Financial Sector Assessment Program 2002 and 2006 (Slovak Experience)
|
|
- Sheryl Amy Nicholson
- 7 years ago
- Views:
Transcription
1 Financial Sector Assessment Program 2002 and 2006 (Slovak Experience) Roman Turok-Heteš National Bank of Slovakia World Bank Groups 2007 Finance and Private Sector Development Forum Making Changes: Reasons, Obstacles and Results Washington, April 25-26, 2007
2 Contents 1. INITIAL FSAP 2002 RESULTS 2. SUPERVISORY DEVELOPMENT PLAN ( ) 3. PROGRESS ACHIEVED ( ) 4. FSAP UPDATE 2006 RESULTS 5. CONCLUSION
3 1. INITIAL FSAP RESULTS February Supervisory Authorities: NBS (Banking Market) FMA (the rest of the Financial Market) NBS Supervisory structure consisted of: LICENSING&METHODOLOGICAL DPT. SUPERVISORY (ON-SITE & OFF-SITE) DPT. Summary Compliance with BCP: 5 Compliant 10 Largely Compliant 15 Materially Non-Compliant
4 1. INITIAL FSAP RESULTS Main recommendations to: Improve Cross-Border Supervision Introduce Risk-based Supervision (a Pro-Active Supervisory Approach) Implement IAS Determine Supervisory Policy (Strategy) Improve the Legislation (also Secondary Legislation) Establish more transparency towards to: Auditors, Managements, General Public Institutional Integration Implement Supervision on a Consolidated Basis Develop Solutions of Crisis Situations Fulfill Supervisory Development Plan
5 2. SUPERVISORY DEVELOPMENT PLAN ( ) Originally drafted together with WB Experts & IMF Resident Advisor Endorsed by the Bank Board in December 2001 Had to be accomplished to the end of 2003 (being one of the conditions for EFSAL tranches)
6 2. SUPERVISORY DEVELOPMENT PLAN ( ) Main Issues of the SDP Compliance with 25 BCP Independence (MOU s) Interpretation of laws Budged and Resources Transparency (External Communication) Function of Supervision Pro-Active Approach (Risk Based Supervision) Corrective & Remedial Actions Internal Communication Licensing (Evaluation) Reporting Requirements Human Resources and Education Quarterly Reports to WB and Bank Board
7 3. Progress Achieved ( ) Legal Basis Regulation Banking Act in force on January 2002 adapted Slovak banking legislation to relevant EU directives and recommendations made by the World Bank and the International Monetary Fund Amendments of the Banking Act (the most important changes): 2005 banks and the branches of foreign banks are required to produce an analysis of risks related to the security of operating premises supplementary supervision of credit institutions, insurance undertaking and investment firms in a financial conglomerate NBS may adopt measures for risk management improvement of bank or branch of foreign bank National Bank of Slovakia Act Supervision of the Financial Market Act AML Preventive Act During the years were issued: Decrees (prudential regulations, licensing 41 liquidity, risk and risk management system, register of credits, classification of assets and liabilities, large exposures of banks, reporting of consolidated groups, adequacy of banks own funds) Methodological Instructions (28), Recommendations (6), Internal manuals (on-site, off-site, licensing) May 2002 Strategy of Banking Supervision was approved by Bank Board of the NBS
8 3. Progress Achieved ( ) Memoranda of Understanding signed between the National Bank of Slovakia and foreign supervisory authorities the Bundesaufsichtsamt für das Kreditwesen (BaFin), Germany, April 2002 Hungarian Financial Supervisory Authority, Hungary, June 2002 the Czech National Bank, Czech Republic, Nov the Commission bancaire, France, November 2002 the Banca d Italia, Italy, December 2002 De Nederlandsche Bank, Netherland, February 2003 the Central Bank of Cyprus, Cyprus, June 2003 Federal Ministry of Finance, the Austrian FMA Austria, December 2003 the Malta Financial Services Authority, Malta, February 2004 Letter of Understanding exchanged with the Office of the Comptroller of the Currency (USA), 2002 Multilateral Memoranda of Understanding (accession July 2005) Memorandum of Understanding on co-operation between the Banking Supervisors, Central Banks and Finance Ministries of the European Union in Financial Crisis situations Memorandum of Understanding on co-operation between payment systems oversees and Banking Supervisors in stage three of Economic and Monetary Union Memorandum of Understanding signed between the NBS and domestic supervisory authority Cooperation Agreement between the National Bank of Slovakia and Ministry of the Interior of the Slovak Republic, Presidium of the Police Corps December 2002 (2 Amendments due to the organizational changes within the National Bank of Slovakia)
