Organisation de Coopération et de Développement Economiques
Organisation for Economic Co-operation and Development 17-Dec-2003
___________________________________________________________________________________________
_____________ English - Or. English
DIRECTORATE FOR FINANCIAL, FISCAL AND ENTERPRISE AFFAIRS
COMMITTEE ON FINANCIAL MARKETS
SUMMARY RECORD OF THE 5TH ROUNDTABLE ON CAPITAL MARKET REFORM IN ASIA
19-20 November 2003, Tokyo
This document is circulated for information.
For further information, please contact Mr. Yosuke Kawakami (tel: +33 1 45 24 18 26; fax +33 1 45 24
18 33; e-mail: yosuke.kawakami@oecd.org) or Mr. Akira Konishi (tel: +33 1 45 24 18 38; fax +33 1
45 24 18 33; e-mail: akira.konishi@oecd.org).
JT00156055
Document complet disponible sur OLIS dans son format d'origine
Complete document available on OLIS in its original format

DAFFE/CMF(2003)26
SUMMARY RECORD OF THE 5 TH ROUNDTABLE ON CAPITAL MARKET REFORM IN ASIA
1. The subject conference was held on 19-20 November 2003 at the Asian Development Bank
Institute(ADBI; co-organiser) in Tokyo, after the postponement from the original June date due to SARS.
2. The conference gathered around 50 participants, top-ranking officials from securities regulators of the
Asian region (including some chairs of the respective regulatory bodies), experts and practitioners from the region and OECD countries, and OECD staff headed by Deputy Secretary-General (DSG) Akasaka.
3. In light of recent developments in global capital markets and supervision, including recovery from the bear sentiments in global equity markets since the end of the long bull run around 2000-01, this year’s
Roundtable focused on four elements, namely:
I.
Market Failures and Regulators
II.
Consolidation and Demutualisation of Exchanges
III.
Rebuilding Confidence in Markets, and
IV.
The Relevance of the European Experience on Regional Regulation.
4. Mr. Cameron, former chairman of ASIC (Australian Securities and Investments Commission) chaired the meeting, while Mr. Pecchioli of the OECD partly co-chaired some of the sessions.
5. The Roundtable was opened by welcome remarks from Mr. Akasaka and Mr. McCawley, Dean, ADBI, as well as an introductory remark by Mr. Cameron.
6. Session I: Market Failures and Regulators - Why are regulators always blamed for market failures? discussed two case-studies, respectively in Hong Kong and Australia, where governments seemed obliged to seek regulators as “scapegoats” in times of market failures, leading to various inquiries and reports.
7. In the HK Penny Stocks Incident, Mr. Alder, Executive Director, Corporate Finance of the Hong Kong
Securities and Futures Commission (HKSFC), summarized the history of the incident and the lessons learnt; while Ms. Yang, Deputy Director-General, Department of International Cooperation, China
Securities Regulatory Commission, commented on the incident’s implications for supervision in mainland
China; and Mr. Cameron, who in fact sat on the Expert Group to review the regulatory structure, explained the Group’s findings. In the general discussion that followed, among the various opinions and comments, it was opined that the incident was less a case of market failure than a case of regulatory failure, and perhaps a failure of the political process to sort it out as such.
8. In the Australian HIH Insurance Collapse, Mr. Longo, former ASIC Head of Enforcement, argued that distinguishing between “prudential” and “conduct based” supervision is not always helpful, and emphasized the role of “expectations management” so that the general public would have a more realistic expectation of the regulators. Mr. Cameron again commented as one of the officials involved in the incident, and a general discussion followed raising, inter alia, the issue of an optimal governance structure of regulators.
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DAFFE/CMF(2003)26
9. Prof. Sakakibara of Keio University and former Japanese Vice Finance Minister for International
Affairs made a luncheon speech, describing new developments not only in the Japanese economic sphere but also in the political arena, pointing towards signs of economic recovery and a generational change in the political scene.
10. Session II: Consolidation and Demutualisation - What Strategies Should Exchanges Adopt for the
Future?, building upon the discussions in the previous Roundtable in April 2002, examined the responses that exchanges are making to competitive pressures, globalization, and technological changes. Mr. Lee,
Managing Director, Oxford Finance Group spoke about the changing market structures and the pros and cons of demutualization; while Mr. Alder from the HKSFC, Ms. Diplock, Chairperson of the New Zealand
Securities Commission, and Mr. Shimizu, Executive Officer of the Tokyo Stock Exchange, Inc. commented on the experiences including demutualization in their respective domains. Mr. Endo, Senior
Financial Sector Specialist, World Bank also commented on his working experiences in the lesser developed economies in the world.
