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Law > Business and Financial

You are looking at 1 - 10 of 12 items for :

  • Type: Journal Issue x
  • Netherlands, The x
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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
Kingdom of the Netherlands—Curaçao and Sint Maarten: 2018 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. Western Hemisphere Dept.
Weak growth and underlying structural vulnerabilities persist in both Curaçao and Sint Maarten. Worsened macroeconomic conditions—reflecting the spillovers from one of Curaçao’s largest trading partners and the devastation from Hurricanes Irma and Maria in Sint Maarten—make the need for policy adjustment and structural reforms aimed at ensuring fiscal sustainability, enhancing competitiveness, strengthening investor confidence, and developing capacity more urgent.
Keywords:
ISCR; CR; discussion; real GDP; government; IMF staff estimate; liability positions vis-à-vis nonresident; growth in Curaçao; positions of Curaçao; finance of Curaçao; Budget planning and preparation; Fiscal space; Caribbean; Global
Cover IMF Working Papers
A Behavioral Approach to Financial Supervision, Regulation, and Central Banking
Mr. Ashraf Khan
This paper describes how behavioral elements are relevant to financial supervision, regulation, and central banking. It focuses on (1) behavioral effects of norms (social, legal, and market); (2) behavior of others (internalization, identification, and compliance); and (3) psychological biases. It stresses that financial supervisors, regulators, and central banks have not yet realized the full potential that these behavioral elements hold. To do so, they need to devise a behavioral approach that includes aspects relating to individual and group behavior. The paper provides case examples of experiments with such an approach, including behavioral supervision. Finally, it highlights areas for further research.
Keywords:
WP; corporate governance; market norm; risk management; social science; crowding out
Cover IMF Working Papers
Towards Effective Macroprudential Policy Frameworks: An Assessment of Stylized Institutional Models
Erlend Nier
,
Mr. Luis Ignacio Jácome
,
Jacek Osinski
, and
Pamela Madrid
A number of countries are reviewing their institutional arrangements for financial stability to support the development of a macroprudential policy function. In some cases, this involves a rethink of the appropriate institutional boundaries between central banks and financial regulatory agencies, or the setting up of dedicated policymaking committees. In others, efforts are underway to enhance cooperation within the existing institutional structure. Against this background, this paper provides basic guidance for the design of effective arrangements, in a manner that can provide a framework for country-specific advice. After reviewing briefly the main institutional elements of existing and emerging macroprudential policy frameworks across countries, the paper identifies stylized institutional models based on key features that distinguish institutional arrangements. It develops criteria to assess the effectiveness of models, examines the strengths and weaknesses of models against these criteria, and explores ways to improve existing setups. The paper finally distills lessons and sets out desired principles for effective macroprudential policy arrangements.
Keywords:
WP; central bank; authority; country; prudential policy; government representation; risk assessment; macroprudential policy; institutions; governance; supervisory function; central banks cuts rates; Policy effectiveness; policy field; policy outcome; credit policies task; current account; regulatory authority; central bank incentive; policy mandate; Systemic risk; Financial sector stability; Institutional arrangements for revenue administration; Europe
Cover Policy Papers
Framework Administered Account for Selected Fund Activities - Pacific Financial Technical Assistance Center (PFTAC) Subaccount
International Monetary Fund
In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the "SFA Instrument"). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of subaccounts under the SFA. This paper requests Executive Board approval to establish the Pacific Financial Technical Assistance Center (PFTAC) subaccount (the "Subaccount") under the terms of the SFA Instrument.
Keywords:
PP; Liberia Macro-Fiscal Subaccount; contributor; terms and conditions; finance Subaccount; terms and conditions of the Subaccount; PFTAC beneficiary; paper requests executive board approval; territories of PFTAC; ex ante concurrence; fund's involvement; contributor's resource; General government spending; Anti-money laundering and combating the financing of terrorism (AML/CFT); Tax administration core functions; Pacific Islands
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
Cover IMF Staff Country Reports
Kingdom of the Netherlands-Netherlands: Publication of Financial Sector Assessment Program Documentation: Technical Note on Financial Sector Supervision: The Twin Peaks Model
International Monetary Fund
The global financial crisis has tested the effectiveness of supervision under the “Twin Peaks” model. The crisis revealed the strengths of the “Twin International Peaks” model, as decisions were able to be made in a timely manner to contain the crisis, and clear divisions of powers and responsibilities were instrumental in ensuring effective coordination between key agencies. However, the crisis also exposed certain areas where improvements could strengthen the “Twin Peaks” framework. Intensive and well-focused efforts are being made to strengthen the supervisory framework.
Keywords:
ISCR; CR; bank; AFM coordination; DNB; financial product; AFM; prudential supervision; DNB's role; conduct-of-business supervision; rule-making authority; credibility of DNB; DNB's market; Financial sector stability; Systemic risk; Insurance companies; Global
Cover IMF Working Papers
Quality of Financial Sector Regulation and Supervision Around the World
Mr. Martin Cihak
and
Alexander F. Tieman
The paper analyzes the quality of financial sector regulation and supervision around the globe. Unlike studies that collect and analyze data on regulation and supervision "on the books," this study also analyzes available information on supervisory implementation, making use of data from IMF-World Bank assessments of compliance with international standards and codes. Incorporating supervisory implementation into the study provides an improved means of assessing countries' regulatory systems. We find that countries' regulatory frameworks score on average one notch below full compliance with the standards (on a 4-notch scale). There are substantial differences in the quality of regulatory and supervisory frameworks across countries, with the income level being a major factor.
Keywords:
WP; KKM governance variable; financial system; regulatory governance; EU country; IOSCO standard
Cover IMF Working Papers
The Fear of Freedom: Politicians and the Independence and Accountability of Financial Sector Supervisors
Mr. Michael W Taylor
,
Mr. Marc G Quintyn
, and
Ms. Silvia Ramirez
Compared with the case of central bank independence, independence for financial sector supervisors remains more controversial. This paper analyzes changes in independence and accountability arrangements in a set of 32 countries that overhauled their legal and/or institutional frameworks for supervision in recent years. Despite improvements, there is strong evidence that the endorsement of independence remains half-hearted, which shows itself through either overcompensation on the accountability side, or resort to political control mechanisms. The latter could potentially undermine the agency's credibility. The results indicate that policymakers still need to be persuaded of the long-term benefits of independence for financial sector soundness, and of the potential for a virtuous interaction between independence and accountability, if the arrangements are well-designed.
Keywords:
WP; RSA independence; independence rating; agency independence; monetary policy; minister of finance; Bank supervision; financial regulation; public administration accountability; accountability arrangement; executive branch; Legal support in revenue administration; Financial sector; Central bank autonomy; Africa
Cover IMF Staff Country Reports
Kingdom of the Netherlands—Netherlands Antilles: Staff Report for the 2005 Article IV Consultation
International Monetary Fund
This 2005 Article IV Consultation for the Netherlands Antilles’ reports that economic growth has been feeble so far in this decade, in the midst of economic policy drift. Growth has been constrained by still inflexible labor markets, widespread state ownership and interference in commercial activities, and insufficient investment in infrastructure and human capital. At the same time, free migration to the Netherlands has kept wages high. Persistent budget deficits and a large and growing public debt have also remained unaddressed.
Keywords:
ISCR; CR; public finance; IMF staff estimate; inflation expectation; executive board assessment; Curaçao government; Antillean authorities; IMF's view; sustainable public finances; island government; IMF's effort; Caribbean