ASIA PACIFIC BUSINESS LEADERS RECOMMEND GUIDELINES FOR FINANCIAL SERVICES REFORM Santiago, May 24, 1998 - The Pacific Basin Economic Council (PBEC) today issued a set of recommendations on financial services regulatory reform intended as market-driven guidlines for Asia Pacific economies in reforming financial markets. The recommendations, announced in a report entitled Financial Services Liberalization and Regulatory Reform in the Asia Pacific region, was approved by PBEC at its 31st International General Meeting (IGM) in Santiago, Chile. The report and recommendations provide a comprehensive private sector view of the elements necessary for a market-driven, consumer-oriented regulatory framework. The report reflects the input from financial services users and providers from seven Asia Pacific economies including, Chile, Chinese Taipei, Indonesia, Japan, Korea and Malaysia, and was reviewed and approved by each of PBEC’s 20 member committees and the PBEC Board of Directors. As regional governments respond to the Asian financial crisis, the report and recommendations can serve as a guideline for governments and international organizations engaged in ongoing efforts to reform financial services regulatory regimes. The reforms are intended to build on the financial services liberalization efforts in the WTO that provided substantially greater market access in international financial services markets. Some of the specific recommendations include strengthening the public/private sector dialogue on regulatory reform, promoting greater transparency through adopting international accounting and auditing standards, allowing firms to introduce new products and compete on pricing and value-added services, and providing an overall vision, or ‘roadmap’, of deregulation and its goals. PBEC, an association of senior business leaders representing more than 1,100 major corporations in 20 economies around the Pacific account for more than US$ 4 trillion in global sales and employ more than 10 million people. PBEC’s annual IGM is an opportunity for the region’s foremost corporate executives to gather with other international leaders to discuss the key issues in the regional economy, and to issue policy recommendations and statements. The unprecedented scope of PBEC’s membership constitutes a broad and balanced reservoir of international business knowledge, unmatched in credibility and expertise. PBEC recently celebrated its 30th anniversary, making it the Asia Pacific’s most senior business organization. PBEC is the voice of business in the Pacific. Contact: |