11. Session III: Rebuilding Confidence in Markets originally intended to discuss the effect of the prolonged bear market when the agenda was developed very early in the year. However, as the Roundtable was deferred five months due to the SARS outbreak, participants had the benefit of hindsight of having not as gloomy a perspective nearly a year down the road.
12. Nevertheless, Dr. Grenville, former Deputy Governor, Reserve Bank of Australia, building upon the discussions in Session I, spoke about the importance of market discipline and “governance, or regulation lite” in order to restore trust in financial markets; and Mr. Thompson, Financial Counsellor, OECD drew a background picture of the problems with confidence in problems inherent in capital markets, indicating that rebuilding trust in markets requires efforts to assure that the various market participants, such as rating agencies, investment research providers and CIS, are indeed acting as reliable agents of investors; while
Dr. Rhee, Professor of International Finance and Banking, University of Hawaii surveyed the existing literature and experiences on short-sale regulation as a regulatory measure against excessively bear markets.
13. The session continued with presentations from Mr. Herwidayatmo, Chairman of Indonesia’s
BAPEPAM, on its experience to rebuild market confidence; and Mr. Ismail, Head of Market Conduct
Policy Division, Monetary Authority of Singapore, on the key findings of the survey on Investor Protection conducted for IOSCO APRC members. The latter survey found that the baseline levels of .investor protection already existed among the APRC members, but that further improvements could be sought in such areas as investor education and dispute resolution. Mr. Matsuo, Director for International Financial
Markets of the Japanese Financial Services Agency (JFSA), also commented on recent developments in global capital market reforms, including the raison-d’etre of the Japanese short-sale regulations introduced against sometimes manipulative trading. A general discussion followed, including a debate on appropriate supervisory structures.
14. Session III continued, against the backdrop of the increased role of institutional investors in security markets. with a presentation on an OECD survey on “Governance of and by Institutional Investors” by
Mr. Lumpkin, Principal Administrator, OECD, in which he surveyed issues such as internal control mechanism and measures for minimizing conflicts of interest (“governance of institutional investors”), voting rights and other monitoring activities (“corporate monitoring by institutional investors”). Mr.
Limjoco, Lead Financial Sector Specialist, ADB commented on corporate governance challenges in the
Asia-Pacific region, including the issue of family-owned and –controlled corporations and some measures taken in ADB member countries; while Mr. Park from the Securities Policy Division of Korea’s Ministry of Finance and Economy commented on institutional investor activism, inter alia in Korea. An active discussion followed, inter alia of corporate governance issues of family-owned corporations.
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DAFFE/CMF(2003)26
15. Session IV: The Relevance of the European Experience on Regional Regulation to Asia -The
Outlook for a Pan-European Securities Regulator, opened with a presentation by Mr. Lee, Managing
Director, Oxford Finance Group, in which he predicted that, notwithstanding a failure in the “Lamfalussy
Process” to integrate the European financial markets, a European Securities and Exchange Commission would be established following the path of “least political resistance”. Mr. Adler of the HKSFC, while noting both the pros and cons of a supra-national regulator, however, argued that the time for a similar authority in Asia seemed relatively much farther into the horizon for the time being at least, not least because of the relative little convergence of the Asian economies and capital markets at this stage.
16. As the final item of the program, Mr. Clark, Advisor in the Financial Infrastructure Division, IMF commented on the experiences of the IMF-World Bank Financial Sector Assessment Programs (FSAPs) in the region with respect to securities regulation, noting that, while the structural framework was generally already in place, further improvements could be made in their implementations.
17. Although, due to the lack of time, it was not formally decided during the official sessions of the
Roundtable, it was generally understood that the next Roundtable meeting would take place next fall. (The exact dates and agenda will be subsequently discussed and developed with the ADBI, the JFSA and others, taking advantage, for example, of the IOSCO meetings in February and May.)
(All the presentations and papers distributed at the Roundtable can be found in the conference web-site: http://www.oecd.org/document/6/0,2340,en_2649_34849_18351174_119808_1_1_1,00.html .)
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DAFFE/CMF(2003)26
5 th Roundtable on Capital Market Reform in Asia
19-20 November 2003
ADBI Institute, Tokyo
Day 1
Wednesday, 19 November
8:45-9:00 Registration
9:00-9:30 Opening Session