9 3. Progress Achieved ( ) Transparency Web Regular meetings with management and auditors QIS (Quantitative Impact Study) New Basel Capital Framework calibration QIS QIS 5 New organizational structure valid since March 1, 2003 Licensing Department Supervision Department Methodology and Risk Management Department According to the Slovak government s resolution No.775 on paper 737/2003 of August 2003, the Slovak government approved Implementation Plan of Integration of the Financial Market Supervision IAS on the base of decision of MF SR was introduced on January 1, 2006
10 3. Progress Achieved ( ) Integrated supervision of the SR (Organizational structure) ( ) BANK BOARD OF THE NBS = decision of the second instance Deputy governor = decision of the first instance Financial market supervision unit Financial market supervision unit Banking Sector and Securities Dealers Supervision Division (chief executive director) Capital Market, Insurance And Pension Savings Supervision Division */ (chief executive director) */collective investment area, securities central depository, depository activities provided by bank for collective investment and pension funds, stock exchange, agents s of investment services, securities issuers, insurance, pension funds (Pillars II and III)
11 3. Progress Achieved ( ) Number of On-site Inspections Inspections planned concluded planned concluded planned concluded planned concluded planned concluded Full- scope Follow-up Targeted Total
12 3. Progress Achieved ( ) Banking Privatization Slovak bank Foreign shareholder/year of privatization Slovenska sporitelna Erste Bank/ 2001 Austria VUB Comit Holding International (IntesaBCI)/ 2001 Privat Banka (fromer Banka Slovakia) MEINL BANK/ 2003 Country of origin Luxemburg / Italy Austria UniBanka (former Polnobanka) UniCredito/ 2000 Italy Istrobanka BAWAG/ 2002 Austria Dexia banka Slovensko (former PKB) OTP Banka Slovensko (former IRB) Dexia Kommunalkredit Holding/ 2000 OTP/ 2002 Austria Hungary
13 4. FSAP UPDATE 2006 FINANCIAL SECTOR ASSESSMENT PROGRAM UP DATE November 29 December 12, 2006 Targeted primarily to: Assessment of Basel Core Principles (BCP) Assessment of IAIS Insurance Core Principles (ICP) Also reviewed: Securities Markets (Capital Market), Pension Funds, Payment system Results (BCP): 25 C, 4 LC, 1 MNC from 30 Core Principles and Sub-Principles Received: a) FSAP update Slovak Republic Aide-Memoire - December 2006 b) FSAP update: Basel Core Principles for effective banking supervision Detailed Assessment of Observance - December 2006 c) FSAP update: Technical note Securities Markets and Future Challenges - December 2006 d) FSAP update: Background note Stress Tests of the Banking System - January 2007 under the comments e) FSAP update: Detailed Assessment of Observance of the IAIS Insurance Core Principles - December 2006
14 4. FSAP UPDATE 2006 Still in process of preparation: Pension Funds Technical Note Payment System Overview feedback AML/CFT Paragraph based on Moneyval 2005 Assessment Recommendation (BCP): improve BCP 6, 9, 16, 17 Challenges: a) Improving coordination with home supervisors, especially regarding Basel II implementation, b) Addressing consumer protection concerns while avoiding conflicts with other financial sector policies, c) Implement all of recommendations of the Moneyval report to improve the AML/CFT regime in a timely fashion.
15 5. Conclusion Reason for FSAP update: to prepare an independent assessment of Slovak Financial Sector to recognize the progress which has been achieved since year 2002 in the Slovak financial sector. Main factors which enabled the progress: a) Fulfillment of FSAP 2002 recommendations, b) Fulfillment of Supervisory Development Plan recommendations, c) Fulfillment of conditions inevitable for joining EU (EU Peer Review of Financial Services Supervision May 2002), d) Privatization and restructuralization of Slovak banking sector (years ). e) Staff Education: Technical assistance on Corporate Governance to the National Bank of Slovakia (First Initiative, September-December 2004), Technical assistance Support to the Implementation of Risk Based Supervision (EU s Phare Fund May 2005 October 2006), Technical assistance Strengthening Financial Sector Supervision in the Slovak Republic (EU s Phare Fund, June 2004 October 2005), Technical assistance Money Laundering (EU Twining Project, October 2003 June 2004), Technical assistance E-Money, E-banking Regulation, Audit and Evaluation of Bank IT System (Financial Services Volunteer Corps, January 2004).
16 Thank you for your attention Roman Turok-Heteš Cross-border Cooperation Section Licensing and Proceeding Department The National Bank of Slovakia Phone No.: Fax No.:
International Monetary Fund Washington, D.C.
