Singapore scandal will affect regulation worldwide | Law

Singapore scandal will affect regulation worldwide

Professor Justin O'Brien writes in The Australian Financial Review (17 June 2012).

The investigation by the Monetary Authority of Singapore into the attempted manipulation of key financial benchmarks has profound implications.

Notwithstanding the fact that no evidence of success has been proffered, Singapore has moved quickly and decisively to change the domestic and international regulatory battleground.

The regulatory change is based on very loose principles articulated by the International Organisation of Securities Commissions earlier this year. The decision is a considerable victory for IOSCO, which is chaired by Greg Medcraft of the Australian Securities and Investments Commission. Its articulation of global principles, although purposively vague, was designed to demonstrate both the timeliness and efficacy of international coordination. By fleshing out these principles in a radical redesign, Singapore is providing a much-needed route map to navigate two pressing hazards.

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