Welcome remarks by Mr. Kiyotaka Akasaka , Deputy Secretary-General, OECD

Welcome remarks by Mr. Peter McCawley , Dean, Asian Development Bank
Institute

Introductory remarks by Mr. Alan Cameron , the chair of the meeting
Session I: Market Failures and Regulators - Why are regulators always blamed for market failures?
It is an essential feature of a capitalist system that there should be failures, but when they occur, governments seem to feel obliged to seek scapegoats – someone else to blame. Public inquiries are usually held. How should regulators deal with that? What problems do such inquiries cause for the regulators doing their jobs in such cases? How well do their statutory protections work in the event of lawsuits against them? There have been several incidents of market failures in large jurisdictions in the region lately which have led to inquiries and reports; we shall hear about and discuss both the processes and the outcomes.
Part A The HK Penny Stocks Incident
9:30-10:10 Presentations:

Hong Kong ( Mr. Ashley Alder , Executive Director, Corporate Finance of Securities and Futures Commission) is expected to speak.
10:10-10:40

Mr. Alan Cameron is expected to comment.

Ms. Qiumei Yang (Deputy Director-General, Department of International Cooperation,
China Securities Regulatory Commission) is expected to comment.
General discussion
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DAFFE/CMF(2003)26
10:40-11:00
Part B
11:00-11:30
Coffee break
The Australian HIH Insurance Collapse Case
Presentations:

Mr. Joe Longo (former ASIC Head of Enforcement and General Counsel,
Corporate and Investment Bank (Asia) Deutsche Bank, AG) is expected to speak.

Mr. Alan Cameron is expected to comment.
11:30-12:00 General discussion
12:00 – 13:30 Lunch
Luncheon speech by Prof. Eisuke Sakakibara , Keio University, Former Vice Finance Minister for
International Affairs
Session II: Consolidation and Demutualisation - What Strategies Should Exchanges Adopt for the Future?
Presentations will examine the responses that exchanges are making to competitive pressures, globalization, and technological changes. It will address the following key policy questions: To what extent should emerging markets support the development of their own equities markets, or instead encourage regional alliances or mergers? Should emerging stock exchanges demutualise?
13:30-14:40 Presentations:

Mr. Ruben Lee (Managing Director, Oxford Finance Group) will speak as a lead speaker.

Hong Kong (Mr. Ashley Alder , Executive Director, Corporate Finance of
Securities and Futures Commission) is expected to comment.

New Zealand ( Ms. Jane Diplock, Chairman of Securities Commission) is expected to comment.

Mr. Toshitsugu Shimizu (Executive Officer, International Affairs and Clearing
& Settlement, Tokyo Stock Exchange, Inc.) is expected to comment.

Malaysia ( Mr. Ranjit Ajit Singh , Director, Securities Commission) is expected to comment.