2009 International Monetary Fund May 2009 IMF Country Report No. 09/167 Cyprus: Financial Sector Assessment Program Update Technical Note Factual Update on Basel Core Principles for Effective Banking Supervision
More informationTHE ROLE OF CENTRAL BANKS IN FINANCIAL SUPERVISION. THE EUROPEAN UNION PERSPECTIVE
THE ROLE OF CENTRAL BANKS IN FINANCIAL SUPERVISION. THE EUROPEAN UNION PERSPECTIVE ANNA JURKOWSKA-ZEIDLER Faculty of Law and Administration, University of Gdansk Abstract There are two main arguments for
More informationAct on Insurance. The National Council of the Slovak Republic has adopted the following Act: SECTION I PART ONE GENERAL PROVISIONS
Act on Insurance Full wording of Act No 8/2008 Coll. of 28 November 2007 on Insurance and on amendments and supplements to certain laws, as amended by Act No 270/2008 Coll., Act No 552/2008 Coll., Act
More informationSecurities markets regulators in transition
Securities markets regulators in transition Below is a list of the securities regulators, in the EBRD region with summaries of their objectives and competencies (plus links to the website): [Note: If you
More informationGuidelines on preparation for and management of a financial crisis
CEIOPS-DOC-15/09 26 March 2009 Guidelines on preparation for and management of a financial crisis in the Context of Supplementary Supervision as defined by the Insurance Groups Directive (98/78/EC) and
More informationFinancial Architecture and Banking Systems
Financial Architecture and Banking Systems Financial and Private Sector Development Financial Systems Practice The World Bank Group Our Mission The Financial Architecture and Banking Systems Service Line
More informationDefinition of Public Interest Entities (PIEs) in Europe
Definition of Public Interest Entities (PIEs) in Europe FEE Survey October 2014 This document has been prepared by FEE to the best of its knowledge and ability to ensure that it is accurate and complete.
More informationIn a Search for Regulations on Risk Management, Internal Control and Internal Audit
In a Search for Regulations on Risk Management, Internal Control and Internal Audit Jacek Socha IAS Conference 17 October 2006 pwc Agenda Background Sarbanes-Oxley Act lessons learnt and benefits EU response
More informationSLOVAK REPUBLIC Cechova & Partners
Bank Finance and Regulation Survey SLOVAK REPUBLIC Cechova & Partners I. BANKS AND FINANCIAL INSTITUTIONS SUPERVISION 1) Applicable laws and regulation. Provide a list of the main laws and regulations
More informationSTRENGTHENING MACRO AND MICRO-PRUDENTIAL SUPERVISION IN EU CANDIDATES AND POTENTIAL CANDIDATES
April 2012 STRENGTHENING MACRO AND MICRO-PRUDENTIAL SUPERVISION IN EU CANDIDATES AND POTENTIAL CANDIDATES A programme funded by the European Union Project Summary (not for publication) A programme implemented
More informationprovisions specified by the Preventive Law, the Cabinet of Ministers of Azerbaijan Republic has adopted the following decisions:
REPORT of the Financial Monitoring Service under the Central Bank of the Republic of Azerbaijan on execution of The 2007-2011 Action Plan for implementation of the National Strategy for Combatting Corruption
More informationReducing the moral hazard posed by systemically important financial institutions. FSB Recommendations and Time Lines
Reducing the moral hazard posed by systemically important financial institutions FSB Recommendations and Time Lines 20 October 2010 Table of Contents I. Overall policy framework to reduce moral hazard
More informationACT ON BANKS. The National Council of the Slovak Republic has adopted this Act: SECTION I PART ONE BASIC PROVISIONS. Article 1
ACT ON BANKS The full wording of Act No. 483/2001 Coll. dated 5 October 2001 on banks and on changes and the amendment of certain acts, as amended by Act No. 430/2002 Coll., Act No. 510/2002 Coll., Act
More informationInternational Monetary Fund Washington, D.C.
2006 International Monetary Fund June 2006 IMF Country Report No. 06/217 Spain: Financial Sector Assessment Program Technical Note Supervision of Insurance: Alternative Models for an Independent Agency
More informationInternational Monetary Fund Washington, D.C.
2012 International Monetary Fund July 2012 IMF Country Report No. 12/207 Brazil: Detailed Assessment of Observance of Basel Core Principles for Effective Banking Supervision This paper was completed on
More informationAustria: Publication of Financial Sector Assessment Program Documentation Technical Note on Insurance Sector
2014 International Monetary Fund January 2014 IMF Country Report No. 14/14 December 2013 January 29, 2001 January 29, 2001 January 29, 2001 January 29, 2001 Austria: Publication of Financial Sector Assessment
More informationTHE STOCK EXCHANGE ACT
THE STOCK EXCHANGE ACT Complete wording of the Act on the Stock Exchange of 18 June 2002 No 429/2002 Coll. as results from amendments made by Act No 594/2003 Coll., Act No 635/2004 Coll., Act No 43/2004
More informationDECLARATION ON STRENGTHENING THE FINANCIAL SYSTEM LONDON SUMMIT, 2 APRIL 2009
DECLARATION ON STRENGTHENING THE FINANCIAL SYSTEM LONDON SUMMIT, 2 APRIL 2009 We, the Leaders of the G20, have taken, and will continue to take, action to strengthen regulation and supervision in line
More informationStatement by. Mark E. Van Der Weide. Deputy Director. Division of Banking Supervision and Regulation. Board of Governors of the Federal Reserve System
For release on delivery 10:00 a.m. EDT April 28, 2015 Statement by Mark E. Van Der Weide Deputy Director Division of Banking Supervision and Regulation Board of Governors of the Federal Reserve System
More informationInternational Monetary Fund Washington, D.C.
