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Indonesia Capital Market Supervisory Agency



The Philippines Securities and Exchange Commission


The Honorable Chairman of the Securities and Exchange Commission – the Republic of Philippines, Madam Lilia R. Bautista,Commissioner Gloria, Commissioner Poblador, Commissioner Juanita, and Commissioner Martinez,Distinguished Guests, Ladies and Gentlemen,

First of all, I would like to thank to all of you for your warmest welcome and for a very friendly atmosphere you provided to us today at this very important occasion, the signing ceremony of MOU between the Indonesian Capital Market Supervisory Agency and The Philippines Securities and Exchange Commission.

This is not the first MOU we have. We signed our first MOU in 1992 with the United States Securities and Exchange Commission, followed by with Hong Kong Securities and Futures Commission and the Securities Commission of Malaysia in 1994, with the Australian Securities Commission in 1997 before it changed its name into the Australian and Securities Commission, and with the Sri Lanka Securities Commission last year. However, we consider the MOU we are going to sign today will be the most constructive one for following reasons:

First, as Asean member countries, our leaders have agreed on the need to address ASEAN's cohesion as that would be an important factor for stability in the region;

Secondly, as developing countries, our economic leaders will take any endeavor to strengthen our economic cooperation; and

The last one, as emerging markets, we both share commitments towards a more robust and vibrant securities markets in the region.

In view of the last factor I mentioned, both Philippines and Indonesian securities markets also share common characteristics, and both securities commissions have parallel efforts in prioritizing its agendas in the years to come. We both assert our leadership in promoting demutualization of the stock exchanges. In this effort, both the Jakarta Stock Exchange and the Philippines Stock Exchange are facing identical challenges in which both have more than 150 members with different views on attempts we made.

We learned also that the Commission has just celebrated the first year anniversary of its new governance structure. I am pleased to inform you that Indonesian government is now working to restucture organizational and regulatory framework for financial sector services. Under no circumstances, the new agency named Indonesian Financial Services Authority or the Indonesian FSA will be established early next year, and is expected to be fully operational in the first semester of 2004. Your successful experiences in dealing with transition issues will be worthy to note and will be a valuable lesson for us to learn.

Boosting up enforcement activities, intensifying investors education program, promoting the implementation of good corporate governance principles, ensuring transparency and market integrity, and improving capacity building for personnel are another comparable priorities carried on by both Commissions. And – we do believe – that through this signing of MOU, achieving those goals will be far more effective.

Chairperson, Commissioners,

Distinguished Guests, Ladies and Gentlemen,

The liberalization of economic policies, and the lowering of barriers to capital flows coupled with the mobility of information as a consequence of technological developments and improvement in communication, have given rise to a globalization that has transcended geographical barriers. To the extend, capital raising and investment have expanded internationally and become a global endeavor and pursuit for borrowers and investors alike.

In these regards, the MOU we sign today is expected to improve the effectiveness of both respected agencies’ supervisory functions, and is truly a milestone in regulatory cooperation in an era where there is much truth to the old maxim that a chain is only as strong as its weakest link. With this MOU, we are forging a very strong chain indeed. Finally, the signing ceremony we have today is a symbol of a very strong commitment we plan to foster our international cooperation in the near future.


Thank you.

Metro Manila,  5 June 2002.

Chairman of Bapepam






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