This includes requiring listed companies to make timely disclosures on 1/4  BIS central bankers' speeches  material transactions and have in place adequate internal controls and governance structures. The MAS supervises the SGX in the discharge of its regulatory function. SGX’s RegCo Board also has oversight of the exchange’s regulatory responsibilities. This MAS-SGX regulatory model, where the statutory and market regulator each have their distinct role but also share the responsibility to ensure sound functioning of the capital markets, is not unique to Singapore. Similar approaches are adopted in many financial centres, including in the United States, Australia and Hong Kong. So each time a corporate failing of one form or another happens, both the MAS and the SGX would review and investigate the matter. The specific regulatory response would obviously depend on the facts and circumstances of each case. Often, a kneejerk tightening of rules may not be in the best interest of the market. Tighter across-the-board regulations can impose additional costs on all listed companies, and these costs must be weighed against the benefits. It may not be appropriate to prescribe the same standard on all companies, as they can differ in size or business complexity. The MAS has therefore been deliberate in calibrating our rules. For example, there are more stringent CG standards for banks, compared to for other listed companies; and rightly so due to banks’ potential systemic impact. This is also why in the latest review of the Code, the Council took a pragmatic approach.
As they stand, the current technical proposals put forward for consultation by the Basel Committee do not respect this commitment: they must therefore be revisited. Second, we should be careful not to oversimplify the regulatory framework and loose the risk sensitivity. Adjustments to the internal models approach should not amount to imposing the standard approach on all, either explicitly, or implicitly by applying poorly calibrated “output floors”. *** Let me conclude with some words on the strengths of the Paris financial centre itself: robust banks and insurance companies, a dynamic asset management industry, strong financial market infrastructures, a highly skilled labour force. And you can be assured of three points: 1. First, French authorities, including the Banque de France, attach utmost importance to making sure Paris is one of Europe’s strongest financial centres. This is crucial for employment, for investment, as well as for the strength of the euro area economy as a whole. 2. In addition, we are already making every effort to build an innovation ecosystem: through the recent and efficient ACPR-AMF cooperation on FinTechs; through our support for the development of new tools – such as ESNI on securitization and Euro GC+ on repos, or our upcoming project to test interbanking information sharing processes based on blockchain technology; and also through our partnerships with many French universities renowned for their excellence and their Masters in Finance. 3.