monetary Authority, Singapore Exchange, and Thailand's Securities and Exchange Commission delivering speeches.



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