Asymmetry in supervision When different market participants are regulated by separate supervisors, it is difficult to maintain comparable quality of policy formulation and vigilance. The asymmetry of regulatory regime can arise within one country e.g. between banks and securities firms, as well as on cross-border level.
To help contain these, the Monetary Board approved, just last month, two important reform packages. First, the second phase of reforms in the foreign exchange regulatory framework, aimed at promoting greater integration with international capital markets and enhancing risk diversification in support of an expanding economy with global linkages.