Cambodian Securities & Exchange Commission Gets Boost From Australian Volunteers

Cambodian Securities & Exchange Commission Gets Boost from Australian Volunteers

In a ceremony just held in Phnom Penh an Agreement between the Securities and Exchange Commission of Cambodia (SECC) and Australian Business Volunteers (ABV) was signed. This agreement will enable the continued provision of Australian expertise for the development of the Securities Sector in Cambodia. This represents a further step along the way to the establishment of a Cambodian Stock Exchange.

"The Securities Sector is highly technical and requires Cambodia's securities regulator (SECC) to have prudent supervision and sufficient human resources. With the agreement signed today, the SECC will receive the securities experts that are necessary for the development of the Securities Sector in Cambodia", stated Cambodian Secretary of State of the Ministry of Economy and Finance, Mr. Chea Pengchheang.

Director General of the SECC, Mr. Ming Bankosal said, "This is the first agreement of the SECC for even one year since its inception This agreement is also an important one for developing the SEC-Cambodia, as well as for the development of the Securities market in Cambodia" (sic).

In a speech following the signing, Australian Ambassador to Cambodia, Ms. Margaret Adamson stated, "When fully implemented, the Cambodian securities exchange will make a significant contribution to Cambodia's economic development by providing a new avenue for private enterprise to raise capital Strong financial institutions and a clear and transparent regulatory framework are the underpinnings for solid economic growth. That is what the Agreement signed today is all about".

According to ABV CEO Michael Lynch, "It is envisaged that approximately 30 volunteers will be placed in this assignment. ABV has established a steering group of eminent professionals, chaired by Mr.Ronald Sackville AO QC, to assist in maintaining the legal and legislative strength of the project". Lynch also went on to say, "ABV look forward to continuing to work closely with the SECC to ensure a positive outcome".

ABV is a non-government, not-for-profit international development agency. Its mission is to contribute to sustainable growth in developing communities through the transfer of knowledge and workplace skill. This is achieved using the experience and expertise of highly skilled professional volunteers. For more information on ABV, please visit www.abv.org.au.

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For more information, please contact
Michael Lynch
Chief Executive Officer
ABV
P: 02 6285 1686
M: 0418 769 905
E: [email protected]

SOURCE: ABV