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Law > Business and Financial

You are looking at 1 - 10 of 92 items for :

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Cover IMF Staff Country Reports
India: Financial Sector Assessment Program-Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
India’s financial system has withstood the pandemic well and has become more resilient since the 2017 FSAP. Nonbank financial institutions (NBFIs)—especially nonbank financial companies (NBFCs) providing credit with wholesale financing—and market financing have grown, making the financial system more diverse and interconnected. The role of the state has diminished, yet it remains significant, including in using the financial system to pursue social and public finance goals.
Keywords:
market financing; coverage ratio; NBFC liquidity stress test result; policy option; liquidity support; FSAP finding; Financial sector stability; Nonbank financial institutions; Credit; Mutual funds; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global
Cover Technical Assistance Reports
Papua New Guinea: Technical Assistance Report-Financial Sector Stability Review
International Monetary Fund. Monetary and Capital Markets Department
The main objective of the FSSR diagnostic mission was to help the PNG authorities build a roadmap of technical assistance (TA) to address identified financial sector needs and gaps, with a view to strengthen resilience of financial institutions and to enhance the policy framework. The PNG FSSR diagnostic covered six areas: (i) macroprudential policy; (ii) regulation and supervision of banks and other deposit-taking financial institutions; (iii) regulation and supervision of insurance companies and pension funds; (iv) financial safety net and crisis preparedness framework; (v) financial market infrastructure; and (vi) financial sector statistics.
Keywords:
Financial sector stability; IMF MCM; Macro-financial risk; PNG FSSR TA roadmap.; IMF's Monetary; FSSF phase; FSSR recommendation; payment system oversight function department; IMF executive directors; BPNG's management; investment strategy; bridge bank authority; Macroprudential policy; Insurance; Payment systems; Global
Cover High-Level Summary Technical Assistance Reports
Grenada: Systemic Risk Monitoring
Petr Jakubik
The technical assistance aimed to build capacity to monitor and assess systemic risk for non-bank financial institutions in the Grenada Authority for the Regulation of Financial Institutions (GARFIN). The mission underlined the need to clarify the macroprudential mandate and cooperation with the ECCB to conduct the macroprudential work accordingly. A potential extension of the existing Annual Report and Accounts covering key financial stability indicators and their assessment could be considered. It further highlighted the need to revise the existing reporting templates to reflect systemic risk better. Finally, the important role of the data management system was underlined.
Keywords:
contagion risk; pension balance sheets; IMF capacity development recipient; Systemic risk assessment; Financial sector stability; Financial sector risk; Stress testing; Caribbean
Cover IMF Staff Country Reports
Saudi Arabia: Financial Sector Assessment Program-Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
This paper highlights Saudi Arabia’s Financial System Stability Assessment as part of Financial Sector Assessment Program (FSAP). The FSAP took place against the backdrop of a robust economy driven by an ambitious state-led transformation agenda to accelerate Saudi Arabia’s economic diversification (Vision 2030). The Kingdom’s sovereign wealth fund plays a key role in implementing and funding the economic transformation. At present, financial sector risks from the rapid economic transformation appear contained. Banks are well-capitalized, profitable and appear resilient to severe macroeconomic shocks. Banks’ capacity to manage liquidity stress scenarios is generally good, although funding concentration is sizable. The authorities have made commendable efforts to mitigate risks from the rapidly growing credit and real estate market, but significant data gaps create challenges for systemic risk monitoring. The time is right to strengthen systemic risk monitoring and the legal, institutional, and operational frameworks in support of financial stability going forward.
Keywords:
B. bank stress tests; liquidity stress scenario; liquidation framework; coverage ratio; mission chief World Bank; World Bank FSAP team member; Financial sector stability; Anti-money laundering and combating the financing of terrorism (AML/CFT); Macroprudential policy; Commercial banks; Global
Cover IMF Staff Country Reports
Luxembourg: Financial Sector Assessment Program—Technical Note on Insurance Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
This technical note analyzes the key aspects of the regulatory and supervisory regime for insurance companies in Luxembourg. The analysis is part of the 2024 Financial Sector Assessment Program (FSAP) and based on the regulatory framework in place and the supervisory practices employed as of October 2023. The FSAP reviewed recent developments and the structure of the Luxembourgish insurance sector. The sector is large, well developed, and highly interconnected with other insurance markets through internationally active insurance groups and cross-border business. After having grown substantially in size, it is recommended to further strengthen the Commissariat aux Assurances’s (CAA) independence and its internal governance. The CAA’s staff has roughly doubled since the last FSAP but should be constantly reviewed with further expanding tasks. The authority’s independence could be further strengthened by safeguarding the independence of its Board members and narrowing down in the Insurance Act the reasons on which the CAA’s Directorate could be dismissed. The governance of the CAA would benefit from setting up an internal audit function, and strengthening IT governance as projects are currently conducted largely in-house.