2007 International Monetary Fund May 2007 IMF Country Report No. 07/156 Gibraltar: Detailed Report of Observance of the Insurance Core Principles This Detailed Report of Observance of the Insurance Core
More informationCOMMISSION DELEGATED DECISION (EU) / of 5.6.2015
EUROPEAN COMMISSION Brussels, 5.6.2015 C(2015) 3740 final COMMISSION DELEGATED DECISION (EU) / of 5.6.2015 on the provisional equivalence of the solvency regimes in force in Australia, Bermuda, Brazil,
More informationAudrey E Anderson: Effective conglomerate and consolidated supervision in the Caribbean
Audrey E Anderson: Effective conglomerate and consolidated supervision in the Caribbean Opening remarks by Mrs Audrey E Anderson, Senior Deputy Governor of Bank of Jamaica, at the Caribbean Group of Banking
More informationOPINION OF THE EUROPEAN CENTRAL BANK
EN ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK of 2 October 2012 on preparations and legal amendments required for the introduction of the euro (CON/2012/73) Introduction and legal basis On 20 July
More informationIsle of Man Government
Isle of Man Government Commitment to Combating Money Laundering and the Financing of Terrorism & Proliferation Council of Ministers June 2012 Isle of Man Government Commitment to Combating Money Laundering
More informationThe Banking Sector and Its Regulation in the Czech Republic Zdeněk Tůma
The Banking Sector and Its Regulation in the Czech Republic Zdeněk Tůma Ladies and gentlemen, I am honoured to have the opportunity to give a presentation here on the Czech experience with the building
More informationThe Future of Insurance Regulation: A Global Perspective ACLI Executive Roundtable
Washington, DC Atlanta Brussels Dubai Hong Kong London Milan New York Paris San Francisco Singapore Sydney Tokyo Toronto The Future of Insurance Regulation: A Global Perspective ACLI Executive Roundtable
More informationICP 1: Conditions for Effective Insurance Supervision
A Core Curriculum for Insurance Supervisors ICP 1: Conditions for Effective Insurance Supervision Teaching Note Copyright 2006 International Association of Insurance Supervisors (IAIS). All rights reserved.
More informationBasel Committee on Banking Supervision. International Association of Deposit Insurers. Core Principles for Effective Deposit Insurance Systems
Basel Committee on Banking Supervision International Association of Deposit Insurers Core Principles for Effective Deposit Insurance Systems A methodology for compliance assessment December 2010 Copies
More informationEBA Work Programme 2015
30 September 2014 EBA Work Programme 2015 1. In accordance with Regulation (EU) No 1093/2010 1 of the European Parliament and of the Council of 24 November 2010 establishing the European Banking Authority
More informationC H A P T E R 3 SUPERVISION OF THE FINANCIAL MARKET
C H A P T E R 3 SUPERVISION OF THE FINANCIAL MARKET 3 S U P E R V I S I O N O F T H E F I N A N C I A L M A R K E T 3 SUPERVISION OF THE FINANCIAL MARKET 4 4 A detailed report on the activities of the
More informationCore Principles for Effective Banking Supervision: New Edition Released
News Bulletin September 17, 2012 Core Principles for Effective Banking Supervision: New Edition Released Last Friday, September 14, 2012, the Basel Committee on Banking Supervision published a new set
More informationSupplementary Appendix Table A DESCRIPTION OF THE DIRECTIVES OF THE FINACIAL SERVICES ACTION PLAN (FSAP)
Supplementary Appendix Table A DESCRIPTION OF THE DIRECTIVES OF THE FINACIAL SERVICES ACTION PLAN (FSAP) Directive Name Directive No. Deadline Implementation of the Settlement Finality Directive 1998/26/EC
More informationRegional workshop BCCL-METAC Operational functioning of supervisory Colleges BEYROUTH, April 25 th, 2012
Regional workshop BCCL-METAC Operational functioning of supervisory Colleges BEYROUTH, April 25 th, 2012 INTRODUCTION SUPERVISORY COLLEGES ARE A FUNDAMENTAL TOOL OF COOPERATION : At the light of the crisis,
More informationCHALLENGES FOR BASEL II IMPLEMENTATION IN CHILE
DIALOGUE ON BASEL II IMPLEMENTATION ABAC - SBIF - ABIF CHALLENGES FOR BASEL II IMPLEMENTATION IN CHILE ENRIQUE MARSHALL SUPERINTENDENT OF BANKS AND FINANCIAL INSTITUTIONS SEPTEMBER 2004 EVALUATION OF THE
More informationCredit Rating Agencies Reducing reliance and strengthening oversight
29 August 2013 Credit Rating Agencies Reducing reliance and strengthening oversight Progress report to the St Petersburg G20 Summit Authorities need to accelerate work to end the mechanistic reliance of
More informationFull wording of Act No. 6/1993 Coll., on the Czech National Bank, as amended
Full wording of Act No. 6/1993 Coll., on the Czech National Bank, as amended Act No. 6/1993 Coll., on the Czech National Bank, as amended by Act No. 60/1993 Coll., Act No. 15/1998 Coll., Act No. 442/2000
More informationNEED OF FINANCIAL INSTITUTIONS SUPERVISION THROUGH AN SINGLE FRAMEWORK OF MACRO-PRUDENTIAL SUPERVISION
NEED OF FINANCIAL INSTITUTIONS SUPERVISION THROUGH AN SINGLE FRAMEWORK OF MACRO-PRUDENTIAL SUPERVISION MEDAR LUCIAN-ION, Professor PHD, CHIRTOC IRINA-ELENA, Assistant professor PHD, CONSTANTIN BRANCUSI
More informationFinancial market supervision report
Financial market supervision report 2013 Financial market supervision report 2013 ISBN 978-80-87225-55-4 CONTENTS FOREWORD 5 A. FINANCIAL MARKET SUPERVISION IN 2013 7 1. LEGISLATIVE CHANGES IN THE FINANCIAL
