In addition, the government has indicated that it will set up a high-level financial stability council with a key objective of bringing together all financial sector regulatory bodies and the Ministry of Finance to work together to minimize, if not eliminate, regulatory arbitrage and other sector-wide risks. 12. Another key lesson was the weaknesses in the corporate  governance structures in some banks.
Earlier this year, we issued the corporate governance directive to address the fundamental flaws observed in the governance process drawing on international corporate governance principles developed by the Basel Committee on Banking Supervision. We have received feedback several comments from some of you on the draft Transitional Provisions for implementation of the directive.