Mr. Tadashi Endo (Senior Financial Sector Specialist, Financial Sector
Operations and Policy Department, World Bank) is expected to comment.
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DAFFE/CMF(2003)26
14:00-15:10 General discussion
Session III: Rebuilding Confidence in Markets
Part A Prolonged Bear Market and its Aftermath
The long bull market period since the 1980’s ended three years ago, and opinions differ as to whether the prolonged bear market, particularly in the United States, has reversed or rather has become entrenched in investors' thinking. Although the stock prices in this region since last spring have shown progressive recovery, future trends are still unpredictable, and confidence in Markets clearly remains to be rebuilt.
What do participants see as the cause of the late 1990s bubble? Did conflicts of interest hinder financial intermediaries from acting in the best interests of clients? How serious and long lasting will the downturn be? Are there any encouraging developments in the Asian region recently?
What should be the basic policy stance for market regulators/supervisors in this environment? Should one tread carefully to avoid damaging any signs of new confidence among investors, or act strongly against those who broke the rules during good times? Does one relax the rules, for example, to ensure that the requirement to meet a prudential margin does not cause more selling of securities, or tighten the rules on say, short selling, to remove a factor which might weaken the market?
Are there dangers in failing to introduce needed reforms or in taking actions that may lead to excessive and/or unforeseen consequences for foreign investors? How can the authorities promote private sector
“ownership” of reforms?
Have changes in patterns of financial intermediation led to a reallocation of risk? What role did newer products, such as credit derivatives, play in reallocating risk? What is the appropriate policy response to the reallocation of risk?
Against this background, how is the health of the industry? Are there any prudential concerns? What is the scope of the cost cutting/downsizing of the industry? What, if any, are the risks associated with extensive reduction of staff? Can cost cutting/downsizing lead to recovery in the near term?
15:10-16:10 Presentations:

Dr. Stephen Grenville (Visiting Scholar, ADBI and former Deputy Governor,
Reserve Bank of Australia) will speak on "Restoring Trust in Financial Markets", at the invitation of the ADBI .

Mr. John Thompson (Financial Counsellor, Directorate for Financial, Fiscal and
Enterprise Affairs, OECD ) will draw a background picture of the problems with confidence in the financial markets, while summarizing how market participants and officials in the OECD countries have been seeking to correct the imbalances that surfaced since early 2000.

Dr. Ghon Rhee (Professor of International Finance and Banking, University of
Hawaii) will speak on “Bear market and short sale regulation”.
16:10-16:30 Coffee Break
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DAFFE/CMF(2003)26
Session III:
16:30-17:20
Continued
Presentations

Indonesia ( Mr. Herwidayatmo , Chairman of BAPEPAM) is expected as a speaker from the regulators side.

Singapore ( Mr. Mohammad Nizam bin Ismail , Deputy Director, Head of Market
Conduct Policy Division, Market and Business Conduct Department, MAS) is expected as a speaker, on the key findings of the survey on Investor Protection that has been conducted for IOSCO APRC members.

Japan ( Mr. Naohiko Matsuo , Director for International Financial Markets,
Financial Services Agency) is expected to comment.
17:20-17:50
17:50
19:00
Day 2
General discussion
Conclusion of Day 1 Program
Reception hosted by the OECD
Thursday 20 November
Session III (continued):
B. Governance of and by Institutional Investors
During the 1990s, equity markets benefited in particular from the continuous and large inflows of funds from institutional investors. Even in the bull market period, it was mainly through institutional investors that individuals increased their exposure to equities. Because of their key role in representing the interest of final investors, in discussing priorities of rebuilding confidence in markets, the issues of “governance of institutional investors” and “corporate monitoring by institutional investors” has received considerable attention.
Has the market downturn revealed any problems with institutional investors? Do these institutions face conflicts of interest or agency problems? How should institutional investors exercise their governance rights in companies in which they hold equity?
9:00-9:40 Presentations:

Mr. Stephen Lumpkin (Principal Administrator, Directorate for Financial, Fiscal and Enterprise Affairs, OECD) will present, based on the latest survey, on the issues above such as internal control mechanism and measures for minimizing conflicts of interest (“governance of institutional investors”), voting rights and other monitoring activities (“corporate monitoring by institutional investors”), and policy implications for the Asian region.
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DAFFE/CMF(2003)26

Mr. Renato Limjoco (Lead Financial Sector Specialist, ADB ) is expected to comment.

Korea ( Mr. Jung-Hoon Park , Deputy Director, Securities Policy Division,
Ministry of Finance and Economy) is expected to comment.
9:40-10:10
10:10-10:30
General discussion
Coffee break
Session IV: The Relevance of the European Experience on Regional Regulation to Asia -The
Outlook for a Pan-European Securities Regulator
The Asian financial crisis implies that, in a rapidly progressing globalisation, countries have to be vigilant because problems in any part of the world transfer swiftly to other areas. It is also surely useful and practical to move ahead with greater co-operation at the regional level. And the regional financial cooperation has since been intensified through ASEAN/ASEAN+3 or in other multiple occasions. Given the difference in nature from the European context, what could be the relevance of the European experience on regional regulation to the region?
10:30-11:00 Presentations:

Mr. Ruben Lee will speak on the outlook for a European Securities and Exchange
Commission.