More informationTightening Financial Regulation, Broadening Role of Deposit Insurance - Resolution Serving Financial Stability. Bank Resolution Framework in Poland
Tightening Financial Regulation, Broadening Role of Deposit Insurance - Resolution Serving Financial Stability Bank Resolution Framework in Poland Jerzy Pruski President and Chair of the Executive Council,
More informationBasel Committee on Banking Supervision. Good practice principles on supervisory colleges
Basel Committee on Banking Supervision Good practice principles on supervisory colleges October 2010 Copies of publications are available from: Bank for International Settlements Communications CH-4002
More informationSolvency Assessment and Management: Pillar II Sub Committee Governance Task Group Discussion Document 81 (v 3)
Solvency Assessment and Management: Pillar II Sub Committee Governance Task Group Discussion Document 81 (v 3) Governance, Risk Management, and Internal Controls INTERIM REQUIREMENTS CONTENTS 1. INTRODUCTION
More informationMortgage Refinancing Market Creating The Right Environment To Make Refinancing The Mortgage Portfolio A Reality
Mortgage Refinancing Market Creating The Right Environment To Make Refinancing The Mortgage Portfolio A Reality Martin Macko Head of Treasury Division UniBanka, a.s. Bratislava UniCredit Group Contents
More informationCONSULTATION PAPER CP 41 CORPORATE GOVERNANCE REQUIREMENTS FOR CREDIT INSTITUTIONS AND INSURANCE UNDERTAKINGS
CONSULTATION PAPER CP 41 CORPORATE GOVERNANCE REQUIREMENTS FOR CREDIT INSTITUTIONS AND INSURANCE UNDERTAKINGS 2 PROPOSAL 1.1 It is now widely recognised that one of the causes of the international financial
More informationRegulation for Establishing the Internal Control System of an Investment Management Company
Unofficial translation Riga, 11 November 2011 Regulation No. 246 (Minutes No. 43 of the meeting of the Board of the Financial and Capital Market Commission, item 8) Regulation for Establishing the Internal
More informationAccess of Supreme Audit Institutions to the main financial supervisors in EU Member States
Report of the Working Group on Public Audit Deficits Access of Supreme Audit Institutions to the main financial in EU Member States Audit Department II European Affairs & Government-wide Performance Audit
More informationPrinciples for the supervision of financial conglomerates
THE JOINT FORUM BASEL COMMITTEE ON BANKING SUPERVISION INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS C/O BANK FOR INTERNATIONAL SETTLEMENTS CH-4002
More informationBasel Committee on Banking Supervision. Principles for effective supervisory colleges
Basel Committee on Banking Supervision Principles for effective supervisory colleges June 2014 This publication is available on the BIS website (www.bis.org). Bank for International Settlements 2014. All
More informationThe Joint Forum. Report on supervisory colleges for financial conglomerates
The Joint Forum Report on supervisory colleges for financial conglomerates September 2014 This publication is available on the BIS website (www.bis.org). Bank for International Settlements 2014. All rights
More informationNÁRODNÁ BANKA SLOVENSKA EUROSYSTEM
NÁRODNÁ BANKA SLOVENSKA EUROSYSTEM OVERSIGHT POLIC CY OF NÁRODNÁ BANKA SLOVENSKA Oversight of payment systems and payment instruments December 2014 CONTENTS OVERSIGHT DEFINITION AND OBJECTIVES... 3 OVERSIGHT
More informationBanking Regulation and Supervision Agency of Turkey (BRSA)
Banking Regulation and Supervision Agency of Turkey (BRSA) Tuba GEÇER ER Senior Bank Examiner Başak ak YETİŞ İŞEN TEKER Banking Specialist Moscow, 28 September 2011 Who We Are Banking Regulation and Supervision
More information6/8/2016 OVERVIEW. Page 1 of 9
OVERVIEW Attachment Supervisory Guidance for Assessing Risk Management at Supervised Institutions with Total Consolidated Assets Less than $50 Billion [Fotnote1 6/8/2016 Managing risks is fundamental to
More informationSURVEY OF INVESTMENT REGULATION OF PENSION FUNDS. OECD Secretariat
SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS OECD Secretariat Methodological issues The information collected concerns all forms of quantitative portfolio restrictions applied to pension funds in OECD
More information1 October 2015. Statement of Policy Governing the Acquisition and Management of Financial Assets for the Bank of Canada s Balance Sheet
1 October 2015 Statement of Policy Governing the Acquisition and Management of Financial Assets for the Bank of Canada s Balance Sheet Table of Contents 1. Purpose of Policy 2. Objectives of Holding Financial
More informationBasel Committee on Banking Supervision. Consultative Document. Revised good practice principles for supervisory colleges
Basel Committee on Banking Supervision Consultative Document Revised good practice principles for supervisory colleges Issued for comment by 18 April 2014 January 2014 This publication is available on
More informationDISCUSSION PAPER ON THE REVISION OF LAWS PROJECT: Revising the Bailiwick s financial regulatory laws to maintain the Bailiwick s reputation as an
DISCUSSION PAPER ON THE REVISION OF LAWS PROJECT: Revising the Bailiwick s financial regulatory laws to maintain the Bailiwick s reputation as an efficient and well-regulated international finance centre
More informationFact Sheet Global Business
FS/GB01-14 March 2013 Fact Sheet Global Business Global Business in Mauritius Global Business (GB) is a regime available in Mauritius for resident corporations proposing to conduct business outside Mauritius.
