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International Monetary Fund. Statistics Dept.
At the request of the Central Bank of Uruguay (BCU), and with the support of the International Monetary Fund’s (IMF’s) Western Hemisphere Department (WHD), a monetary and financial statistics (MFS) technical assistance (TA) mission from the IMF’s Statistics Department (STA) visited Montevideo during February 3-14, 2020. The main objectives of the mission were to: (i) review available source data for other financial corporations (OFC); in particular, insurance corporations (IC), pension funds (PF), and credit administration companies (CAC); and (ii) compile standardized monetary statistics for OFC (report form SRF 4SR) in line with the 2016 Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG). The officials met during the mission are listed in Appendix I.
International Monetary Fund. Monetary and Capital Markets Department
This paper on Belgium focuses on detailed assessment of observance of the International Organization of Securities Commissions (CPSS-IOSCO) principles for financial market infrastructures. While improvements have been made since the onboarding of the current Chief Information Security Officer, in particular to Euroclear’s cyber posture, there remain critical deficiencies in the management of key operational risk elements, which will require substantial efforts to address. Beyond relying on direct participant disclosure, Euroclear Bank (EB) should develop capacity for increasing the transparency with respect to the business of its direct participants’ clients. EB should also improve the breadth and rigor of its business continuity and default management testing by conducting simulation exercises based on well-defined scenarios. The report suggests that the National Bank of Belgium (NBB)—as the National Resolution Authority—should ensure that the resolution plan for EB is fully operationalized. Action to seize frozen assets at Euroclear because of international sanctions imposed following the Russian invasion of Ukraine could have unintended consequences for EB and the Euroclear Group more broadly.