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Lesson
This validation offers the following lesson: keeping the stakeholders engaged through national interventions and securing sources of post-TA financial resources (unless the TA project was a project preparation TA) is important especially for capacity building TA projects, to ensure continuity and sustainability of the project.

Project Number: 48143-001
Project Name: Enhancing Association of Southeast Asian Nations Capital Market Integration
Report Date:
Lesson
Identifying critical risks and assumptions are an important element of design. However, design could also usefully identify mechanisms to mitigate these risks.

Project Number: 48143-001
Project Name: Enhancing Association of Southeast Asian Nations Capital Market Integration
Report Date:
Lesson
This validation agrees with the lesson of building awareness for the work done under the TA project. However, it is unclear why awareness-building beyond ASEAN is required for this TA project. One can surmise that it could be for the goals of attracting capital. However, the role of partnership with foreign academic institutions is unclear beyond the publication of potential knowledge products. This lesson or recommendation should then be classified under partnership and cofinancing.

Project Number: 48143-001
Project Name: Enhancing Association of Southeast Asian Nations Capital Market Integration
Report Date:
Lesson
This validation agrees with the recommendation and rephrases this as a lesson: Partnering with operational projects within ADB is an important step in ensuring that other DMCs outside ASEAN can develop their capital markets and improve governance standards of publicly listed companies.

Project Number: 48143-001
Project Name: Enhancing Association of Southeast Asian Nations Capital Market Integration
Report Date:
Lesson
Drawing on lessons from similar previous TA projects can help in robust design that is responsive to DMC needs, isrealistic, and adopts best practice. This could help to get greater stakeholder engagement in complex processes such as regional capital market integration.

Project Number: 48143-001
Project Name: Enhancing Association of Southeast Asian Nations Capital Market Integration
Report Date:
Lesson
This validation offers the following lesson: although TA design may identify a particular model of consultancy, these needs may evolve during the program requiring adjustment. In this case, in developing a model that responded to the needs of ACMF’s working group on corporate governance, the TA project shifted its approach since the regulators felt that an audit firm (rather than consultants) would lend more credibility and recognition to the validation exercise.

Project Number: 48143-001
Project Name: Enhancing Association of Southeast Asian Nations Capital Market Integration
Report Date:
Lesson
This validation has rephrased the recommendation into a lesson as follows: Providing adequate visibility to partners who have either financed the project or have special interest and stake in seeing its success is necessary to ensure their continued support.

Project Number: 48143-001
Project Name: Enhancing Association of Southeast Asian Nations Capital Market Integration
Report Date:
Lesson
This validation agrees that cooperation and coordination, especially with other ADB departments, is important. This was a missed opportunity for this TA project. It is, however, not clear though why a visit to the People's Republic of China is required or recommended for the next ACMF TA.

Project Number: 48143-001
Project Name: Enhancing Association of Southeast Asian Nations Capital Market Integration
Report Date:
Lesson
This validation offers the following lesson: it is important to work and clearly communicate with ACMF and its working groups to get buy-in to the TA project. This is evident in how stakeholders noted their appreciation to this approach.

Project Number: 48143-001
Project Name: Enhancing Association of Southeast Asian Nations Capital Market Integration
Report Date:
Lesson
Phased approaches to implementation can help ensure that TA resources are not wasted while waiting for regional agreement on key issues needed to move forward.

Project Number: 50055-001
Project Name: Creating a Regional Settlement Intermediary in ASEAN+3: Cross-Border Settlement Infrastructure Forum
Report Date:
Lesson
Regular engagement with stakeholders, including engagement with the private sector, and the reflection of stakeholder feedback in final documents can help build consensus on key issues and ownership of knowledge products.

Project Number: 50055-001
Project Name: Creating a Regional Settlement Intermediary in ASEAN+3: Cross-Border Settlement Infrastructure Forum
Report Date:
Lesson
it is difficult to predict the timing need to reach regional agreements. Thus, flexibility during implementation to extend TA duration is important.

Project Number: 50055-001
Project Name: Creating a Regional Settlement Intermediary in ASEAN+3: Cross-Border Settlement Infrastructure Forum
Report Date:
Lesson
Initial success in implementing a TA supporting an innovative reform (e.g., cross-country financial infrastructure linkages), may encourage others to replicate reforms.

Project Number: 50055-001
Project Name: Creating a Regional Settlement Intermediary in ASEAN+3: Cross-Border Settlement Infrastructure Forum
Report Date:
Lesson
Quality knowledge products can be effective in raising awareness on a TA subject. This can help build support for agreement for action to boost regional cooperation.

Project Number: 50055-001
Project Name: Creating a Regional Settlement Intermediary in ASEAN+3: Cross-Border Settlement Infrastructure Forum
Report Date:
Lesson
The linkage agreed between the BOJ and the HKMA has the potential to set an example in the region and beyond.

Project Number: 50055-001
Project Name: Creating a Regional Settlement Intermediary in ASEAN+3: Cross-Border Settlement Infrastructure Forum
Report Date: