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Law > Business and Financial

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Cover Policy Papers
Review of The Fund’s Capacity Development Strategy—Background Papers
International Monetary Fund. Institute for Capacity Development
This supplement includes five background papers and provides background information on various aspects of capacity development (CD) for the main Board paper, Review of the Fund’s Capacity Development Strategy—Towards a More Flexible, Integrated, and Tailored Model. It is divided into five sections, each consisting of a different background paper. The five sections cover (1) CD Delivery Modalities; (2) Evaluation and Impact; (3) Regional Capacity Development Centers and Field Presence; (4) HR Policies; and (5) Mapping the Fund’s Position vis-à-vis Other CD Providers.
Keywords:
Capacity Development; Technical Assistance; Training; Institution; Priorities; Evaluation; Impact; Field Presence; Regional Capacity Development Training Center; CD Strategy Review; CD department; CD provider; delivery modality; CD staffing model; RCDC CD Delivery; Anti-money laundering and combating the financing of terrorism (AML/CFT); Comparative advantage; Training and development in revenue administration; Global; South America; Asia and Pacific; Sub-Saharan Africa; Maghreb
Cover IMF Staff Country Reports
Sri Lanka: Technical Assistance Report-Governance Diagnostic Assessment
International Monetary Fund. Legal Dept.
,
International Monetary Fund. Fiscal Affairs Dept.
,
International Monetary Fund. Monetary and Capital Markets Department
, and
International Monetary Fund. Finance Dept.
This technical assistance report on Sri Lanka discusses the Governance Diagnostic Assessment. In recent years, a confluence of shocks and policy missteps led to a deep economic and governance crisis. Sri Lanka continues to face severe economic, social and governance challenges. The authorities have requested IMF assistance to analyse governance weaknesses and corruption vulnerabilities that are macro-critical in their own right and stand in the way of achieving the objectives of the reform program. The report highlights immediate and short-term measures to address key corruption issues, as well as structural reforms that require more time and resources but are essential to strengthen governance and initiate lasting change. The recommendations are designed as a coherent approach to improving governance through a focus on: clarity of authority and responsibility for core functions; financial and operational independence of essential accountability and law enforcement institutions; transparency in government practices and performance, especially relating to the planning, spending, and accounting for the use of public funds and assets; inclusive, accessible, and rule-based means to enforce private agreements and challenge official behaviour; and efficient mechanisms for making information public and holding organizations and individuals to account for their performance and behaviour.
Keywords:
governance weakness; revenue administration recommendation; governance arrangement; governance concern; governance dynamics; Corruption; Revenue administration transparency and accountability; Budget planning and preparation; Auditing; Global; Asia and Pacific
Cover IMF Staff Country Reports
South Africa: Financial Sector Assessment Program-Technical Note on Banking Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
The implementation of a twin peaks model represents a significant change to the South African financial supervisory architecture. The Prudential Authority (PA), operating within the administration of the South African Reserve Bank (SARB), is responsible for promoting and enhancing the safety and soundness of financial institutions that provide financial products and securities services. A separate authority, the Financial Sector Conduct Authority2 (FSCA), is responsible for market conduct regulation and supervision. The introduction of the twin peaks architecture was motivated by a need to increase the robustness of the financial sector regulatory and supervisory system, reinforce financial stability, improve protection of customers, and enhance cooperation among the regulators.
Keywords:
IMF-World Bank Financial Sector Assessment Program; WB staff; staff team of the International Monetary Fund; FSAP's finding; bank supervision department; H. liquidity risk; Bank supervision; Corporate governance; External audit; Auditing; Africa; Global
Cover IMF Staff Country Reports
Chile: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Chile
International Monetary Fund. Western Hemisphere Dept.
This 2016 Article IV Consultation highlights that GDP growth in Chile has been weak, with activity slowing in October. However, conditions are in place for the economy to recover. After expanding by a moderate 1.7 percent in 2016, growth is forecast to increase to 2 percent in 2017. Faster growth in main regional partners and more stable copper prices are expected to lift exports and investment. The recovery is, however, projected to be gradual, held back by slow wage and job growth and still low business confidence. The financial sector appears healthy. Banks’ profitability is declining, but capital buffers are adequate and nonperforming loan rates are low.
Keywords:
ISCR; CR; expectations survey; expectation; monetary policy rate; November survey; staff appraisal; liability positions vis-à-vis nonresident; Pension spending; Credit; Global
Cover IMF Staff Country Reports
United States: Financial Sector Assessment Program-Detailed Assessment of Implementation on the IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses key findings of the Detailed Assessment of Implementation of the IOSCO (International Organization of Securities Commissions) Objectives and Principles of Securities Regulation on the United States. The United States has large, well-developed, and complex securities and derivatives markets. Postcrisis, the legal mandates of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have significantly expanded. The level of funding of both the SEC and CFTC is a key challenge affecting their ability to deliver on their mandates in a way that provides confidence to markets and investors. The fragmented structure of equity markets remains a key challenge for the SEC.
Keywords:
ISCR; CR; CFTC regulation; SEC staff; futures contract; business model; certificate of incorporation; net capital; investment strategy; insider trading; SEC rule; open-end fund; audit program; secondary market; Securities; Credit ratings; Auditing; Stocks; Securities regulation; Global
Cover IMF Staff Country Reports
Chile: Staff Report for the 2014 Article IV Consultation
International Monetary Fund. Western Hemisphere Dept.
