Cambodia: Technical Assistance Report-Risk-Based Supervision in Capital Markets

At the request of the Securities and Exchange Regulator of Cambodia (SERC), an IMF Monetary and Capital Markets Department technical assistance mission visited Phnom Penh in December 2025 to support the authorities’ efforts to strengthen and transition to a risk-based approach to supervision. The engagement comprised a diagnostic review of Cambodia’s securities market and supervisory framework with extensive discussions involving SERC leadership and staff, market participants, and development partners to better understand market developments, supervisory priorities, and capacity development needs. The mission provided recommendations to support the authorities’ reform objectives and strengthen supervision of capital markets. In addition to the diagnostic review, the mission delivered training to senior and technical supervisory staff on key concepts and international practices in risk-based supervision. The engagement fostered close collaboration with the authorities and supported efforts to enhance supervisory capacity in line with the evolving needs of Cambodia’s capital markets.