Hong Kong is expected to comment.
11:00-11:30
11:30-11:45
General discussion
Concluding Session
11:45 – 13:30 Lunch
Luncheon speech by Mr. Peter Clark , HQ-based TA advisor, Financial Infrastructure Division, Monetary and Financial Systems Department, IMF
13:30 Conclusion of the meeting
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DAFFE/CMF(2003)26
Fifth Round Table on Capital Market Reform in Asia
19-20 November, 2003, Tokyo
List of Participants
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT
ASIAN DEVELOPMENT BANK INSTITUTE
CHAIRMAN Mr. Alan Cameron
Consultant
Blake Dawson Waldron
225 George Street
Sydney, NSW 2000, Australia
Tel: 1 612 9258 6872
Fax: 1 612 9258 6999
Email: alan.cameron@bdw.com
AUSTRALIE
AUSTRALIA
CORÉE
KOREA
OECD Countries
Mr. Stephen Alexander Grenville
Adjunct Professor
Australian National University
31 Doris Street
North Sydney, NSW 2060, Australia
Tel: 612 9955 9191
Email: stephengrenville@hotmail.com
Mr. Junghoon Park
Deputy Director
Ministry of Finance and Economy
88, Gwanmun-Ro, Gwacheon
Gyeonggi-Do, 427-725, Republic of Korea
Tel: 822 503 9263
Fax: 822 503 9265
Email: jpa893@mofe.go.kr
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ETATS-UNIS
UNITED STATES
JAPON
JAPAN
DAFFE/CMF(2003)26
Professor S. Ghon Rhee
K.J. Luke Distinguished Professor of
International Finance and Banking
University of Hawaii
FEI/CBA
2404 Maile Way (#C304)
Honolulu, Hawaii 96822-2282, U.S.A.
Tel: 1 808 956 2535
Fax: 1 808 956 2532
Email: rheesg@hawaii.edu
Mr. Akira Ariyoshi
Deputy Vice-Minister for International Affairs
Ministry of Finance
3-1-1 Kasumigaseki, Chiyoda-ku
Tokyo, Japan 100-8940
Tel: 813 3581 4720
Fax: 813 5251 2144
Email: akira.ariyoshi@mof.go.jp
Mr. Atsushi Takeuchi
Deputy Director of Planning and Coordination
Division
International Department
Bank of Japan
2-1-1 Hongokucho Nihonbashi, Chuo-ku
Tokyo 103-8660, Japan
Tel: 813 3277 2915
Fax: 813 5255 6756
Email: atsushi.takeuchi@boj.or.jp
Ms. Kayo Yoshida
Bank of Japan
2-1-1 Hongokucho Nihonbashi, Chuo-ku
Tokyo 103-8660, Japan
Tel: 813 3277 1917
Fax: 813 5255 6756
Email: kayo.yoshida-1@boj.or.jp
Mr. Toshitsugu Shimizu
Executive Officer
International Affairs and Clearing and Settlements
Tokyo Stock Exchange
2-1 Nihombashi-Kabuto-Cho
Chuo-ku
Tokyo, 103-8220, Japan
Tel: 813 3665 1015
Fax : 813 3668 7909
Email : to-shimizu@tse.or.jp
11

