LEGAL FRAMEWORK FOR ECONOMIC DEVELOPMENT IN PAKISTAN 1. Dr. Tariq Hassan 2 CONTENTS
|
|
- Phyllis Russell
- 7 years ago
- Views:
Transcription
1 LEGAL FRAMEWORK FOR ECONOMIC DEVELOPMENT IN PAKISTAN 1 Dr. Tariq Hassan 2 CONTENTS INTRODUCTION... 1 LEGISLATIVE AGENDA FOR ECONOMIC REFORM... 1 BANKING AND FINANCIAL SECTORS... 2 COMMERCE AND INDUSTRY SECTORS... 3 ENERGY SECTOR... 3 INFORMATION TECHNOLOGY SECTOR... 3 SOCIAL SECTOR... 3 ADMINISTRATIVE AND JUDICIAL SYSTEM... 3 CONTRACTUAL ISSUES... 4 CONCLUSION... 4 Introduction Economic development does not take place in a vacuum. It requires an enabling environment, which includes a proper legal and regulatory framework. The Government plans to lay down such an orderly framework for carrying out its economic reforms. The purpose of this article is to provide an overview of the Government s legislative agenda for economic reform. Legislative Agenda for Economic Reform For the implementation of its economic reform program, the Government has, as a matter of policy, formulated an extensive legislative agenda cutting across various sectors of the economy, including the banking and financial sectors, commerce and industry sectors, energy sector, information technology sector, social sector, and last but not least the administrative and judicial system. 1 Published in 19 PAKISTAN & GULF ECONOMIST (No. 50) 31 (11 December 2000). 2 Adviser, Minister of Finance, Ministry of Finance & Economic Affairs; SJD/LLM, Harvard Law School.
2 2 Banking and Financial Sectors Mindful of the magnitude of the defaulted loans, the banking companies loan recovery law is being strengthened to facilitate the process of mortgage, foreclosure and expeditious settlement of banking disputes. Furthermore, a Banking Laws Review Commission has been formed to review all the banking laws and regulations with a view to updating, consolidating and rationalizing the same. Legal measures to build confidence, which had eroded after the freezing of foreign currency accounts, are also being introduced to prevent such occurrences in the future. Industrial finance is being revived through a restructuring of the banking and financial sectors. Priority will be given to the needs of small and medium industry with an export orientation. Efforts will be focused to promote small & medium industries, having high labor intensity. As a follow-up of its poverty alleviation program, the Government has, through an enabling legislation, established a new bank for enhancing poor peoples access to credit. Micro-finance Bank will mobilize funds and provide sustainable micro-finance services to poor persons, particularly poor women, in order to mitigate poverty. The Microfinance Bank will promote the process of establishing community organizations, which can sustain credit operations and promote saving habit among the poor. It will lend to individuals through groups with the help of such community organizations. A Corporate and Industrial Restructuring Corporation (CIRC) has also been established through an enabling legislation to provide for the realization of non-performing loans and other assets of various banks and development financial institutions. The primary purpose of CIRC is to clean out the balance sheet of nationalized commercial banks and financial institutions and to prepare them for privatization. A law providing for the manner and methods of privatization is being promulgated to ensure realization of the highest price, transparency and fair play. This law would not only enable the Pakistan Privatization Commission to execute the process efficiently but would lay the guidelines for its working and provide for an expeditious mechanism to resolve all disputes relating to privatization. The proceeds from privatization would be used exclusively for the retirement of debt. A new Insurance Law has been promulgated to provide for a deregulated, competitive and safe environment for insurance business. A new law has also been framed to provide for easy mergers, and acquisitions, take-over and liquidation of public listed companies and is likely to be promulgated very soon. Changes in the Monopoly Control Authority Law are also under consideration to make it more effective without diluting growth incentives for business.
