International Monetary Fund. Monetary and Capital Markets Department
This Basel Core Principles (BCP) for Effective Banking Supervision Detailed Assessment Report has been prepared in the context of the Financial Sector Assessment Program for the People’s Republic of China–Hong Kong Special Administrative Region (HKSAR). The Hong Kong Monetary Authority (HKMA) supervises a major international financial center which was affected, though not significantly so, by the financial crisis. The HKMA is maintaining its commitment to the international regulatory reform agenda and is an early adopter of many standards. Supervisory practices, standards, and approaches are well integrated, risk based and of very high quality. There is one area in relation to the overarching legislative framework and powers which warrants further attention. The HKMA enjoys clear de facto but not de jure operational independence. There are two important cross border dimensions for Hong Kong as an international financial center. One is related to HKSAR’s significant position as a host supervisor. The second is the increasing importance of Mainland China in the current portfolios and prospects of the locally incorporated institutions, and indeed in the choice of HKSAR as a platform for overseas institutions to establish relationships with Mainland China.
International Monetary Fund. External Relations Dept.
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This technical note focuses on recent developments to the Report on the Observance of Standards and Codes (ROSC) on Fiscal Transparency and Data Modules for Sweden. The authorities are implementing recommendations of the fiscal ROSC module. The government has decided to reform the state audit organization (RRV) as recommended by the report. Effective 2003, the RRV will be transformed from a government agency to an audit office under parliament, staffed by independent officials. The authorities are also following up on recommendations regarding data-related standards and codes.
Taxation, like politics, is the art of the possible--yet most public finance texts ignore the critical role played by tax administration in restoring macroeconomic balance and promoting equity and efficiency. This volume, edited by Richard M. Bird and Milka Casanegra de Jantscher, fills a gap in the literature by linking tax policy and tax administration reform and exploring ways to improve taxpayer compliance.