KEY ISSUES Politics: President Bachelet won the Presidential election on a platform to foster inclusive growth and reduce inequality. Her government took office in March 2014 and is launching an ambitious policy agenda that includes important reforms in several areas, including taxation, education, productivity, and energy. Outlook and risks: Chile’s global environment is shifting, with a dimmer outlook for its main export, copper, and normalization of global monetary conditions. Growth has slowed markedly, resulting in a modest output gap. The peso has depreciated, feeding into inflation. Staff projects growth to bottom out in 2014 and then gradually recover. Key risks relate to a large and lasting drop in copper prices and global financial volatility. Policy mix: The freely floating peso is working as a shock absorber and will support the economic recovery. The policy mix with broadly neutral fiscal and accommodative monetary policy is appropriate. Room for further monetary easing has narrowed but space remains if domestic demand flounders, so long as inflation expectations remain well anchored. On fiscal, given the strong public finances, automatic stabilizers should be allowed to operate unimpeded and there is space for stimuli in the event of a major downturn. The commitment to close the structural fiscal deficit by 2018 is appropriate and should be phased in a way that avoids undue drag on the recovery. Should risks materialize, the freely floating currency is the first line of defense. Growth and equity reforms: Achieving strong growth while reducing inequality will require structural reforms. The authorities’ agenda focuses on the right areas but many details remain work in progress. Clarity on the details, timetables, and prioritization will reduce uncertainty and the risk of delays. Financial stability: Risks to financial stability appear contained, but it will be important to push through with regulatory reforms underway, including initiatives currently in Congress. Further effort will be needed to close regulatory gaps, in particular bank capital requirements, relative to international benchmarks.
Keywords:
ISCR; CR; rate; economy; GDP; liability positions vis-à-vis nonresident; monetary policy rate; Chilean authorities; evaluation system; expansionary monetary policy stance; structural surplus; Metal prices; Exports; Global
Cover IMF Staff Country Reports
Canada: Financial Sector Assessment Program-IOSCO Objectives and Principles of Securities Regulation-Detailed Assessment of Implementation
International Monetary Fund. Monetary and Capital Markets Department
This paper presents an assessment IMF report on implementation of the International Organization of Securities Commission (IOSCO) principles in Canada. It highlights that developing an integrated and robust view of risks to support supervisory actions remains a key challenge. The IMF report suggests that the securities regulators should continue to take steps to ensure timely decision making in policy formulation. However, the current governance arrangements, based on a consensus building approach across several entities, is expected to affect timeliness of decision making.
Keywords:
ISCR; CR; securities regulator; financial market; capital issue; holding company; business plan; derivative instrument; commercial paper; terms and conditions; Securities; Auditing; Financial statements; Mutual funds; Securities regulation; Global
Cover IMF Staff Country Reports
Malaysia: Publication of Financial Sector Assessment Program Documentation—Detailed Assessment of Implementation of IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund. Monetary and Capital Markets Department
The article is an account of the assessment of implementation of IOSCO principles of securities and regulations in Malaysia. This assessment was conducted by the International Monetary fund (IMF) and the World Bank. The Securities Commission Malaysia has developed its supervisory network. The rules of the governing bodies such as issuers, auditors, collective investment schemes, and markets have widened their roles. The Executive Board conducted the assessment to ascertain whether the legal securities are able to meet the standards set by the IOSCO.
Keywords:
ISCR; CR; holding company; unit trust; market maker; chief executive; clearing house; futures exchange; market intermediary; management company; insider trading; Securities; Capital markets; Auditing; Stock markets; Securities regulation; Global
Cover IMF Staff Country Reports
Israel: Detailed Assessment of IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund
Israel’s compliance with International Organization of Securities Commissions’ objectives and Principles of Securities Regulation has been assessed. The regulatory regime is well developed and in most respects is comparable with that of major jurisdictions. For the most part, it is compliant with international standards and regulation, and oversight by the Israel Securities Authority is robust and effective. With regard to the regulation of broker dealers, there is a significant gap in the coverage of the regulatory regime.
Keywords:
ISCR; CR; fund manager; mutual fund; TASE rule; securities law; TASE member; portfolio manager; insider trading; financial market; issued share; capital market; Securities regulation; Mutual funds; Securities; Financial statements; Auditing; Global
Cover IMF Staff Country Reports
Kingdom of the Netherlands-Netherlands: Publication of Financial Sector Assessment Program Documentation: Detailed Assessment of Observance on IOSCO Principles and Objectives of Securities Regulation
International Monetary Fund
The Netherlands Authority for Financial Markets (AFM) has developed a robust supervisory framework, which exhibits high levels of implementation of the International Organization of Securities Commissions Principles. The AFM’s efforts are complemented by The NetherlandsCentral bank's (DNB) program of prudential supervision, which is reasonable and credible. Gaps in the legal framework for issuers, and on management of collective investment schemes, in the case of the DNB, have imposed limitations. Their ability to react in a swift manner to emerging risks in the financial sector is limited.
Keywords:
ISCR; CR; management company; audit firm; open-end fund; insider trading; equity capital; Auditing; Securities; Compliance audit; Legal support in revenue administration; Europe