3 3 Commerce and Industry Sectors Laws relating to trademarks, intellectual property rights, industrial relations, workers compensation, bonded labor, and work conditions, are being reviewed with a view to being improved. The importers and exporters registration law is being modified to simplify procedures and to provide for an automatic database upgrade. Mindful of the need to protect industries against any unfair competition, efforts are being made following the new trade policy to forestall any unwarranted surge of imports, or any dumping, or any trade practices that pose an injury to domestic industry. An antidumping law has been prepared and will be promulgated soon. This will be followed by effective countervailing and safeguard measures. Energy Sector Legal cover is being provided to policy commitments in order to revive investors confidence. Regulatory authorities are being established for the orderly operation and development of the oil and gas sectors. A gas regulatory authority and a petroleum regulatory board are being established to regulate the oil and gas sectors. The petroleum sector is being deregulated and the privatization process therein is being expedited for greater efficiency, for new investment and for the retirement of public debt. Information Technology Sector Following the recently announced Information Technology Policy, an appropriate legal framework is being developed to regulate the IT industry, protect intellectual property rights and promote electronic-commerce in the country. Social Sector A national food stamp program has been launched to provide sustenance to the poorest of the poor and improvements in the Zakat and Ushr laws are under consideration. Furthermore, the quota for disabled persons as per the special education/social welfare law is intended to be enforced strictly. Administrative and Judicial System There is expected to be a significant cut in the size of the government consistent with its role as a regulator and facilitator.
4 4 The tax system is being simplified. Two task forces have been formed to review the existing tax administration and laws and to recommend changes therein for the said purpose. A tax ombudsman has been appointed to deal with public complaints against mal-administration by the revenue authorities and its employees. Systems are being put in place to ensure that public contracts are awarded on merit. For example, a Public Procurement Regulatory Authority is being established to regulate and guide the process of public procurement and hear complaints in this regard under a separate procurement legislation to be formulated by it. Similarly, all other economic activities like banking, finance, aviation, telecommunications, power, gas etc., will be regulated by independent agencies, to be formed under the law. Its members will have security of tenure without being answerable to any executive authority. In addition, as part of the good governance policy, use of executive discretion would be subject to pre-specified criteria. Furthermore, access to public information will be allowed through an appropriate legal cover. The Government is committed to eradicating corrupt practices and has enacted an accountability law to deal with corruption at the national level. As part of the judicial reform program, the entire system of dispute resolution will be modernized and made inexpensive for ordinary citizen. Alternative Dispute Resolution (ADR) mechanisms, particularly community participation systems like the punchaiyat, will be introduced wherever possible. Contractual Issues A major irritant, which has damaged Pakistan s image as an investor friendly country is the issue of the Independent Power Producers (IPPs). Tariff negotiations with thirteen IPPs have been concluded and the issues with remaining two are likely to be settled soon. The second problem that Pakistan is facing today is the crisis of confidence because of the freezing of the foreign currency accounts. Legislative measures are being taken to prevent such an occurrence in the future as indicated above. The focus of the Government is to generate economic activity through developing investors confidence. It intends to achieve this by ensuring stability and continuity of policy and adherence to lawful commitments. Conclusion Businesspersons usually look at monetary and fiscal incentives in various business policies of the Government. The importance for a proper legal and regulatory framework for economic development is often ignored or not given the importance that it deserves. It is evident from the above account that the Government fully realizes the need for such an orderly framework and has provided for an ambitious legislative agenda to meet its policy commitments. In fact, most economic policies have so far been backed by
5 5 governmental action and are being implemented through some legislative or regulatory measures. From the extensive legislative agenda and the legislative and regulatory measures taken so far, one can conclude that the Government is taking a comprehensive economic development approach that covers all sectors. The economic reform program was developed by the Government through a professional and participatory approach with the help of an Economic Advisory Board comprising professional managers and technocrats established by the Ministry of Finance. The emphasis therein regarding poverty alleviation through the introduction of a food stamp program and the development of the small and medium enterprise sector clearly suggests the peopleoriented philosophy of the Government. The concepts of transparency and fairness are being introduced in economic legislation and the rule of law is sought to be established through the lessening of administrative discretion, particularly in fiscal laws. It is evident that the Government is not only trying to establish a proper legislative and regulatory environment but is also trying to bring about the necessary structural changes in the institutional framework. The nationalized banks and development finance institutions are being restructured, as is the system of revenue administration. The administration of justice is being strengthened with a view to making courts more efficient and effective. In addition to establishing a legislative and regulatory framework and bringing about the much-needed institutional reforms, it is equally important to maintain consistency in policies and to honor contracts. As has been aptly stated by the State Bank of Pakistan in its 1999 Annual Report: For attracting foreign investment, a set of monetary and fiscal incentives is not enough. Maintaining of consistency in policies and honoring the contractual commitments, providing improved infrastructure facilities and better law and order situation, and upgrading labor force skills are the important areas that need immediate attention (Executive Summary).
