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TAR: Regional: Promoting an Interlinked ASEAN Capital Market

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TAR: Regional: Promoting an Interlinked ASEAN Capital Market Technical Assistance Report Project Number: 44083 Regional Policy and Advisory Technical Assistance (R-PATA) August 2010 Promoting an Interlinked ASEAN Capital Market (Cofinanced by the Investment Climate Facilitation Fund under the Regional Cooperation and Integration Financing Partnership Facility and the Republic of Korea e-Asia and Knowledge Partnership Fund) The views expressed herein are those of the consultant and do not necessarily represent those of ADB’s members, Board of Directors, Management, or staff, and may be preliminary in nature. ABBREVIATIONS AAOIFI – Accounting and Auditing Organization for Islamic Financial Institutions ACMF – ASEAN Capital Market Forum ADB – Asian Development Bank AEC – ASEAN Economic Community ASEAN – Association of Southeast Asian Nations ASEC – ASEAN Secretariat e-Asia program – Republic of Korea e-Asia and Knowledge Partnership Fund IOSCO – International Organization of Securities Commissions IP 2015 – Implementation Plan 2015 OECD – Organisation for Economic Co-operation and Development OREI – Office of Regional Economic Integration RETA – regional technical assistance ROSC – Reports on the Observance of Standards and Codes SEFM – Financial Sector, Public Management, and Trade Division TA – technical assistance TECHNICAL ASSISTANCE CLASSIFICATION Type – Regional policy and advisory technical assistance (R-PATA) Targeting classification – General intervention Sector (subsectors) – Finance (money and capital markets, finance sector development) Themes (subthemes) – Regional cooperation and integration (money and finance), economic growth (promoting economic efficiency and enabling business environment) Location impact – Rural (medium impact), urban (high impact), national (medium impact), regional (high impact) NOTE In this report, "$" refers to US dollars. Vice-President C. Lawrence Greenwood, Jr., Operations 2 Director General K. Senga, Southeast Asia Department (SERD) Director J. Ahmed, Financial Sector, Public Management and Trade Division, SERD Team leaders H. Omar, Senior Financial Sector Specialist, SERD S. Ismail, Young Professional (Financial Sector), SERD Team members L. Abenojar, Administrative Assistant, SERD F. Barot, Administrative Assistant, SERD In preparing any country program or strategy, financing any project, or by making any designation of or reference to a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area. I. INTRODUCTION 1. The Association of Southeast Asian Nations (ASEAN) has requested, through the ASEAN Capital Market Forum (ACMF) and the ASEAN Secretariat (ASEC), further technical assistance (TA) from the Asian Development Bank (ADB) to address issues regarding the Implementation Plan 2015 (IP 2015) for regional capital market integration. The ACMF is entrusted with developing the IP 2015 for an integrated capital market in ASEAN and freer capital flows. Previous TA projects1 in this area culminated in the submission of the IP 2015, which was endorsed at the 13th ASEAN Finance Ministers Meeting in Pattaya on 9 April 2009. 2 The IP 2015 sets out a broad framework to strengthen ASEAN capital market development and integration by 2015. It offers a comprehensive set of initiatives under three broad themes: (i) creating an enabling environment for regional integration, (ii) creating market infrastructure and regionally focused products and intermediaries, and (iii) strengthening the implementation process. The key underlying principles of the IP 2015 are the adoption of global standards to the extent possible, progressive liberalization to facilitate more open access, cost reduction through greater competition, and the engagement of ASEC as the main coordinator. This TA will support the implementation of recommendations and action plans specified in the IP 2015 on regional capital market integration.3 The TA is in line with the ADB Strategy 2020 for which finance sector development and regional integration and cooperation are two of five core strategies.4 Support for capital market integration5 will be essential to sustaining growth and providing access to economic opportunities in the region, and will help move regional cooperation and integration forward. Regional and national consultations were undertaken at ACMF meetings on 18 August 2009 and 25 February 2010 and during a mission to Malaysia on 26–29 January 2010. The design and monitoring framework is in Appendix 1. II. ISSUES 2. Financial crisis. Although Southeast Asian countries have made substantial progress in strengthening financial markets and enhancing regional integration, the recent financial crisis has caused a setback. Domestic