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apital market regulators from developing countries have committed to work together to strengthen resilience and help sustain economic growth amid global challenges.

The commitment was reiterated during the annual meeting and conference held by the International Organization of Securities Commissions'€™ (IOSCO) Growth and Emerging Markets Committee (GEM-C) and hosted by Indonesia'€™s Financial Services Authority (OJK) in Bali on Thursday.

The IOSCO is the main global forum for the world'€™s capital market supervisors, with 170 members comprising governmental bodies, self-regulatory organizations (SROs) and other institutions.

IOSCO GEM-C chairman Ranjit Singh said the organization considered capacity building efforts to address current global issues '€œextremely important'€ for securities regulators in emerging countries to strengthen market resilience.

Some of the external challenges faced by emerging markets were the global market volatility caused by the prolonged delay of the US Federal Reserve'€™s fund rate hike, plunging commodity prices and China'€™s low economic growth, Singh said.

'€œWhile we have differing views, we recognize that there is an impact on market participants as well as investors from these global issues, so we realize the significance of building strong and resilient capital markets,'€ Singh said in a press conference after the event on Thursday.

The IOSCO GEM-C consists of capital market supervisors from 86 emerging countries supervising a total US$146 trillion in assets under management, 10 of them involved in the G-20 forum, including Indonesia.

According to Singh, the forum agreed that a strong regulatory infrastructure would be a very important step to building resilient capital markets, saying that '€œinvestors will be more confident when the infrastructure is strong'€.

In order to build strong regulatory infrastructure, Singh said the IOSCO GEM-C was actively discussing with investors, global market players and other regulators to understand the issues they were facing.

'€œAlso an important thing to note is that you put market mechanism, clarity and policy certainty during market stress situation, because the market sometimes exaggerates things. Regulators need to ensure that the market is feeling sound,'€ he said.

Singh added that capital market regulators should also be able to demonstrate that the market was operating well, pointing out that '€œit is not the role of the regulator to intervene in the market, but it is our job to be able to ensure that the market operates well'€.

Thursday'€™s event was part of the organization'€™s three-day meeting and conference held from Jan. 20 to 22, aiming to facilitate the exchange of ideas and insights amid regulatory and policy challenges faced by securities regulators in emerging markets, including Indonesia.

As digitalization continues to spread, IOSCO secretary-general David Wright said securities regulators should be aware of cross-border and cross-sector financial cyber crime.