The work of the ASEAN Capital Markets Forum (“ACMF”) until the end of 2015 was guided by the ACMF Implementation Plan 2009 (“Implementation Plan”) which provided a clear roadmap with strategic initiatives. To drive the next phase of the regional integration agenda post-2015, ACMF developed the ACMF Vision 2025 of being an inter-connected, inclusive and resilient ASEAN capital market.
The ACMF Vision 2025 has three Strategic Objectives:
(i) To enhance and facilitate better pan-ASEAN connectivity to realise the growing potential of its capital markets;
(ii) To promote and sustain the inclusiveness of capital markets within the region; and
(iii) To strengthen and maintain the orderliness and resilience of ASEAN capital markets.
The strategic objectives of the ACMF Vision 2025 were to be delivered in two phases, whereby the first was implemented through the ACMF Action Plan 2016-2020 (“AP 2016-2020”). AP 2016-2020, which continued from where the Implementation Plan left off, focused on the following six key priorities with specific initiatives driving the work of ACMF:
(i) Improve regional market infrastructure and connectivity
(ii) Drive more cohesiveness in regulations and practices
(iii) Promote ASEAN asset classes
(iv) Foster better mobility for professionals
(v) Attract greater investor participation
(vi) Promote greater stakeholder interaction, co-operation and co-ordination
The initiatives under each of the priority areas were reviewed, and augmented or replaced on a yearly basis to ensure that the Strategic Objectives were pursued in the most effective and efficient manner. A holistic review on the achievements under this Action Plan was also conducted towards the end of the five-year term to provide the basis for the development of the next Action Plan under the second phase for the five years from 2021 to 2025.
AP 2016-2020 was the first phase towards achieving the ACMF Vision 2025, and ultimately supporting and realising the ASEAN Community Vision 2025’s vision of an ASEAN Economic Community (“AEC”) that is “a highly integrated and cohesive regional economy; a competitive, innovative and dynamic community which fosters robust productivity growth; with enhanced connectivity and sectoral cooperation with improvements in regional frameworks; and a more resilient, inclusive, and people-oriented, people-centred community, a global ASEAN” (this vision is hereinafter referred to as “AEC Vision 2025”).
With AP 2016-2020 drawing to a close, ACMF embarked on preparing the ACMF Action Plan 2021-2025 (“AP 2021-2025”) to continue driving its goals. In developing AP 2021-2025, ACMF carried out a survey and held a series of seventeen engagement sessions with capital market participants and other stakeholders to gather their views and suggestions, in addition to the aforementioned holistic review of the achievements under AP 2016-2020. This was done to ensure that AP 2021-2025 takes into consideration the current economic climate and capital market landscape including key industry trends, issues and challenges relevant to ASEAN capital markets, thus enabling the Action Plan to address all relevant areas and have the maximum desired impact, particularly amid the COVID-19 pandemic.
Using the feedback from the survey and engagements, ACMF identified three Strategic Objectives for AP 2021-2025, which are:
(i) Fostering Growth and Recovery with Sustainability
(ii) Promoting and Sustaining Inclusiveness
(iii) Strengthening and Maintaining Orderliness and Resilience
Under current conditions, Connectivity, which was one of the Strategic Objectives of AP 2016-2020, will be leveraged on as an Enabler instead. This is explained in detail further below. ACMF also identified five Key Priorities to support the Strategic Objectives under AP 2021-2025, namely:
(i) Driving higher levels of transparency and disclosure
(ii) Continuing with regulatory harmonisation
(iii) Intensifying capacity building
(iv) Amplifying communication and awareness building
(v) Strengthening co-operation and co-ordination
After developing the proposed Strategic Objectives, Key Priorities and workstreams and initiatives, ACMF held another engagement session with two industry focus groups on 27 October 2020 to obtain feedback on the proposals. The focus groups strongly supported the proposed Strategic Objectives and Key Priorities and agreed that Connectivity should be an Enabler for AP 2021-2025. They also supported the proposed workstreams and initiatives.
View the (ACMF ACTION PLAN 2021-2025) for more information.