439 which also requires that in rating corporate clients, banks use only financial statements audited by sec-accredited external auditors. Moreover, in quick succession, we have issued tougher standards on the management of large exposures, on single borrower limits, and on DOSRI lending.
These will likely spur corporate borrowers to diversify their funding sources beyond the usual friendly banks and in the direction of the capital market. But not all regulatory initiatives have been towards tightening. We have also introduced changes to remove obstacles to capital market development and create opportunities for banks with respect to capital market related business.