ROYAUME-UNI
UNITED KINGDOM
DAFFE/CMF(2003)26
NOUVELLE ZÉLANDE
NEW ZEALAND
CHINE
CHINA
Mr. Naohiko Matsuo
Director for International Financial Markets
Financial Services Agency
3-1-1 Kasumigaseki
Chiyoda-ku
Tokyo 100-8967, Japan
Tel: 813 3506 6206
Fax: 813 3506 6113
Email: n-matsuo@fsa.go.jp
Ms. Jane Diplock
Chairman
New Zealand Securities Commission
Level 12, Reserve Bank Building
2 The Terrace
P.O. Box 1179
Wellington, New Zealand
Tel: 64 4 472 9830
Fax: 64 4 472 8076
Email: jane.diplock@sec-com.govt.nz
Dr. Ruben Lee
Director
Oxford Finance Group
25 Hugo Road, Tufnell Park
London N19 5EU, United Kingdom
Tel: 44 20 7700 2917
Fax: 44 20 7700 2201
Email: rubenlee.ofg@btinternet.com
Non-Member Economies
Ms. Qiumei Yang
Deputy Director General
Department of International Cooperation
China Securities Regulatory Commission
16 Jinrong St.
Eiching District, Beijing
Tel: 8610 8806 1531
Fax: 8610 6621 0206
Email: yangqm@csrc.gov.cn
12

HONG KONG, CHINE
HONG KONG, CHINA
INDONÉSIE
INDONESIA
13
DAFFE/CMF(2003)26
Mr. Joseph Longo
General Counsel
Corporate and Investment, Asia
53 rd Floor, Cheung Kong Center
2 Queen’s Road Central
Hong Kong
Tel: 852 2203 6295
Fax: 852 2203 6958
Email: joe.longo@db.com
Mr. Ashley Alder
Executive Director, Corporate Finance
Securities & Futures Commission
8/F, Chater House
8 Connaught Road Central
Hong Kong
Tel: 852 2842 7663
Fax: 852 2810 5385
Email: aalder@hksfc.org.hk
Mr. Herwidayatmo
Chairman
The Capital Market Supervisory Agency
Gedung Baru Department Keuangan Republik
Indonesia
JL. DR. Wahidin Raya
Jakarata, Indonesia 10170
Tel: 62 21 385 8006 ext: 3000
Fax: 62 21 385 8006
Email: herwid@bapepam.go.id
Mr. Anis Baridwan
Director
Accounting Standard and Disclosure Bureau
The Capital Market Supervisory Agency
Gedung Baru Department Keuangan Republik
Indonesia
JL. DR. Wahidin Raya
Jakarata, Indonesia 10170
Tel: 62 21 385 7901
Fax: 62 21 385 7901
Email: anis@bapepam.go.id

MALAISIE
MALAYSIA
DAFFE/CMF(2003)26
14
Mr. IB. Aditya Jayaantara
Head
Accounting Standard Division
The Capital Market Supervisory Agency
Gedung Baru Department Keuangan Republik
Indonesia
JL. DR. Wahidin Raya
Jakarata, Indonesia 10170
Tel: 62 21 385 7901
Fax: 62 21 385 7901
Email: aditya@bapepam.go.id
Mr. Erry Firmansyah
Chairman
The Jakarta Stock Exchange
LT. 4 BEJ Tower 1
JL. Jend. Sudirman, 52-53
Jakarta , Indonesia, 12190
Tel: 62 21 515 0234
Fax: 62 21 515 0590
Email: dirut@jsx.co.id
Mr. Inyoman Tjager
Chairman
National Committee of Corporate Governance
LT. 2 BEJ Tower 1
JL. Jend. Sudirman, 52-52
Jakarta, Indonesia, 12190
Tel: 62 21 529 0789
Fax: 62 21 529 0790
Email:
Mr. Siow Kim Lun
Director
Market Supervision Division
Securities Commission Malaysia
No. 3, Persiaran Bukit Kiara
504990 Kuala Lumpur, Malaysia
Tel: 603 6204 8000
Fax: 603 6203 5223
Email: klsiow@seccom.com.my
Ms. Alina Tong
Head of Department
Securities Commission
No. 3 Persiaran Bukit Kiara
50490 Kuala Lumpur, Malaysia
Tel: 603 6204 8114
Fax: 603 6201 5101
Email: alina@seccom.com.my