THE PROCESS OF PLANNING AND INSTITUTIONAL FRAMEWORK FOR POVERTY REDUCTION STRATEGY: THE CASE OF UGANDA.
THE PROCESS OF PLANNING AND INSTITUTIONAL FRAMEWORK FOR POVERTY REDUCTION STRATEGY: THE CASE OF UGANDA. By Margaret Kakande Poverty Analyst Ministry of Finance, Planning and Economic Development, Government
More informationTHE ROLE OF THE CENTRAL BANK OF SUDAN IN DEVELOPMENT FINANCING
THE ROLE OF THE CENTRAL BANK OF SUDAN IN DEVELOPMENT FINANCING The Central Bank of Sudan commenced business in 1960. Its role, like that of other central banks, is set to include the achievement of monetary
More informationThe Asian Bankers Association (ABA) And Formal Workout Regime
Position Paper PROVIDING THE LEGAL AND POLICY ENVIRONMENT TO SUPPORT EFFECTIVE INFORMAL WORKOUT REGIMES IN THE ASIA-PACIFIC REGION 1. The Asian Bankers Association (ABA) considers robust insolvency and
More informationSECTOR ASSESSMENT (SUMMARY): FINANCE 1. 1. Sector Performance, Problems, and Opportunities
Country Partnership Strategy: Bangladesh, 2011 2015 SECTOR ASSESSMENT (SUMMARY): FINANCE 1 Sector Road Map 1. Sector Performance, Problems, and Opportunities 1. The finance sector in Bangladesh is diverse,
More informationE. SCOPE OF SERVICE AND EXPERIENCE
A. THE FIRM The Firm of Musyimi & Company was initially established as a purely conveyance practice with corporate clients but has since grown into a four department firm, with each department headed by
More informationSUMMARY OF THE FORUM Vietnam: Readiness for WTO Accession Hanoi, June 3-4, 2003 and Ho Chi Minh City, June 6-7, 2003
SUMMARY OF THE FORUM Vietnam: Readiness for WTO Accession Hanoi, June 3-4, 2003 and Ho Chi Minh City, June 6-7, 2003 Forum as the most comprehensive event on WTO accession to date. The international forum
More informationOutlines of the Trans-Pacific Partnership Agreement
Page 1 of 5 Outlines of the Trans-Pacific Partnership Agreement ENHANCING TRADE AND INVESTMENT, SUPPORTING JOBS, ECONOMIC GROWTH AND DEVELOPMENT: OUTLINES OF THE TRANS-PACIFIC PARTNERSHIP AGREEMENT On
More informationRULES AND REGULATIONS FOR FINANCING PROJECTS AND COMMERCIAL ACTIVITIES
Page 1 of 8 Section 1. Purpose These Rules and Regulations are adopted by the Board of Governors pursuant to Article 13.3. of the Agreement Establishing the Black Sea Trade and Development Bank (Establishing
More informationEighth UNCTAD Debt Management Conference
Eighth UNCTAD Debt Management Conference Geneva, 14-16 November 2011 Debt Resolution Mechanisms: Should there be a Statutory Mechanism for Resolving Debt Crises? by Mr. Hakan Tokaç Deputy Director General
More informationCHAPTER ELEVEN FINANCIAL SERVICES. 1. This Chapter applies to measures adopted or maintained by a Party relating to:
CHAPTER ELEVEN FINANCIAL SERVICES ARTICLE 11.1: SCOPE AND COVERAGE 1. This Chapter applies to measures adopted or maintained by a Party relating to: financial institutions of the other Party; and cross-border
More information1. This Chapter applies to measures adopted or maintained by a Party relating to:
CHAPTER ELEVEN FINANCIAL SERVICES ARTICLE 11.1: SCOPE AND COVERAGE 1. This Chapter applies to measures adopted or maintained by a Party relating to: financial institutions of the other Party; and cross-border
More informationStriving for IP Excellence Korea s National Strategy for Intellectual Property FRAMEWORK ACT ON INTELLECTUAL PROPERTY
01 Striving for IP Excellence FRAMEWORK ACT ON INTELLECTUAL PROPERTY CHAPTERⅠGENERAL PROVISIONSAND PROMOTION SYSTEM THEREOF CHAPTERⅠGENERAL PROVISIONS Article 1 (Purpose) The purpose of this Act is to
More informationApplication of Labour Laws in Pakistan Muhammad Asif Latif
Application of Labour Laws in Pakistan Muhammad Asif Latif Deputy Registrar (Academics), GC University, Faislabad 1 Objectives of Labour Laws Social Justice is the best way to ensure sustainable Peace