More informationFINANCIAL STABILITY FORUM. FSF Principles for Cross-border Cooperation on Crisis Management
FSF Principles for Cross-border Cooperation on Crisis Management 2 April 2009 Preface These high-level principles for cross-border cooperation on crisis management have been developed and endorsed by the
More informationOPINION OF THE EUROPEAN CENTRAL BANK
EN ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK of 24 January 2012 on a guarantee scheme for the liabilities of Italian banks and on the exchange of lira banknotes (CON/2012/4) Introduction and legal
More information4. We understand this to mean that each provider state will need to ensure indemnity arrangements are in place to cover healthcare provided in that
Medical Defence Union response to consultation on European Commission s proposals for Directive on the application of patients rights in cross-border healthcare Introduction 1. The Medical Defence Union
More informationCentral bank corporate governance, financial management, and transparency
Central bank corporate governance, financial management, and transparency By Richard Perry, 1 Financial Services Group This article discusses the Reserve Bank of New Zealand s corporate governance, financial
More informationFSB launches peer review on deposit insurance systems and invites feedback from stakeholders
Press release Press enquiries: Basel +41 61 280 8037 Press.service@bis.org Ref no: 26/2011 1 July 2011 FSB launches peer review on deposit insurance systems and invites feedback from stakeholders The Financial
More information/ Insurance. Regional Highlights * Bosnia and Herzegovina. karanovic/nikolic. /March 2015/
/ Insurance Regional Highlights * /March 2015/ The insurance sector in South Eastern Europe has undergone considerable change in recent years, marked by Croatia s accession to the EU, amendments to legislation
More informationDisclosure 17 OffV (Credit Risk Mitigation Techniques)
Disclosure 17 OffV (Credit Risk Mitigation Techniques) The Austrian Financial Market Authority (FMA) and the Oesterreichsiche Nationalbank (OeNB) have assessed UniCredit Bank Austria AG for the use of
More informationDocument of The World Bank
Public Disclosure Authorized Document of The World Bank Public Disclosure Authorized Public Disclosure Authorized IMPLEMENTATION COMPLETION REPORT (TF-25813 FSLT-70720) ON A LOAN IN THE AMOUNT OF EURO
More informationAugust 10, 2015. Many of these principles will be familiar to U.S. readers, but these are global principles that would be new to many countries.
August 10, 2015 Author: David W. Powell If you have questions, please contact your regular Groom attorney or one of the attorneys listed below: Louis T. Mazawey lmazawey@groom.com (202) 861-6608 David
More informationAn Overview of Basel II s Pillar 2
An Overview of Basel II s Pillar 2 Seminar for Senior Bank Supervisors from Emerging Economies Washington, DC 23 October 2008 Elizabeth Roberts Director, FSI Topics to be covered Why does Pillar 2 exist?