PAKISTAN
PAKISTAN
PHILIPPINES
PHILIPPINES
SINGAPOUR
SINGAPORE
DAFFE/CMF(2003)26
15
Mr. Abdul Rehman Qureshi
Commissioner
Securities and Exchange Commission
63- NIC Building
Jinnah Avenue
Islamabad, Pakistan
Tel: 9251 920 2692
Fax: 9251 920 8835
Email: rehman.qureshi@secp.gov.pk
Mr. Abbas Hasan Kizilbash
Director (Chairman’s Secretariat)
Securities and Exchange Commission
NIC Building, Blue Area
Jinnah Avenue
Islamabad, Pakistan
Tel: 9251 921 4006
Fax: 9251 921 8595
Email: ABBAS.KIZILBASH@SECP.GOV.PK
Ms. Lilia Bautista
Chairperson
Securities Exchange Commission
8/F SEC Building, EDSA, Green Hills
Mandaluyong City, 1554, Philippines
Tel: 632 724 4757
727 4543
Fax: 632 725 4399
Email: liliab@sec.gov.ph
Mr. Ernest Leung
President
Philippine Stock Exchange
2 nd F, PSE Center
Exchange Road, Ortigas Center
Pasig City
Tel: 632 688 7401
632 637 8805
Fax: 632 637 8803
Email: eleung@pse.org.ph
Mr. Mohammad Nizam Bin Ismail
Deputy Director
Head (Market Conduct Policy)
Monetary Authority of Singapore
10 Shenton Way, MAS Building
Singapore, 079117
Tel: 65 6229 9913
Fax: 65 6225 9766
Email: nizam@mas.gov.sg

DAFFE/CMF(2003)26
TAIPEI CHINOIS
CHINESE TAIPEI
ASIAN DEVELOPMENT BANK
EUROPEAN UNION
Ms. Huey-Jen Jong
Vice-Chairperson
Securities and Futures Commission
Ministry of Finance
85, Section 1, Hsin-Sheng South Road
Taiwan, Chinese Taipei 106
Tel: 8862 8773 4153
Fax: 8862 8773 4174
Email : jong@sfc.gov.tw
Ms. Hsing-Yuan Hong
Assistant Director
Securities and Futures Commission
Ministry of Finance
85, Section 1, Hsin-Sheng South Road
Taiwan, Chinese Taipei 106
Tel: 8862 2774 7119
Fax: 8862 8773 4157
Email : hsy@sfc.gov.tw
International Organisations
Mr. Renato Limjoco
Lead Financial Sector Specialist
Asian Development Bank
6 ADB Avenue
Mandaluyong City, Philippines
Tel: 632 632 6490
Fax: 632 636 2337
Email: rlimjoco@adb.org
Mr. Cornelis Keijzer
Counsellor
Head of Political and Economic Section
Delegation of the European Commission in Japan
INTERNATIONAL MONETARY FUND
Europa House, 9-15, Sanbancho, Chiyoda-ku
Tokyo 102-0075 Japan
Tel: 813 3239 0465
Fax: 813 3261 5194
Email: Cornelis.Keijzer@cec.eu.int
Mr. Peter Clark
Advisor, Financial Markets
International Monetary Fund
700, 19 th Street NW
Washington D.C., U.S.A.
Tel: 1 202 623 5889
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WORLD BANK
DAFFE/CMF(2003)26
Fax: 1 202 623 9712
Email: pclark2@imf.org
Mr. Tadashi Endo
Senior Financial Sector Specialist
The World Bank
1818 H Street, NW
Washington, D.C., 20433, U.S.A.
Tel: 1 202 458 1800
Fax: 1 202 522 7105
Email: tendo@worldbank.org
Mr. Dimitri Vittas
Senior Advisor
The World Bank
1818 H Street NW
Washington DC 20433
Tel: 1 202 473 7668
Fax: 1 202 522 7105
Email: dvittas@worlbank.org
OECD Secretariat
Mr. Kiyotaka Akasaka
Deputy Secretary General
General Secretariat
OECD
2 rue André Pascal
75775 Paris, France CEDEX 16
Tel: 331 45 24 8030
Fax: 331 44 30 6270
Email: Kiyotaka.Akasaka@oecd.org
Mr. Rinaldo Pecchioli
Deputy Director
Directorate for Financial, Fiscal and Enterprise
Affairs
OECD
37 bis Bd. Suchet
75016 Paris, France
Tel: 331 45 24 91 35
Fax: 331 45 24 78 52
Email: Rinaldo.Pecchioli@oecd.org
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DAFFE/CMF(2003)26
18
Mr. John Thompson
Financial Counsellor
OECD
37 bis Bd. Suchet
75016 Paris, France
Tel: 331 45 24 76 16
Fax: 331 40 71 04 33
Email : John.Thompson@oecd.org
Mr. Stephen Lumpkin
Principal Administrator
Division of Financial Affairs
Directorate for Financial, Fiscal and Enterprise
Affairs
OECD
37 bis Bd. Suchet
75016 Paris, France
Tel: 331 45 24 15 34
Fax: 331 45 24 78 52
Email: Stephen.Lumpkin@oecd.org
Mr. Akira Konishi
Head of Unit
Outreach Unit for Financial Sector Reform
Directorate for Financial, Fiscal and Enterprise
Affairs
OECD
37 bis Bd. Suchet
75016 Paris, France
Tel: 331 45 24 18 38
Fax: 331 45 24 18 33
Email: akira.konishi@oecd.org
Mr. Yosuke Kawakami
Principal Administrator
Outreach Unit for Financial Sector Reform
Directorate for Financial, Fiscal and Enterprise
Affairs
OECD
37 bis Bd. Suchet
75016 Paris, France
Tel: 331 45 24 18 26
Fax : 331 45 24 18 33
Email : Yosuke.Kawakami@oecd.org