market capitalization in United States dollars at the end of 2008 dropped by 53.3% in Indonesia, 41.8% in Malaysia, 49.4% in the Philippines, 50.8% in Singapore and 47.7% in Thailand compared with the preceding year. There were improvements by the end of 2009, although only the Indonesian stock exchange had surpassed its 2007 level.6 Given the global nature of the financial crisis, the ASEAN Finance Ministers recognized at their meeting in Pattaya that managing the challenges is a joint responsibility and the urgent need to enhance financial resilience in the region by further integrating regional financial markets. The meeting agreed that the priorities for ASEAN are to enhance regional financial stability and further integrate its financial markets as a region to achieve the goals of the ASEAN Economic Community (AEC) Blueprint, which provides a roadmap for monetary and financial integration of 1 ADB. 2001. Technical Assistance for Strengthening Asian Financial Markets. Manila (TA 5985-REG); ADB. 2005. Technical Assistance for Supporting Enhanced Cooperation among Southeast Asian Equity Markets. Manila (TA 6298-REG); and ADB. 2008. Technical Assistance for Strengthening Southeast Asian Financial Markets. Manila (TA 6473-REG). 2 Per the joint media statement of the 13th ASEAN Finance Ministers Meeting in Pattaya on 9 April 2009, promoting an interlinked ASEAN regional capital market is one of the key priorities toward achieving the ASEAN Economic Community in 2015. 3 The TA first appeared in the business opportunities section of ADB’s website on 23 February 2010. 4 ADB. 2008. Strategy 2020: The Long-Term Strategic Framework of the Asian Development Bank. Manila (the other three core strategies are infrastructure, environment, and education). 5 Under the core strategy of finance sector development. 6 World Federation of Exchanges. Statistics. www.world-exchanges.org (accessed 12 July 2010). 2 ASEAN in the areas of capital market development, financial services liberalization, and capital account liberalization. 3. Specific to capital market development, the meeting agreed to continue to broaden and deepen regional capital markets through measures that enhance market access, liquidity, and linkages and promote ASEAN as an asset class. To foster cross-border financial flows and linkages, the region's immediate priority is to create an enabling environment and market infrastructure to facilitate cross-border investments, strengthen institutional capacity in the markets, and maintain outward-oriented policies. 4. Levels of economic and market development. Another constraint on progress toward regional capital market integration in ASEAN is significant differences in member countries’ levels of economic development and observance of regulatory standards. This is compounded by various capital controls, fragmented infrastructure, and insufficient coordination and monitoring mechanisms. The key challenge, therefore, is to implement a well-sequenced program of regional integration initiatives, supported by national capital market development programs with regional considerations, and reinforced with a well-designed ASEAN-wide monitoring and coordination mechanism during implementation.7 5. ADB has helped address these issues by assisting and providing support to the ACMF.8 This TA builds on ADB's support through the Financial Sector, Public Management and Trade Division (SEFM) to the ACMF and ASEC. In May 2001, ADB approved a TA under which a series of studies were prepared that provided an in-depth analysis of banking and capital markets in East Asia. This was followed by a TA in 2005 which initiated consultation in ASEAN to develop a strategic framework for enhanced cooperation in capital markets. To ensure continuity, ADB approved a TA in 2008 that helped ACMF to develop IP 2015 and built consensus through workshops and conferences. 6. The endorsement of IP 2015 by the ASEAN Finance Ministers sent a strong signal to responsible parties to facilitate the implementation of the initiatives to achieve the objectives of the AEC Blueprint 2015 by offering a comprehensive set of strategic initiatives and specific implementation actions and milestones. 7. In line with its broad themes, IP 2015 covers six broad initiatives or core strategies: (i) a mutual recognition framework and comparable legal and enforcement framework, including strong investor protection and a scheme to resolve disputes and facilitate cross-border fund- raising and investment; (ii) an ASEAN exchange alliance and governance framework for regional linkages and new product development to support regional capital market integration; (iii) developing ASEAN as an asset class by promoting private sector-led regional product development, promoting ASEAN star companies on the ASEAN board,
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