The implementation of the Blueprint is divided into three phases: Phase I (2006– 2009), Phase II (2009–2012), and Phase III (2012–2015). A number of reforms outlined in the blueprint are summarized below:

Phase I: Immediate Priorities (2006–2009)

• enact Bankruptcy Law
• develop progressive company framework with graduated requirements for small-to-listed companies
• investor education and human resource development
• put in place interbank market
• enact law on non-government securities, including an enforcement framework for fraud and a central electronic securities depository
• continue improving accounting and auditing capacity

Phase II: Intermediate and Medium-Term Priorities (2009–2012)

• implement progressive, graduated framework for companies
• securities depository for all public companies
• implementation of financial enforcement and regulation
• continuing development of financial regulation
• preparation for a Securities Exchange—including initial public offerings, securities intermediaries, and consideration of an investor compensation scheme

Phase III: Long-Term Goals (2012–2015)

• investment funds
• pensions/provident fund scheme
• securitization framework/institution
• derivatives