More informationEconomic Planning in China by Gregory C. Chow, Princeton University CEPS Working Paper No. 219 June 2011
Economic Planning in China by Gregory C. Chow, Princeton University CEPS Working Paper No. 219 June 2011 Economic Planning in China Gregory C. Chow This paper provides an up-to-date study of economic planning
More informationJOINT VENTURE IN INDIA A GUIDE FOR INVESTORS
JOINT VENTURE IN INDIA A GUIDE FOR INVESTORS India is the world's twelfth largest economy at market exchange rates and the fourth largest in purchasing power. Economic reforms have transformed it into
More informationA SPEECH BY THE GOVERNOR OF THE BANK OF GHANA AT THE LAUNCH OF THE COLLATERAL REGISTRY GHANA
A SPEECH BY THE GOVERNOR OF THE BANK OF GHANA AT THE LAUNCH OF THE COLLATERAL REGISTRY GHANA Honourable Minister of Finance and Economic Planning, Your Lorships (Justices of the Superior Courts), Your
More informationSaudi mortgage laws A formula for a wellfunctioning
Saudi mortgage laws A formula for a wellfunctioning market? Introduction and background Over the last five years the Government of Saudi Arabia has continued to invest considerable amounts of oil revenue
More informationINSURANCE. www.advokatskafirmasajic.com
INSURANCE www.advokatskafirmasajic.com Law Firm Sajić is established in a form of a partnership in 2003. With six attorneys and ten expert associates and trainees is the largest law firm in the Republic
More informationBonds Market Development Plan. Ministry of Investment November 2009
Bonds Market Development Plan Ministry of Investment November 2009 1 Financial Sector Reform Program Phase I: 2005 2008 Phase II: 2009-2012 2 Financial Sector Reform Program Reform Objective Phase I: 2005-2008
More informationLAW ON PUBLIC DEBT MANAGEMENT
LAW ON PUBLIC DEBT MANAGEMENT THE NATIONAL ASSEMBLY - SOCIALIST REPUBLIC OF VIET NAM Independence Freedom Happiness - No. 29/2009/QH12 Hanoi, June 17, 2009 LAW ON PUBLIC DEBT MANAGEMENT Pursuant to the
More informationCertificate in Banking Law, Practice and Bankruptcy
Session 01 Friday 15.05.15 MODULE 1 Introduction and Background of Banking Law in Ireland The introductory session will consider the current economic market, recent trends and what the market holds for
More informationLiberia Leasing Investment Forum
Liberia Leasing Investment Forum Finance Leasing in Liberia: June 13-14, 2012 Monrovia, Liberia Leasing is both a source of affordable capital for small and medium-sized businesses and a catalyst for socio-economic
More informationR. JAYARAJ, M.A., Ph.D.,
Analyzing the international business environment and identifying key factors for international business operations R. JAYARAJ, M.A., Ph.D., 1-1 What is International Business All commercial transactions
More informationGuidelines for Extra-Judicial Restructuring of Mortgage Loans
Guidelines for Extra-Judicial Restructuring of Mortgage Loans Helping Lenders to manage better risks and consumers to make more informed decisions Friedemann Roy The World Bank, Washington DC 2 Why is
More informationYour personal legal advisor >
Your personal legal advisor > WE FOCUS ON > Lex Borealis unites lawyers with a rich track record in working for large international law firms, the «Big Four» consultancy companies and in industry, who
More informationActing Together: State Attorneys General and the Rise of Multi-State Litigation. Thurbert Baker. Andrea Geddes. McKenna Long & Aldridge LLP
Acting Together: State Attorneys General and the Rise of Multi-State Litigation Thurbert Baker Andrea Geddes McKenna Long & Aldridge LLP 303 Peachtree Street, NE, Suite 5300 Atlanta, GA 30308-3265 (402)
More informationBOARDS OF GOVERNORS 2002 ANNUAL MEETINGS WASHINGTON, D.C.