DAFFE/CMF(2003)26
Mr. Masaaki Kaizuka
Principal Administrator
Outreach Unit for Financial Sector Reform
Directorate for Financial, Fiscal and Enterprise
Affairs
OECD
37 bis Bd. Suchet
75016 Paris, France
Tel: 331 45 24 96 64
Fax: 331 45 24 18 33
Email: Masaaki.Kaizuka@oecd.org
Ms. Lynn Whitney
Project Co-ordinator
Outreach Unit for Financial Sector Reform
Directorate for Financial, Fiscal and Enterprise
Affairs
OECD
37 bis Bd. Suchet
75016 Paris, France
Tel: 331 45 24 88 36
Fax: 331 45 24 18 33
Email: lynn.whitney@oecd.org
ADBI Secretariat
Mr. Peter McCawley
Dean
ADBI
Kasumigaseki Building 8F
2-5, Kasumigaseki 3-chome
Chiyoda-ku, Tokyo 100-6008, Japan
Tel: 81-3-3593-5500
Fax: 81-3-3593-5571
Email:
Mr. Toshiki Kanamori
Director
Administration, Management & Coordination
ADBI
Kasumigaseki Building 8F
2-5, Kasumigaseki 3-chome
Chiyoda-ku, Tokyo 100-6008, Japan
Tel: 03-3593-5500
Fax: 03-3593-5571
Email: tkanamori@adbi.org
19

DAFFE/CMF(2003)26
20
Mr. Kazuo Kojima
Senior Administrative Officer
Administration, Management & Coordination
ADBI
Kasumigaseki Building 8F
2-5, Kasumigaseki 3-chome
Chiyoda-ku, Tokyo 100-6008, Japan
Tel: 81-3-3593-5500
Fax: 81-3-3593-5571
Email: kkojima@adbi.org
Ms. Heather Montgomery
Reserach Fellow, Research
ADBI
Kasumigaseki Building 8F
2-5, Kasumigaseki 3-chome
Chiyoda-ku, Tokyo 100-6008, Japan
Tel: 81-3-3593-5500
Fax: 81-3-3593-4270
Email: hmontgomery@adbi.org
Ms. Yuko Ikemi
General Coordination Assistant
Administration, Management & Coordination
ADBI
Kasumigaseki Building 8F
2-5, Kasumigaseki 3-chome
Chiyoda-ku, Tokyo 100-6008, Japan
Tel: 81-3-3593-5539
Fax: 81-3-3593-5571
Email: yikemi@adbi.org
Ms. Mihoko Saito
Program Assistant, Research
Administration, Management & Coordination
ADBI
Kasumigaseki Building 8F
2-5, Kasumigaseki 3-chome
Chiyoda-ku, Tokyo 100-6008, Japan
Tel: 81-3-3593-5547
Fax: 81-3-3593-4270
Email: msaito@adbi.org