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Law > Business and Financial

You are looking at 1 - 10 of 36 items for :

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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 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 Policy Papers
State-Contingent Debt Instruments for Sovereigns
International Monetary Fund
Background. The case for sovereign state-contingent debt instruments (SCDIs) as a countercyclical and risk-sharing tool has been around for some time and remains appealing; but take-up has been limited. Earlier staff work had advocated the use of growth-indexed bonds in emerging markets and contingent financial instruments in low-income countries. In light of recent renewed interest among academics, policymakers, and market participants—staff has analyzed the conceptual and practical issues SCDIs raise with a view to accelerate the development of self-sustaining markets in these instruments. The analysis has benefited from broad consultations with both private market participants and policymakers. The economic case for SCDIs. By linking debt service to a measure of the sovereign’s capacity to pay, SCDIs can increase fiscal space, and thus allow greater policy flexibility in bad times. They can also broaden the sovereign’s investor base, open opportunities for risk diversification for investors, and enhance the resilience of the international financial system. Should SCDI issuance rise to account for a large share of public debt, it could also significantly reduce the incidence and cost of sovereign debt crises. Some potential complications require mitigation: a high novelty and liquidity premium demanded by investors in the early stage of market development; adverse selection and moral hazard risks; undesirable pricing effects on conventional debt; pro-cyclical investor demand; migration of excessive risk to the private sector; and adverse political economy incentives.
Keywords:
PP; State-Contingent Debt instrument; investor; issuer; benchmark design; market development; real GDP; foreign currency; interest rate; debt service; Bonds; Sovereign bonds; Securities; Currencies; Global
Cover IMF Staff Country Reports
Russian Federation: Financial Assessment Program: Detailed Assessment of Implementation: IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund. European Dept.
This paper assesses the level of implementation of the International Organization of Securities Commissions objectives and principles of securities regulation in the Russian Federation. The findings reveal that there is much that the Central Bank of Russia needs to accomplish if it is to approach good international practice as a securities regulator. Some of the most recent regulatory changes, such as those on credit rating agencies, are clearly based on international standards. In other areas, further initiatives will be required. These include identification of conflict of interest and improving management standards of professional market participants.
Keywords:
ISCR; CR; financial market; investment funds; joint stock; beneficial owner; insider dealing; general obligation; active market; CBR regulation; bond issue; CBR employee; supervision CBR; risk assessment; management company; CBR staff; Correspondent banking; Mutual funds; Securities regulation; Securities; Securities markets; Global
Cover IMF Staff Country Reports
Ukraine: Technical Assistance Report-Regulation of Market Abuse and Issuer Disclosure Requirements
International Monetary Fund. Monetary and Capital Markets Department
This Technical Assistance report examines regulation of market abuse and issuer disclosure requirements in Ukraine. The Ukrainian regulatory framework for market abuse and issuer disclosure requirements has significant gaps, whose impact is compounded by the National Securities and Stock Market Commission’s (NSSMC) lack of sufficient supervisory, investigative, and enforcement powers. This has contributed to overall lack of transparency and widespread misconduct in the market, including through issuance and trading of “fictitious” securities. To address the current challenges, the Ukrainian legislation needs to be aligned with the international standards to provide the NSSMC with sufficient means to require enhanced disclosures and combat market abuse.
Keywords:
ISCR; CR; IOSCO principle; Eu legislation; NSSMC regulation; draft legislation; MAR law; insider dealing; Securities; Securities markets; Securities regulation; Stock markets
Cover IMF Staff Country Reports
Russian Federation: Report on the Observance of Standards and Codes-IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund. Monetary and Capital Markets Department
This paper presents an assessment of the level of implementation of the IOSCO (International Organization of Securities Commissions) objectives and principles in the Russian Federation. Some of the most recent regulatory changes in the Russian Federation are clearly based on international standards. In other areas, further initiatives will be required. These include conflicts of interest identification and improving standards of management in professional market participants. It will also require the creation of legal gateways which will enable supervisors with the necessary skills sets to provide guidance as to what the Central Bank of the Russian Federation’s (CBR) reasonable expectations are on a range of issues. CBR also faces a major challenge in enforcing the regulatory regime and will need additional resources.
Keywords:
ISCR; CR; financial market; central bank; CBR Law; risk management; CBR inspector; supervision CBR; beneficial owner; CBR member; joint stock; CBR power; general obligation; CBR staff; CBR discretion; Correspondent banking; Securities markets; Securities; Securities regulation; Legal support in revenue administration; Global
Cover IMF Staff Country Reports
Republic of Poland: Review Under the Flexible Credit Line Arrangement-Press Release; Staff Report; and Statement by the Alternate Executive Director for the Republic of Poland
International Monetary Fund. European Dept.
This paper discusses Poland’s performance under the Flexible Credit Line Arrangement. In recent years, Poland’s macroeconomic policies have focused on further strengthening fundamentals and institutional frameworks. Fiscal consolidation has led to an exit from the Excessive Deficit Procedure. Monetary policy has been eased to help lift inflation. Financial sector supervision has been strengthened with a new macroprudential framework. Reserves are broadly adequate against standard metrics. The new government has pledged to maintain prudent policies, including gradual fiscal consolidation over the medium term, and to ensure the continued stability of the banking system. In the period ahead, it will be important to identify specific growth-friendly measures to underpin the fiscal adjustment and reduce implementation risk.
Keywords:
ISCR; CR; FCL arrangement; FCL resource; IMF's Executive Board; CA deficit; economy; policy buffer; Bond yields; Commercial banks; Global
Cover IMF Staff Country Reports
Ukraine: Technical Assistance Report - Enhancing the Powers and Independence of the National Securities and Stock Market Commission
International Monetary Fund. Monetary and Capital Markets Department
This Technical Assistance Report discusses measures to enhance the powers and independence of the National Securities and Stock Market Commission (NSSMC) in Ukraine. The NSSMC faces significant challenges in its role as the regulator of the Ukrainian securities market. Market activity has been shrinking over the past few years, but misconduct—such as issuance and trading of “fictitious” securities—prevails. Key changes needed relate to enhancing the NSSMC’s ability to conduct investigations of and demand information from any legal or natural person, have access to information otherwise restricted by secrecy laws, assist foreign authorities even without an apparent violation of the Ukrainian securities laws, and maintain the confidentiality of information exchanged under the Multilateral Memorandum of Understanding.
Keywords:
ISCR; CR; IOSCO principle; NSSMC chairman; enforcement activity; independence law; NSSMC's funding; use of resource; Budget planning and preparation; Securities markets; Legal support in revenue administration; Securities regulation; Securities
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