Asian Shadow Financial Regulatory Committee



The Asian Shadow Financial Regulatory Committee (ASFRC) is a group of independent experts on economic policy issues relevant to financial markets and the financial industry of the Asia-Pacific region. ASFRC members are independent of any of the members' affiliated institutions. The policy recommendations of ASFRC are its own. Typically, ASFRC tries to translate concepts drawn from academic literature into concrete policy recommendations.

List of ASFRC Members


ASFRC Meetings

Inaugural Meeting
Date: July 10-12, 2004
Venue: College of Social Sciences, National Taiwan University, Taipei, R.O.C
Statement No. 1:
Financial Integration in the Asian-Pacific Region

2nd Meeting
Date: January 15-17, 2005
Venue: Hong Kong University of Science and Technology, Hong Kong, China
Statement No. 2: Implementation of Basel II

3rd Meeting
Date: July 9-11, 2005
Venue: Kuala Lumpur, Malaysia
Theme: The Role of Foreign Investors in Corporate Governance
Statement No. 3: The Role of Institutional Investors in Strengthening Corporate Governance in Asia

4th Meeting (Global Shadow Committees Meeting)
Date: October 29-31, 2005
Venue: Seoul, Korea
Statement No. 4: Aging and Pensions: A Ticking Bomb

5th Meeting
Date: January 10-11, 2006
Venue: Honolulu, USA
Statement No. 5: Improvement of Governance System in the Asian Mutual Fund Industry

6th Meeting
Date: July 6-10, 2006
Venue: Massey University Board Room, Auckland, New Zealand
Statement No. 6: Lessons from the New Zealand Model of Market-Based Financial Regulation

7th Meeting
Date: February 5, 2007
Venue: Manila, Philippines
Statement No. 7: Regulatory Challenges Posed by Financial Conglomeration

8th Meeting
Date: July 2-5, 2007
Venue: Hong Kong, China
Statement No. 8: A New Perspective on Global Imbalances: The Role of MNCs

9th Meeting (Global Financial Regulatory Committees Meeting)
Dates: September 9-10, 2007
Venue: Copenhagen, Denmark
Statement No. 9: Lessons from Recent Financial Turmoil

10th Meeting
Date: January 11-12, 2008
Venue: Jogjakarta, Indonesia
Statement No. 10: Financial Globalization and its Effects on Local Markets

11th Meeting
Dates:  July 6-7, 2008
Venue: Tokyo, Japan
Statement No. 11: Making Sovereign Wealth Funds Mutually Beneficial

12th Meeting
Date: May 7, 2009
Venue: Xiamen, China
Statement No. 12: Preventing Asset Bubbles

13th Meeting (Global Financial Regulatory Committees Meeting)
Dates: August, 2009
Venue: Santiago, Chile

14th Meeting
Dates: October 20, 2009
Venue: Seoul, Korea
Statement No. 14: Greening Growth

15th Meeting
Date: July 13-15, 2010
Venue: Singapore
Statement No. 15: Governance of Financial Institutions in Asia: Lessons from the Financial Crisis

16th Meeting
Dates: November 28-30, 2010
Venue: Bangkok, Thailand
Statement No. 16:  Managing the Impact of Hot Money through Regulatory Coordination 

17th Meeting
Dates: April 5-7, 2011
Venue: Queenstown, New Zealand
Statement No. 17:  Capital Market Integration and Stock Exchange Consolidation in the Asia-Pacific

18th Meeting
Dates: July 12, 2012
Venue: Phuket, Thailand
Statement No. 18: PIGS out of the zone - Effect on Asian Economies and Markets

19th Meeting
Dates: Nov. 25-27, 2012
Venue: Taipei, Taiwan, R.O.C
Statement No. 19: Internationalization of the RMB: Challenges for East Asia

20th Meeting
Date: April 18, 2013
Venue: Shanghai, China
Statement No. 20: The currency war of 2013 - Will it happen?

21st Meeting
Dates: Sept. 4-5, 2013
Venue: Sapporo, Japan
Statement No. 21: Venture Capital Markets

24th Meeting
Date: May 9, 2014
Venue: Tokyo, Japan
Statement No. 24: Financial Regulatory Cooperation in Asia

25th Meeting
Date: Jan. 13, 2015
Venue: Kuala Lumpur, Malaysia
Statement No. 25: Light at the End of the Shadow: Technology-Driven Banking and Consumer Empowerment

27th Meeting
Date: February 22, 2016
Venue: Quezon City, Philippines
Statement No. 27: Tempest in a Teacup: Containing China's Financial Turbulence

28th Meeting
Date: July 15, 2016
Venue: Sydney, Australia
Statement No. 28: Funding the real economy: Are there lessons for Asia from the Australian financial regulatory experience?

29th Meeting
Date: January 16, 2017
Venue: Taipei, Taiwan, R.O.C.
Statement No. 29: ASEAN Bank Integration: Benefits, Risks, and Opportunities

30th Meeting
Date: July 6, 2017
Venue: Seoul, Korea
Statement No. 30: Corporate Governance, Regulation and the Impact of Chaebols on the
International Competitiveness of the Korean Economy

31st Meeting
Date: January 28, 2018
Venue: Bangkok, Thailand
Statement No. 31: Cryptocurrencies: Quo Vadis?

32nd Meeting
Date: June 25, 2018
Venue: Tokyo, Japan
Statement No. 32: Board Governance in Japan: The Current State and Beyond

33rd Meeting
Date: January 21, 2019
Venue: Kuala Lumpur, Malaysia
Statement No. 33: Rising Debt and the Risk of a Financial Crisis in Asia

34th Meeting
Date: July 7, 2019
Venue: Ho Chi Minh City, Vietnam
Statement No. 34: Trade Wars and Their Effect on Asian Market Stability

35th Meeting
Date: January 13, 2020
Venue: Singapore
Statement No. 35: Blue and Green Solutions to Climate Change
Newspaper article: Straits Times, Jan. 14, 2020