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Law > Business and Financial

You are looking at 1 - 10 of 52 items for :

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Cover IMF Staff Country Reports
Kingdom of the Netherlands-The Netherlands: Financial Sector Assessment Program- Technical Note on Securities Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
This paper describes a technical note on securities regulation and supervision in The Netherlands. Regulation of securities and derivatives markets in the European Union (EU) has changed materially since the last Netherlands Financial Sector Assessment Program (FSAP), with further reforms underway. The securities market landscape in the Netherlands has also changed markedly since the last FSAP, largely in response to Brexit. The Netherlands is now of EU-wide significance in relation to the trading of securities, particularly equities, which has brought challenges for the national authorities. Further enhancements of its approach and a continuing focus on trading system operational resilience are now needed. The established venues are growing and diversifying their offerings, and ‘fintech’ new entrants with business models combining trading and post-trading operations in new ways are on the horizon. Enhancements to the legislative framework are now needed to ensure that the Autoriteit Financiële Markten can continue to supervise efficiently and effectively an expanded and more diverse market, and to engage credibly with international counterparts.
Keywords:
trading venue; managers directive; markets authority; trading obligation; money market funds; Financial Sector Assessment Program; Liquidity management; Liquidity; Liquidity risk; Financial derivatives; Europe; Global
Cover IMF Staff Country Reports
Trinidad and Tobago: Technical Assistance Report–Technical Assistance on Fintech Regulation and Legislation
International Monetary Fund. Monetary and Capital Markets Department
The paper presents Trinidad and Tobago’s technical assistance (TA) on fintech regulation and legislation. The impact of fintech in Trinidad and Tobago is currently concentrated in the payments sector. This report covers the three areas where TA was provided by the mission team. The current e-money framework and licensing process can be further enhanced. The report recommends that authorities should carry out a feasibility study with an aim of improving the JIH, but a RS should not be a priority. The authorities should also conduct an impact assessment for legal and regulatory reforms to assist them in the development of a strategy for crypto assets. An impact assessment should evaluate the costs and benefits of legal and regulatory action in the context of the relative importance of crypto assets activities in the country, and the existence of competing legislative and regulatory priorities. Other alternatives, such as a detailed legal regime, or using exemptions to accommodate the needs of new activities, present more disadvantages, such as the lengthy and cumbersome legislative process or the lack of a legal basis for the use of general exemptions.
Keywords:
IMF's MCM; Department mission; authorities of Trinidad and Tobago; private sector entity; request of the Central Bank of Trinidad and Tobago; crypto assets regulation; Virtual currencies; Fintech; Digital currencies; Securities; Securities regulation; Caribbean; Global
Cover IMF Staff Country Reports
Iceland: Financial Sector Assessment Program-Technical Note on Pension Fund Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
This technical note analyses the key aspects of the regulatory and supervisory regime for pension funds in Iceland. Pension funds in Iceland play a vital role in the domestic financial sector, acting as investors and lenders. This Financial Sector Assessment Program (FSAP) reviews recent developments and the structure of the Icelandic pension fund sector. This technical note provides context on the Icelandic pension system, focusing in particular on the compulsory occupational scheme in Pillar II, the most important pillar of the system. The pension fund sector is large, well developed, and highly interconnected with the domestic financial system, mainly through exposures toward banks and domestic investment funds. A separate technical note summarizes the results of the risk analysis carried out for the pension fund sector and elaborates more on current market risk sensitivities. The governance and internal controls framework for pension funds is not aligned with the systemic role of the sector, and the underlying rules in the Pension Fund Act pre-date the corresponding provisions for other financial sectors. The Financial Supervisory Authority has adopted a risk-based and forward-looking supervisory model, however there is no minimum frequency set for on-site inspections. The FSAP recommends a strengthening of the legislative framework, especially regarding governance, internal controls and outsourcing.
Keywords:
pension fund regulation; finance disclosure regulation; insurance supervisor; staff team of the International Monetary Fund; pension supervisor; Pension spending; Financial stability assessment; Pensions; Internal controls; Pension fund supervision; Europe
Cover IMF Working Papers
Digital Tokens: A Legal Perspective
Mr. José M. Garrido
Tokens are units digitally represented in a distributed ledger or blockchain. The various uses of this technology have the potential to transform a wide array of economic activities, from traditional commercial transactions to sophisticated financial undertakings. This paper explores the similarities and differences of tokens with traditional legal instruments in commercial law and how tokens could offer superior solutions, provided that proper legal foundations are established for their operation, including aspects of the law of securities and consumer protection law.
Keywords:
Tokens; Commercial Law; Securities Law; Fintech; Consumer Protection; token taxonomy; non-fungible token; del Mercado de Valores; digital signature; token offering; aspects of the law of securities; Securities; Blockchain and DLT; Smart contracts; Virtual currencies; Securities regulation; Global
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Technical Assistance Report-Review of Regulations to New Securities Act and Investment Funds Act
International Monetary Fund. Monetary and Capital Markets Department
At the request of the Eastern Caribbean Securities Regulatory Commission (ECSRC), a Monetary and Capital Markets (MCM) Department mission conducted a review of a draft version of the new Investment Funds Regulations (IFR) and Securities Regulations (SR) form May 20–June 30, 2022. The two sets of regulations are a key part of the new regime to govern the capital markets in the member territories of the Eastern Caribbean Currency Union (ECCU).
