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LESSONS:

Capital Market Development Program: Completion Report

sector: Finance | country: Thailand

Strong coordination. The CMDWC (Capital Market Development Working Committee) and its sub-committee provided a platform for strong coordination among regulators and with market institutions. The Capital Market Development Master Plan was drafted by the sub-committee and endorsed by the committee through a highly consultative process, which greatly helped in fostering a sense of ownership.

Long-term perspective. The master plan – with a medium-term vision and strategies for capital market development – provided the government and regulators with a set of long-term objectives to guide and shape policy design and implementation.

Technical assistance (TA) resources. Under the program, the government and regulators adopted legal and policy measures and introduced new products, many of which were relatively new, complicated concepts that required extensive coordination and consultation to build understanding and acceptance by stakeholders. Through resourceful TA support, the program’s policy actions were all successfully complied with, and most post-program partnership follow-up actions were also implemented. Individual consultants were selected on the basis of both technical merit and their perceived ability to work well as a team.

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