The Securities and Futures Commission, the International Monetary Fund and the World Bank are promoting 12 standards on international disclosure and supervision to local financial intermediaries. The standards, which the World Bank and the IMF are promoting across Asia, aim to prevent another financial crisis erupting in the region. 'The implementation of the standards will increase transparency of the financial markets in the region,' IMF senior adviser Charles Enoch said. Mr Enoch, with SFC executives and representatives of the IMF and World Bank, met yesterday in Hong Kong with about 30 executives of banks, securities houses and fund managers to discuss the standards. Three of the 12 standards are related to benchmarks, disclosure requirements for government fiscal figures and monetary policies; three target the supervision standards of the banking, securities and insurance industry; and the remaining six list the best practices for market participants including corporate governance, accounting and auditing standards, market integrity and payment systems of banks. The 12 standards were introduced this year under the Financial Stability Forum to help to bolster market infrastructure.