BOARDS OF GOVERNORS 2002 ANNUAL MEETINGS WASHINGTON, D.C. INTERNATIONAL MONETARY FUND WORLD BANK GROUP INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION INTERNATIONAL
More informationUnited Nations Guidelines for. Consumer Protection
Department of Economic and Social Affairs United Nations Guidelines for Consumer Protection (as expanded in 1999) UNITED NATIONS New York, 2003 United Nations guidelines for consumer protection (as expanded
More informationInternational Trade and Corporate Social Responsibility
International Trade and Corporate Social Responsibility Professor Kevin Kolben Rutgers Business School, Newark and New Brunswick, New Jersey, USA Testimony Before the Committee on International Trade European
More informationLaw of Mongolia on Concessions
Economic Policy Reform and Competitiveness Project April 2005 Ulaanbaatar, Mongolia This publication was produced for review by the United States Agency for International Development The views expressed
More informationThe FDI regime in Brazil has been fairly open during the last decades. Except in specific situations in the legislation or as a manner to circumvent
The FDI regime in Brazil has been fairly open during the last decades. Except in specific situations in the legislation or as a manner to circumvent FDI limitations, there is no distinction between established
More informationGUIDANCE FOR MANAGING THIRD-PARTY RISK
GUIDANCE FOR MANAGING THIRD-PARTY RISK Introduction An institution s board of directors and senior management are ultimately responsible for managing activities conducted through third-party relationships,
More informationRISK FACTORS AND RISK MANAGEMENT
Bangkok Bank Public Company Limited 044 RISK FACTORS AND RISK MANAGEMENT Bangkok Bank recognizes that effective risk management is fundamental to good banking practice. Accordingly, the Bank has established
More informationGlobalization, IMF and Bulgaria
Globalization, IMF and Bulgaria Presentation by Piritta Sorsa * *, Resident Representative of the IMF in Bulgaria, At the Conference on Globalization and Sustainable Development, Varna Free University,
More informationRecommendation for a COUNCIL RECOMMENDATION. on the 2015 National Reform Programme of Slovenia
EUROPEAN COMMISSION Brussels, 13.5.2015 COM(2015) 273 final Recommendation for a COUNCIL RECOMMENDATION on the 2015 National Reform Programme of Slovenia and delivering a Council opinion on the 2015 Stability
More informationThe Economics of Public-Private Partnerships
The Economics of Public-Private Partnerships Teresa Ter-Minassian Director, Fiscal Affairs Department International Monetary Fund OECD Working Party of Senior Budget Officials Symposium on Agencies and
More informationOn Corporate Debt Restructuring *
On Corporate Debt Restructuring * Asian Bankers Association 1. One of the major consequences of the current financial crisis is the corporate debt problem being faced by several economies in the region.
