Roundtable on Disclosure Requirements for Islamic Capital Market Products

This IFSB is co-organising this Roundtable with the International Organization of Securities Commission (IOSCO). The Securities Commission of Malaysia is hosting the Roundtable. Participation is BY INVITATION only. Programme – Event Session(s)

Date	Time	Topics
Day 1 18/09/2012	08:30 – 09:00	Registration
	09:00 – 09:30	Opening and Welcoming Addresses
	09:30 – 10:00	Session 1: Comparative Evaluation of Regulatory and Best Practices on Disclosure of Islamic Capital Market Products (ICM) Benefits of global harmonisation of disclosure standards relating to ICM Diagnostics of the current regulatory and best practices adopted by different jurisdictions in relation to disclosure of Islamic capital market (ICM) products. General analysis of issues/potential issues affecting the development of ICM as a result of non-standardisation of disclosure requirements e.g. legal, Sharī`ah and governance issues Suggestions for approaches to dealing with all relevant issues which can support effective role of standard setting bodies, role of capital market authorities, industry associations and capital market participants.
	10:00 – 10:30	Coffee Break
	10:30 – 11:00	Session 2: Issues Arising from Inadequate Disclosure Requirement for Islamic Capital Market Products Potential legal and regulatory issues arising from inadequate disclosure of ICM products: Impact on investor protection and the development of the Islamic capital market industry. Analysis on the level of transparency pertaining to Sharī`ah compliance: Ex-ante and ex-post Sharī`ah compliance processes. Analysis of the gaps in the existing disclosure-related standards issued by international standard setters e.g. addressing the types of disclosures for (i) Sukūk, and (ii) Collective Investment Scheme on matters such as composition of Sharī`ah advisors, pronouncements on Sharī`ah compliance, basis of decision and the analysis of the gaps are and the role of rating agencies in promoting greater disclosure of Sukūk. Disclosure of emerging risks in relation to ICM products and the role of issuers, advisors and auditors in addressing these risks.
	11:00 – 12:00	Commentaries from Discussants
	12:00 – 12:30	Questions & Answers
	12:30 – 14:00	Lunch
	14:00 – 14:30	Session 3: The Importance of Strong Disclosure Regime in Facilitating Cross-border Activity and Development of Islamic Capital Market Products and Services Greater cross-border collaboration e.g. through multilateral arrangements for the development of Islamic capital markets. General analysis of disclosure related issues affecting crossborder investments e.g. the need for international standards on disclosure of Sharī`ah screening process, mechanisms for treatment of tainted income etc. The pros and cons of having a standardised documentation for key contracts used in Islamic capital markets e.g. Standard Wakalah Agreement etc. Benefits of common accounting standards on disclosure for cross-border offerings of ICM products.
	14:30 – 15:30	Commentaries from Dicussants
	15:30 – 16:00	Questions & Answers
	16:00 – 16:30	Coffee Break
	16:30 – 17:30	Concluding Remarks and Summary of Roundtable

Downloadable Document(s)

1.)

Event Session(s) – PDF Format