More informationLAW NO: 5549 ON PREVENTION OF LAUNDERING PROCEEDS OF CRIME
LAW NO: 5549 ON PREVENTION OF LAUNDERING PROCEEDS OF CRIME (Adopted on 11/10/2006 and published in the Official Gazette dated 18/10/2006 with the number 26323) CHAPTER ONE Purpose and Definitions Objective
More informationPeer Review on Supervisory Practices against Market Abuse Follow-up report
Peer Review on Supervisory Practices against Market Abuse Follow-up report 22 December 2015 ESMA/2015/1905 Table of Contents 1 Executive Summary... 4 2 Background... 6 3 Assessment of MAD supervisory practices
More informationEVOLUTION OF FINANCIAL REGULATION AT BCBS AND FSB
EVOLUTION OF FINANCIAL REGULATION AT BCBS AND FSB SINCE 2008 Christoph Baumann* THE FINANCIAL STABILITY BOARD AND THE BASEL COMMITTEE ON BANKING SUPERVISION International financial regulation has been
More informationREGULATION ON RISK MANAGEMENT AND OTHER ASPECTS OF INTERNAL CONTROL IN INVESTMENT FIRMS
until further notice 1 (5) Applicable to investment firms REGULATION ON RISK MANAGEMENT AND OTHER ASPECTS OF INTERNAL CONTROL IN INVESTMENT FIRMS By virtue of section 29, paragraph 2, of the Investment
More informationRegulated Outsourcing
Regulated Outsourcing Contents 3 The Luxembourg financial centre 4 Outsourcing in the financial industry 5 The statute of Support PSF 7 Services 9 Benefits of working with a Support PSF The Luxembourg
More informationAnti-money laundering and countering the financing of terrorism the Reserve Bank s supervisory approach
Anti-money laundering and countering the financing of terrorism the Reserve Bank s supervisory approach Hamish Armstrong In September 2010, a Bulletin article set out the Reserve Bank of New Zealand s
More informationThe FDIC s Response to Bank Secrecy Act and Anti-Money Laundering Concerns Identified at FDIC-Supervised Institutions
Office of Audits and Evaluations Report No. AUD-14-009 The FDIC s Response to Bank Secrecy Act and Anti-Money Laundering Concerns Identified at FDIC-Supervised Institutions August 2014 Executive Summary
More informationBOARD OF GOVERNORS FEDERAL RESERVE SYSTEM
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551 DIVISION OF BANKING SUPERVISION AND REGULATION DIVISION OF CONSUMER AND COMMUNITY AFFAIRS SR 12-17 CA 12-14 December 17, 2012 TO
More informationRegulatory. Connection. Welcome. Irish Financial Services Regulatory Authority. January 2005 Issue 2
Regulatory Connection Irish Financial Services Regulatory Authority January 2005 Issue 2 Welcome H appy New Year. 2005 will be a busy year for the Financial Regulator as we continue to adapt to the new
More informationThe Act imposes foreign exchange restrictions, i.e. performance of certain actions requires a relevant foreign exchange permit.
RESPONSIBILITIES OF THE NATIONAL BANK OF POLAND RESULTING FROM THE FOREIGN EXCHANGE ACT 1. FOREIGN EXCHANGE PROVISIONS Foreign exchange regulations, which constitute part of the financial legislation,
More informationSlovakia Regulation FUNDS AND FUND MANAGEMENT 2010. 2.1 Type of funds. An open-ended mutual fund. A closed-ended mutual fund. Special mutual fund:
Slovakia Regulation FUNDS AND FUND MANAGEMENT 2010 2.1 Type of funds The following types of funds may be formed under Slovak law: An open-ended mutual fund A closed-ended mutual fund Special mutual fund:
More informationFull wording of Act No. 6/1993 Coll., on the Czech National Bank, as amended
Full wording of Act No. 6/1993 Coll., on the Czech National Bank, as amended Act No. 6/1993 Coll., on the Czech National Bank, as amended by Act No. 60/1993 Coll., Act No. 15/1998 Coll., Act No. 442/2000
More informationBANKING UNIT BANKING RULES OUTSOURCING BY CREDIT INSTITUTIONS AUTHORISED UNDER THE BANKING ACT 1994
BANKING UNIT BANKING RULES OUTSOURCING BY CREDIT INSTITUTIONS AUTHORISED UNDER THE BANKING ACT 1994 Ref: BR/14/2009 OUTSOURCING BY CREDIT INSTITUTIONS AUTHORISED UNDER THE BANKING ACT 1994 INTRODUCTION
More informationGeneral Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008
CEIOPS-DOC-07/08 General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008 CEIOPS e.v. - Westhafenplatz 1 60327 Frankfurt
More informationBasel Committee on Banking Supervision. Consultative Document. The compliance function in banks. Issued for comment by 31 January 2004
Basel Committee on Banking Supervision Consultative Document The compliance function in banks Issued for comment by 31 January 2004 October 2003 Table of contents Introduction...1 Definition of compliance
More informationPublic Sector and it s Functions. The framework. Why we need public sector? What is the public sector?