More informationVISION OF THE FUTURE NATIONAL PAYMENT SYSTEMS
BANK OF JAMAICA (BOJ) VISION OF THE FUTURE NATIONAL PAYMENT SYSTEMS EXECUTIVE SUMMARY MARCH 2006 EXECUTIVE SUMMARY 1. The Bank of Jamaica (BOJ) has embarked on a process of payment system reform to enhance
More informationLegislative Council Panel on Financial Affairs. Proposed Enhancements to the Deposit Protection Scheme
CB(1)780/14-15(05) For discussion on 4 May 2015 Legislative Council Panel on Financial Affairs Proposed Enhancements to the Deposit Protection Scheme PURPOSE This paper briefs Members on the legislative
More informationLAHLOU Avocats & Associés. LAHLOU LAW FIRM Casablanca
LAHLOU Avocats & Associés 3 OUR FIRM is a practice specialised in business law. It was founded by Saâd LAHLOU in 2006. Our strategy is twofold. We focus our development efforts, our knowledge and our
More informationAntitrust Division CONSOLIDATION IN THE BANKING INDUSTRY: AN ANTITRUST PERSPECTIVE. Address by
U.S. DEPARTMENT OF JUSTICE Antitrust Division CONSOLIDATION IN THE BANKING INDUSTRY: AN ANTITRUST PERSPECTIVE Address by ANTHONY V. NANNI Chief, Litigation I Section Antitrust Division U.S. Department
More informationAgreement between the Ministry of Finance and Central Bank of Iceland on Treasury debt management
Agreement between the Ministry of Finance and Central Bank of Iceland on Treasury debt management 1. Foundation of the Agreement Under Article 1 of Act No. 43/1990 on the National Debt Management Agency,
More informationLong Term Business Financing Strategy For A Pakistan Business. Byco Petroleum Pakistan Limited
Long Term Business Financing Strategy For A Pakistan Business Byco Petroleum Pakistan Limited Contents Why We Need Financing Strategy 3 How Financing Strategies are driven? 4 Financing Prerequisite for
More informationDialogue between the Government and stakeholders a crucial factor for improving Business Environment
Dialogue between the Government and stakeholders a crucial factor for improving Business Environment Anrijs Matīss Deputy State Secretary Ministry of Economics of the Republic of Latvia Brivibas street
More informationAdopted by the Security Council at its 4761st meeting, on 22 May 2003
United Nations S/RES/1483 (2003) Security Council Distr.: General 22 May 2003 Resolution 1483 (2003) Adopted by the Security Council at its 4761st meeting, on 22 May 2003 The Security Council, Recalling
More informationPRESS RELEASE. Ana Botín: Santander is well positioned to face the challenges. We will lead change GENERAL SHAREHOLDERS MEETING
PRESS RELEASE GENERAL SHAREHOLDERS MEETING Ana Botín: Santander is well positioned to face the challenges. We will lead change Banco Santander has room for growth within our customer base and in our ten
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 informationThe Transatlantic Trade and Investment Partnership (TTIP) State of Play
The Transatlantic Trade and Investment Partnership (TTIP) State of Play 27 April 2016 27 April 2016 Background / context for the negotiations The European Union and the United States have the most integrated
More informationWorking the Triangles in Indonesia: Mediating Debt Restructuring Disputes: Part I
LAUNCH OF ADR STANDARDS DOCUMENT The National Alternative Dispute Resolution Advisory Council s document A Framework for ADR Standards was launched in Brisbane on 13 June 2001. The report is the outcome
More informationFood Safety Enforcement Policy
Food Safety Enforcement Policy Food Safety Enforcement Policy Introduction As a statutory Food Authority this document sets out what businesses or other persons being regulated can expect from us in relation
More informationStatement of. David Hehman President and CEO Federal Home Loan Bank of Cincinnati. Before the. House Financial Services Committee
Statement of David Hehman President and CEO Federal Home Loan Bank of Cincinnati Before the House Financial Services Committee September 25, 2003 Mr. Chairman, Ranking Member Frank, and Members of the
More informationPROMOTION AND PROTECTION OF INVESTMENT BILL
REPUBLIC OF SOUTH AFRICA PROMOTION AND PROTECTION OF INVESTMENT BILL (As introduced in the National Assembly (proposed section 75); explanatory summary of Bill published in Government Gazette No. 39009
More informationA full report of our recent meeting will be distributed to all the delegations. Let me briefly summarize some of the most salient conclusions.