Keywords:
solvency ASSESSMENT; International Monetary Fund Washington, d.c; solvency capital requirement; solvency coverage; G. Macroprudential supervision; Insurance; Insurance companies; Anti-money laundering and combating the financing of terrorism (AML/CFT); Solvency; Financial Sector Assessment Program; Global
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
Japan: Financial Sector Assessment Program-Technical Note on Financial Supervision and Regulation of Climate Related Issues
International Monetary Fund. Monetary and Capital Markets Department
This paper presents a technical note on Financial Supervision and Regulation of Climate Related issues in Japan. Japan's transition to a net zero economy requires the decarbonization of high-greenhouse gas intensive industrial sectors such as steel. The Japanese authorities have been working on a number of climate-related activities relevant to banks and insurers. Banks and insurers have identified transition and physical risks as potential sources of increasing credit risk, market risk, liquidity risk, operational risk, and reputational risk. Discussions with Financial Services Agency (FSA) supervisory staff revealed that there is yet to be a systematic approach to addressing climate issues in regular supervisory interactions with banks and insurers. The Climate Guidance sets out the FSA’s expectations for financial institutions to support clients’ and investees’ responses to climate change in order to manage financial institutions’ climate-related risks. Japan is leading the way in the implementation of climate-related disclosures.
Keywords:
scenario analysis; Japan FSAP; BOJ initiative; TCFD disclosure; FSAP finding; Climate change; Insurance companies; Climate finance; Financial stability assessment; Global
Cover Technical Assistance Reports
Kingdom of Eswatini: Technical Assistance Report-Financial Sector Stability Review
International Monetary Fund. Monetary and Capital Markets Department
and
International Monetary Fund. Statistics Dept.
The IMF conducted a diagnostic review of the financial system of the Kingdom of Eswatini and proposed a Technical Assistance Roadmap to support the authorities’ detection of risks and vulnerabilities and to enhance capacity in financial sector oversight. The financial stability module focused on areas agreed with the country authorities: financial stability and systemic risk monitoring, macroprudential frameworks and tools; crisis management and financial safety net; and supervision and regulation of banks, nonbank deposit-taking institutions, insurance, and retirement funds. The financial sector statistics module focused on key gaps in monetary and financial statistics and financial soundness indicators that hamper financial stability analysis.
Keywords:
Kingdom of Eswatini; Eswatini; CBE; FSRA; FSSR; financial stability; systemic risk; macroprudential frameworks; stress testing; crisis management; financial safety net; banking supervision and regulation; nonbanking supervision and regulation; deposit-taking institutions; insurance; and retirement funds.; IMF MCM; IMF Financial Sector Stability Review; IMF's MCM department; CBE governor; financial institutions Act; Eswatini building societies; Financial sector stability; Nonbank financial institutions; Retirement; Insurance companies; Africa; Southern Africa; East Africa
Cover IMF Staff Country Reports
Republic of Kazakhstan: Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
This paper presents Republic of Kazakhstan’s Financial System Stability Assessment report. In 2024, Kazakhstan’s economic growth is expected to slow to 3.1 percent, mostly due to delays in expanding the Tengiz oil field, while inflation, which is still well above the authorities’ target, would continue to decline. The authorities have continued their efforts to secure macroeconomic stability. The National Bank of Kazakhstan maintained tight monetary policy throughout 2023. The authorities remain committed to medium-term fiscal consolidation and have undertaken significant efforts to increase trade diversification and address governance and corruption vulnerabilities. According to the recently completed Financial Sector Assessment Program, the banking system appears well capitalized in aggregate. Kazakhstan is exposed to transition risk from domestic and global climate policies. Banking supervision has become more risk-based, but related party transactions remain challenging to monitor and consolidated supervision is still incomplete. Finally, there remain gaps in the financial safety nets and crisis management arrangements.
Keywords:
FSAP finding; Tier 1; kazakhstani tenge; FX assets; Kazakhstan stock exchange; NBK policy rate; consumer lending; instability episode; nonfinancial corporate; headline inflation; asset concentration risk; liquidity shock; ARDFM power; liquidity forbearance measure; Kazakhstan financial system; loan portfolio; cash flow; Financial Sector Assessment Program; Financial sector stability; Loans; Commercial banks; Global
Cover IMF Staff Country Reports
Maldives: Financial System Stability Assessment; and Press Release
International Monetary Fund. Monetary and Capital Markets Department
This paper presents financial system stability assessment (FSSA) report for Maldives. Maldives is a tourism dependent economy with a small financial sector dominated by state-owned banks. Systemic risks stem largely from a growing sovereign-bank nexus, high dollarization, and a shortage of foreign exchange. The Financial Sector Assessment Program concluded that further strengthening of financial sector policies is needed to improve the resilience of the financial system. The authorities should adopt regulation to address frictions in the foreign exchange market, resume liquidity management operations and develop systemic risk indicators. Priority should also be given to establishing a macroprudential framework along with instruments, publishing a financial stability report, and ensuring full reporting of non-bank payment obligations. The financial safety net and crisis management arrangements should be enhanced by improving early intervention mechanisms, introducing recovery and resolution planning, and enhancing the deposit insurance system. In addition, an effective liquidity assistance framework should be established.
Keywords:
World Bank FSAP mission; risk analysis; IMF FSAP stress test result; MMA central government debt holding; FSAP finding; bank capitalization; Financial Sector Assessment Program; Stress testing; Financial sector stability; Global; Asia and Pacific