MANILA, Philippines - Corporate and equities market regulators are making sure that local companies are competitive when the Association of Southeast Asian Nations (ASEAN) regional economic integration starts in 2015.
Regulators are already crafting regional guidelines on various issues like disclosures and corporate governance while continuing education efforts, officials said.
“First of all, we do have all these regulations, requirements and disclosures. They are all out there in the open,†said Securities and Exchange Commission (SEC) chairperson Teresita J. Herbosa.
SEC is also closely working with counterparts from neighboring countries for initiatives that form part of the capital market integration of the ASEAN Economic Community (AEC), Herbosa said.
For instance, SEC is currently applying for a full membership in the International Organization of Securities Commissions (IOSCO), which would fully qualify SEC to sign memorandum of agreement with its ASEAN counterparts.
Herbosa said SEC could now be a qualified member of IOSCO given amendments to the Anti-Money Laundering Law that would allow an exchange of exchange of delicate information between regulators.
“But right now, even if we are not yet members, we are already taking part in the decisions in the committees,†Herbosa said.
The AEC would facilitate free flow of goods, services, labor, investments as well as capital in the economic bloc starting in 2015.
SEC is participating in committee workshops on issues like resolving disputes on cross border transactions, harmonization of bond registration and corporate governance.
In November, SEC conducted a consultative meeting on the ASEAN Disclosure Standards and Review Framework for multi-jurisdiction offering of equities and bonds in ASEAN.
Representatives of the Philippine Stock Exchange (PSE), Philippine Dealing & Exchange Corp., listed companies, investment houses, law firms and government agencies attended the meeting.