Statement by the Executive Secretary of the Economic Commission for Latin America and the Caribbean, ECLAC, Dr. José Antonio Ocampo, in the name of Regional Commissions of the United Nations It is a great
More informationLaw On Supervision of Cooperative Insurance Companies
Law On Supervision of Cooperative Insurance Companies Article 1 Insurance in the Kingdom shall be undertaken through registered insurance companies operating in a cooperative manner as it is provided within
More information2015 No. 1392 CONSUMER PROTECTION. The Alternative Dispute Resolution for Consumer Disputes (Amendment) Regulations 2015
S T A T U T O R Y I N S T R U M E N T S 2015 No. 1392 CONSUMER PROTECTION The Alternative Dispute Resolution for Consumer Disputes (Amendment) Regulations 2015 Made - - - - 18th June 2015 Laid before Parliament
More informationAGREEMENT. between the Ministry of Finance and Central Bank Iceland on Treasury debt management
AGREEMENT between the Ministry of Finance and Central Bank Iceland on Treasury debt management 1. Foundation of the Agreement Pursuant to Article 1 of the Act on the Government Debt Management, no. 43/1990,
More informationRequirements for Local Procurement in Borrowing Countries. 1
Requirements for Local Procurement in Borrowing Countries. 1 General Aspects 1. Scope of the regulatory framework The procurement regulatory framework should preferably address all government contracts
More informationThe Role of Congress in the Federal Regulatory Process. Thomas J. Spulak, Esq. March 24, 2011
The Role of Congress in the Federal Regulatory Process Thomas J. Spulak, Esq. March 24, 2011 3 Branches of Government Under the U.S. Constitution, the three branches of government--legislative, Executive
More informationTitle XIV - Mortgage Reform and Anti-Predatory Lending Act. Short title: "Mortgage Reform and Anti-Predatory Lending Act"
Title XIV - Mortgage Reform and Anti-Predatory Lending Act Short title: "Mortgage Reform and Anti-Predatory Lending Act" Subtitles A, B, C, and E are designated as Enumerated Consumer Law under the Bureau
More informationACTION PLAN FOR THE IMPLEMENTATION OF THE NPL RESOLUTION STRATEGY
ACTION PLAN FOR THE IMPLEMENTATION OF THE NPL RESOLUTION STRATEGY AREAS Issues Actions Responsible body Deadline Outcome/Indicator 1. Collateral valuation 1.1. Improve regulation of real estate appraisers,
More informationDisposal Schedule for Functional records of Retirement Benefits Fund. Disposal Authorisation No. 2416
Disposal Schedule for Functional records of Retirement Benefits Fund Disposal Authorisation No. 2416 TABLE OF CONTENTS INTRODUCTION Page 4 Archives legislation Page 4 Schedule elements and arrangement
More informationPACIFIC ISLANDS FORUM SECRETARIAT FEMM BIENNIAL STOCKTAKE 2012
PACIFIC ISLANDS FORUM SECRETARIAT PIFS(12)FEMK.05 FORUM ECONOMIC MINISTERS MEETING Tarawa, Kiribati 2-4 July 2012 SESSION 2 FEMM BIENNIAL STOCKTAKE 2012 The attached paper, prepared by the Forum Secretariat,
More informationRecommendation for a COUNCIL RECOMMENDATION. on the 2015 National Reform Programme of Portugal
EUROPEAN COMMISSION Brussels, 13.5.2015 COM(2015) 271 final Recommendation for a COUNCIL RECOMMENDATION on the 2015 National Reform Programme of Portugal and delivering a Council opinion on the 2015 Stability
More informationTHE REGULATORY FRAMEWORK FOR SOLID MINERALS DEVELOPMENT IN NIGERIA
1 THE REGULATORY FRAMEWORK FOR SOLID MINERALS DEVELOPMENT IN NIGERIA Gbite Adeniji adeniji@advisoryng.com June 20, 2008 INTRODUCTION I FEATURES OF A MINING PROJECT 2 Activity Duration Cost (USD) Greenfield
More informationDEMOCRATIC REPUBLIC OF TIMOR-LESTE Law of Parliament 13/2011. Preamble
DEMOCRATIC REPUBLIC OF TIMOR-LESTE Law of Parliament 13/2011 PUBLIC DEBT REGIME Preamble For the first time in the national legal system, Law No. 13/2009 of 21 October Budget and Financial Management provides
More informationNEGOTIATING FRAMEWORK FOR TURKEY. Principles governing the negotiations
NEGOTIATING FRAMEWORK FOR TURKEY Principles governing the negotiations 1. The negotiations will be based on Turkey's own merits and the pace will depend on Turkey's progress in meeting the requirements
More informationGuidelines for Extra-Judicial Restructuring of Mortgage Loans
Guidelines for Extra-Judicial Restructuring of Mortgage Loans Helping lenders to manage better risks and consumers to make more informed decisions Friedemann Roy The World Bank, Washington DC 2 Objectives
More informationThe goal is to improve the welfare of the peoples of the member countries.