Public Sector and it s Functions The framework What is the public sector? Roles of the public sector, and its main functions Distribution of functions Why we need public sector? The market mechanism cannot
More informationDETAILED ASSESSMENT OF OBSERVANCE INSURANCE CORE PRINCIPLES
September 2014 SWITZERLAND IMF Country Report No. 14/265 DETAILED ASSESSMENT OF OBSERVANCE INSURANCE CORE PRINCIPLES This Detailed Assessment of Observance on the Insurance Core Principles on Switzerland
More informationFederal Branches and Agencies Supervision
Comptroller s Handbook EP-FBS Examination Process (EP) Federal Branches and Agencies Supervision September 2014 Updated December 2015 for RAS Office of the Comptroller of the Currency Washington, DC 20219
More informationGuideline on risk management and other aspects of internal control in stock exchange
until further notice 1 (11) Applicable to stock exchanges Guideline on risk management and other aspects of internal control in stock exchange By virtue of section 4, paragraph 2, of the Act on the Financial
More informationIAS ACCREDITED INSPECTION AGENCIES: GUIDELINES FOR CONDUCTING INTERNAL AUDITS AND MANAGEMENT REVIEWS. Revised January, 2016
IAS ACCREDITED INSPECTION AGENCIES: GUIDELINES FOR CONDUCTING INTERNAL AUDITS AND MANAGEMENT REVIEWS Revised January, 2016 IAS has found that inspection agency personnel are often confused by the requirements
More informationTHE FOREIGN EXCHANGE ACT
THE FOREIGN EXCHANGE ACT The full wording of Act of the National Council of the Slovak Republic No. 202/1995 Coll. dated 20 September 1995, the Foreign Exchange Act and the act amending and supplementing
More informationFEDERAL RESERVE SYSTEM. Banca di Roma, S.p.A. Rome, Italy. Order Approving Establishment of Branches and an Agency
FEDERAL RESERVE SYSTEM Banca di Roma, S.p.A. Rome, Italy Order Approving Establishment of Branches and an Agency Banca di Roma, S.p.A. ( Bank ), Rome, Italy (formerly known as Minghetti Finanziaria, S.p.A.
More informationCONSULTATION PAPER ON HIGH LEVEL PRINCIPLES ON OUTSOURCING COVER NOTE
CEBS CP 02 April 2004 COMMITTEE OF EUROPEAN BANKING SUPERVISORS CONSULTATION PAPER ON HIGH LEVEL PRINCIPLES ON OUTSOURCING COVER NOTE Introduction 1. European banking supervisors began work in 2002 on
More informationGuideline on risk management and other aspects of internal control in central securities depository
until further notice 1 (11) Applicable to central securities depositories Guideline on risk management and other aspects of internal control in central securities depository By virtue of section 4, paragraph
More informationBasel Committee on Banking Supervision. The internal audit function in banks
Basel Committee on Banking Supervision The internal audit function in banks June 2012 This publication is available on the BIS website (www.bis.org). Bank for International Settlements 2012. All rights
More informationFinancial Stability Forum Recommends Actions to Enhance Market and Institutional Resilience
FINANCIAL STABILITY FORUM Press release Press enquiries: Washington +41 76 350 8430 Basel +41 76 350 8421 fsforum@bis.org Ref no: 7/2008E Financial Stability Forum Recommends Actions to Enhance Market
More informationITALY - Action Plan to Implement the Financial Stability Board Principles for Reducing Reliance on Credit Rating Agency Ratings
March 2014 ITALY - Action Plan to Implement the Financial Stability Board Principles for Reducing Reliance on Credit Rating Agency Ratings Foreword The Action Plan set out in the attached template articulates
More informationEBA Guidelines on Internal Governance
EBA Guidelines on Internal Governance Bernd Rummel Policy Expert Regulation, EBA 15 April 2013 Malta 2013 EBA European Banking Authority Contents Guidelines on Internal Governance (GL44) > The Single Rulebook
More informationForeword 28. Introduction 30. Structure of the banking system 31. Why banking stability is important 33. Licensing requirements for banks 34
C ONTENTS Page Foreword 28 Introduction 30 Structure of the banking system 31 Why banking stability is important 33 Licensing requirements for banks 34 How the HKMA supervises banks 36 Conclusion 45 Frequently
More informationDebt securities statistics: the Bank of Thailand s experience 1
Debt securities statistics: the Bank of Thailand s experience 1 Pusadee Ganjarerndee 2 Significant role of debt securities on the Thai economy Prior to the 1997 financial crisis, most capital mobilization
More informationReporting Standard GRS 130.0 (2005) Off-Balance Sheet Business Credit Substitutes Provided and Risk Charge
Reporting Standard GRS 130.0 (2005) Off-Balance Sheet Business Credit Substitutes Provided and Risk Charge Objective of this reporting standard This reporting standard is made under section 13 of the Financial
More informationArgus Stockbrokers Ltd
Argus Stockbrokers Ltd DISCLOSURES IN ACCORDANCE WITH THE DIRECTIVE OF THE CYPRUS SECURITIES AND EXCHANGE COMMISSION FOR THE CAPITAL REQUIREMENTS OF INVESTMENT FIRMS AS AT 31 st DECEMBER 2013 MAY 2014
More informationList of the general good provisions applicable to insurance and reinsurance intermediaries FEBRUARY 2011
List of the general good provisions applicable to insurance and reinsurance intermediaries FEBRUARY 2011 The general good provisions have been listed in compliance with the conditions envisaged by the
More informationEuropean Stability Mechanism Draft Guideline on Financial Assistance for the Direct Recapitalisation of Institutions
European Stability Mechanism Draft Guideline on Financial Assistance for the Direct Recapitalisation of Institutions Article 1 Scope 1. The Board of Governors of the ESM may decide to grant financial assistance
More information