Keywords:
Securities bill; ECCU member country; investment funds bill; Securities commission; IOSCO principle; Mutual funds; Securities; Securities regulation; Caribbean
Cover IMF Staff Country Reports
People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Technical Note-Insurance Sector Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
This note provides an update and assessment of developments in insurance supervision since 2014. It is part of the 2020 Financial Sector Assessment Program (FSAP) for the Hong Kong SAR (HKSAR) and draws on discussions there from September 10 to 24, 2019. It has not been updated for the impact of recent global events associated with the COVID-19 pandemic. The insurance sector is large, especially long-term (life) insurance, highly international and has been growing steadily. The long-term market is amongst the world’s largest, particularly by penetration (premiums to GDP). Growth has been supported by the popularity of savings products, including sales of policies to Mainland Chinese visitors (MCVs), although these have declined from their peak. The general insurance sector, though comprising many more companies, is relatively small and spread over many lines. The authorities have identified scope for growth in protection policies as well as opportunities for captive and specialty lines related to China’s Belt and Road Initiative. Tax incentives have supported the recent successful introduction of new annuity and health insurance products. Although foreign-owned companies account for a large share of business, the HKSAR is the home of three major domestic groups operating internationally.
Keywords:
HKSAR insurance; E. insurance conduct; context of a Financial Sector Assessment Program; FSAP assessment's finding; insurance Authority; People's republic of china-Hong kong special administrative region; Insurance companies; Insurance; Financial Sector Assessment Program; Solvency; Insurance supervision; Global
Cover IMF Staff Country Reports
Denmark: Financial Sector Assessment Program-Technical Note-Insurance Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
Denmark’s insurance sector is highly developed with a particularly high penetration and density in the life sector. Traditionally, work-related life insurance and pension savings are offered as a combined package, and life insurance companies dominate the market for mandatory pension schemes for employees. The high penetration explains the overall size of the insurance sector, which exceeds those of peers from other Nordic countries and various other EU member states. Assets managed by the insurance industry amounted to 146 percent of the GDP at end-2018, compared to 72 percent for the EU average.
Keywords:
ISCR; CR; risk assessment; business intelligence tool; insurance undertaking; DFSA plan; DFSA data; DFSA staff; DFSA supervision; insurance sector; insurance supervisor; covered bond; Insurance companies; Insurance; Solvency; Pension spending; Insurance supervision; Global
Cover IMF Staff Country Reports
Switzerland: Financial Sector Assessment Program; Technical Note-Insurance Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
Financial Sector Assessment Program; Technical Note-Insurance Regulation and Supervision
Keywords:
ISCR; CR; financial market; FINMA ordinance; insurance sector; resolution procedure FINMA; FINMA coordination agreement; FINMA group supervision; FINMA staff; institutions FINMA supervise; insurance intermediary; board of directors; market value; Insurance companies; Insurance; Insurance supervision; Solvency; Legal support in revenue administration; Europe; Global
Cover IMF Staff Country Reports
Republic of Poland: Financial Sector Assessment Program-Technical Note-Insurance Sector Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
This Technical Note on Insurance Sector Regulation and Supervision provides an update and an assessment of the development of regulation and supervision of the Polish insurance sector since an assessment concluded in 2012. The note focuses on key issues, with reference to international standards but without presenting a detailed assessment of Poland’s observance. The supervision of intermediaries has also been strengthened in line with a 2012 Financial Sector Assessment Program recommendation. The Solvency II changes appear well-embedded, without significant exemptions or transitional arrangements. With limited long-term guarantee business, life insurers have currently no need for the special measures adopted for such business in many EU countries. However, the recent emergence of the first Polish financial conglomerate, which is headed by an insurer, poses supervisory challenges. In respect to the selected other areas of the insurance framework that were reviewed, the findings highlighted strengths in the approach, with some scope for further development.
Keywords:
ISCR; CR; risk assessment; line of business; PFSA supervision; PFSA supervisor; supervisory work; life insurer; PFSA staff; Solvency II; group supervision; insurance sector; business conduct regulation; solo insurer level; guarantee scheme; E. insurance conduct; Insurance companies; Insurance; Solvency; Financial Sector Assessment Program; Insurance supervision; Central and Eastern Europe; Europe; Global; Baltics
Cover IMF Staff Country Reports
Turkey: Financial Sector Assessment Program-Detailed Assessment of Observance of the IAIS Insurance Core Principles
International Monetary Fund. Monetary and Capital Markets Department
This paper presents an assessment of the observance of IAIS (International Association of Insurance Supervisors) insurance core principles in Turkey. During the last five years, the government of Turkey has made a significant effort to improve regulation and supervision of insurance and to improve adherence to international standards. The efficiency of information reporting, insurer monitoring, and supervision has greatly increased. Solvency tests have been strengthened. Reserving and investment practices have been improved. Improvements have been made in international cooperation and information exchange. However, major regulatory and supervisory challenges remain for Turkey to increase confidence in the sector and benefit from its continued growth.
Keywords:
ISCR; CR; reinsurance company; risk management; equity capital; life insurance; financial structure; Insurance companies; Insurance; Insurance supervision; Internal controls; Solvency; Global