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SUMMARY RECORD OF THE 5TH ROUNDTABLE ON CAPITAL MARKET REFORM IN ASIA

DAFFE/CMF(2003)26

DAFFE/CMF(2003)26

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1 MACROBUTTON NUMBERING .

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.


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.


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.


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.


The Roundtable was opened by welcome remarks from Mr. Akasaka and Mr. McCawley, Dean, ADBI, as well as an introductory remark by Mr. Cameron.


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.


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.


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.


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.


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.


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.


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.


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.


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.


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.


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.


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 .)

5th Roundtable on Capital Market Reform in Asia

19-20 November 2003

ADBI Institute, Tokyo

Day 1

Wednesday, 19 November

8:45-9:00Registration

9:00-9:30Opening 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.

· 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.

10:10-10:40General discussion

10:40-11:00 Coffee break

Part BThe Australian HIH Insurance Collapse Case

11:00-11:30Presentations:

· 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.


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?


· 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.


Session III:Rebuilding Confidence in Markets

Part AProlonged 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?


· 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”.

16:10-16:30Coffee Break

Session III:Continued

16:30-17:20Presentations

· 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.


17:50Conclusion of Day 1 Program

19:00Reception hosted by the OECD

Day 2

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?


· 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.

· 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.


10:10-10:30Coffee 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 co-operation 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?


· Mr. Ruben Lee will speak on the outlook for a European Securities and Exchange Commission.

· Hong Kong is expected to comment.


11:30-11:45Concluding Session

11:45 – 13:30Lunch

Luncheon speech by Mr. Peter Clark, HQ-based TA advisor, Financial Infrastructure Division, Monetary and Financial Systems Department, IMF

13:30Conclusion of the meeting

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: [email protected]

OECD Countries

AUSTRALIE

AUSTRALIA

Mr. Stephen Alexander Grenville

Adjunct Professor

Australian National University

31 Doris Street

North Sydney, NSW 2060, Australia

Tel: 612 9955 9191


CORÉE

KOREA

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


ETATS-UNIS

UNITED STATES

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


JAPON

JAPAN

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


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


Ms. Kayo Yoshida

Bank of Japan

2-1-1 Hongokucho Nihonbashi, Chuo-ku


Tel: 813 3277 1917

Fax: 813 5255 6756


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 : [email protected]

Mr. Naohiko Matsuo

Director for International Financial Markets

Financial Services Agency

3-1-1 Kasumigaseki

Chiyoda-ku


Tel: 813 3506 6206

Fax: 813 3506 6113


NOUVELLE ZÉLANDE

New zealand

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


ROYAUME-UNI

UNITED KINGDOM

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


Non-Member Economies

CHINE

CHINA

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


HONG KONG, CHINE

HONG KONG, CHINA

Mr. Joseph Longo

General Counsel

Corporate and Investment, Asia

53rd Floor, Cheung Kong Center

2 Queen’s Road Central

Hong Kong

Tel: 852 2203 6295

Fax: 852 2203 6958


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


INDONÉSIE

INDONESIA

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


Mr. Anis Baridwan

Director

Accounting Standard and Disclosure Bureau





Tel: 62 21 385 7901

Fax: 62 21 385 7901


Mr. IB. Aditya Jayaantara

Head

Accounting Standard Division





Tel: 62 21 385 7901

Fax: 62 21 385 7901


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


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:

MALAISIE

MALAYSIA

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


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


PAKISTAN

PAKISTAN

Mr. Abdul Rehman Qureshi

Commissioner

Securities and Exchange Commission

63- NIC Building

Jinnah Avenue

Islamabad, Pakistan

Tel: 9251 920 2692

Fax: 9251 920 8835


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


PHILIPPINES

PHILIPPINES

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


Mr. Ernest Leung

President

Philippine Stock Exchange

2nd F, PSE Center

Exchange Road, Ortigas Center

Pasig City

Tel: 632 688 7401

632 637 8805

Fax: 632 637 8803


SINGAPOUR

SINGAPORE

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


TAIPEI CHINOIS

CHINESE TAIPEI

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


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


International Organisations

Asian development bank

Mr. Renato Limjoco

Lead Financial Sector Specialist

Asian Development Bank

6 ADB Avenue

Mandaluyong City, Philippines

Tel: 632 632 6490

Fax: 632 636 2337


European union

Mr. Cornelis Keijzer

Counsellor

Head of Political and Economic Section

Delegation of the European Commission in Japan

Europa House, 9-15, Sanbancho, Chiyoda-ku

Tokyo 102-0075 Japan

Tel: 813 3239 0465

Fax: 813 3261 5194


International monetary fund

Mr. Peter Clark

Advisor, Financial Markets

International Monetary Fund

700, 19th Street NW

Washington D.C., U.S.A.

Tel: 1 202 623 5889

Fax: 1 202 623 9712


World Bank

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


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


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


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


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


Mr. Stephen Lumpkin

Principal Administrator

Division of Financial Affairs


Affairs

OECD

37 bis Bd. Suchet

75016 Paris, France

Tel: 331 45 24 15 34

Fax: 331 45 24 78 52


Mr. Akira Konishi

Head of Unit

Outreach Unit for Financial Sector Reform


Affairs

OECD

37 bis Bd. Suchet

75016 Paris, France

Tel: 331 45 24 18 38

Fax: 331 45 24 18 33


Mr. Yosuke Kawakami



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


Mr. Masaaki Kaizuka




Affairs

OECD

37 bis Bd. Suchet

75016 Paris, France

Tel: 331 45 24 96 64

Fax: 331 45 24 18 33


Ms. Lynn Whitney

Project Co-ordinator



Affairs

OECD

37 bis Bd. Suchet

75016 Paris, France

Tel: 331 45 24 88 36

Fax: 331 45 24 18 33


ADBI Secretariat

Mr. Peter McCawley

Dean

ADBI

Kasumigaseki Building 8F2-5, Kasumigaseki 3-chomeChiyoda-ku, Tokyo 100-6008, Japan

Tel: 81-3-3593-5500

Fax: 81-3-3593-5571

Email:

Mr. Toshiki Kanamori

Director

Administration, Management & Coordination

ADBI


Tel: 03-3593-5500

Fax: 03-3593-5571


Mr. Kazuo Kojima

Senior Administrative Officer


ADBI


Tel: 81-3-3593-5500

Fax: 81-3-3593-5571


Ms. Heather Montgomery

Reserach Fellow, Research

ADBI


Tel: 81-3-3593-5500

Fax: 81-3-3593-4270


Ms. Yuko Ikemi

General Coordination Assistant


ADBI


Tel: 81-3-3593-5539

Fax: 81-3-3593-5571


Ms. Mihoko Saito

Program Assistant, Research


ADBI


Tel: 81-3-3593-5547

Fax: 81-3-3593-4270


AGENDA

20

19

_1133183868.doc

For Official Use

DAFFE/CMF(2003)26

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: [email protected]) or Mr. Akira Konishi (tel: +33 1 45 24 18 38; fax +33 1 45 24 18 33; e-mail: [email protected]).

JT00156055

Document complet disponible sur OLIS dans son format d'origine

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DAFFE/CMF(2003)26

For Official Use

English - Or. English

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