The World Trade Organization......In brief, the World Trade Organization (WTO) is the only international organization dealing with the global rules of trade between nations. Its main function is to ensure
More informationThe World Trade Organization...
The World Trade Organization......In brief, the World Trade Organization (WTO) is the only international organization dealing with the global rules of trade between nations. Its main function is to ensure
More informationLAW OF MONGOLIA ON CONCESSIONS CHAPTER ONE. GENERAL PROVISIONS
LAW OF MONGOLIA 28 January 2010 State Palace, Ulaanbaatar city Article 1. Purpose of the law ON CONCESSIONS CHAPTER ONE. GENERAL PROVISIONS 1.1. The purpose of this law is to regulate matters related to
More informationDraft Model Social Infrastructure PPP Bill
Draft Model Social Infrastructure PPP Bill RELATING TO PUBLIC-PRIVATE AGREEMENTS FOR PUBLIC BUILDINGS BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF [add state name]: SECTION. The Legislature makes the
More informationALTERNATIVE DISPUTE RESOLUTION (ADR) ANNUAL REPORT FISCAL YEAR 2011 REPORTING COMPONENT US DOD/OIG
ALTERNATIVE DISPUTE RESOLUTION (ADR) ANNUAL REPORT FISCAL YEAR 2011 REPORTING COMPONENT US DOD/OIG REPORT CONTROL SYMBOL DD-GC(A)2099 Please adhere to the definitions on pages 3 and 4 or, in the alternative,
More informationAndres Manuel Lopez Obrador President For a Stronger and Better Mexico
Andres Manuel Lopez Obrador President For a Stronger and Better Mexico A VISION FOR THE FUTURE OF A GREAT NATION Lopez Obrador is a strong leader who stands for values, social responsibility, economic
More informationAnti-Fraud Management Example In Accounts Payable. Michael Heckner October 12, 2012
Anti-Fraud Management Example In Accounts Payable Michael Heckner October 12, 2012 GRC Top Reasons Customers Invest Today Business Process Improvements Systematic, reliable processes Improve predictability
More informationLEGISLATIVE AMENDMENTS
111 1 Ukraine Ratified the WTO Agreement on Simplification on Customs Procedures 2 Law on Prevention of Corruption in Sports in Effect 10 December 2015 3 Law on Additional Guarantees to Persons Employed
More informationValues customer needs and works well within tight time deadlines. Commercially oriented to solve complex tax matters in a very efficient manner.
TAX Values customer needs and works well within tight time deadlines. Commercially oriented to solve complex tax matters in a very efficient manner. CHAMBERS GLOBAL 2015 PRACTICE OVERVIEW In a complex
More informationCatalogue of Major Existing Laws and Regulations in Effect on Foreign Exchange Administration (as of June 30, 2015) 1
Catalogue of Major Existing Laws and Regulations in Effect on Foreign Exchange Administration (as of June 30, 2015) 1 I. General (24 Items) 1- Basic Rules 1. Regulations of the People's Republic of China
More informationCHAPTER 6 INSTITUTIONAL FRAMEWORK
CHAPTER 6 INSTITUTIONAL FRAMEWORK SUPERVISORY STRUCTURE FOR THE VOLUNTARY HEALTH INSURANCE SCHEME 6.1. We propose to put in place a governing framework for overseeing the implementation of the Voluntary
More informationForensic Services. kpmg.hu
Forensic Services kpmg.hu We help you curb your losses. Our forensic team provides services designed to assist you in matters of a commercial or financial nature that may result in a legal or regulatory
More informationGHANA S IMF PROGRAM - THE RISK OF FISCAL CONSOLIDATION WITHOUT STRONG FISCAL POLICY RULES. Commentary
GHANA S IMF PROGRAM - THE RISK OF FISCAL CONSOLIDATION WITHOUT STRONG FISCAL POLICY RULES Introduction Commentary Mohammed Amin Adam, PhD Africa Centre for Energy Policy Following macroeconomic challenges
More informationDue diligence report for :
Due diligence report for : Due diligence report for :...1 1 Market size, business model...2 1.1. Documents...2 2 Product and competition...3 2.1 Product...3 2.2 Competition...3 2.3 Documents...4 2.3.1
More informationUnited States General Accounting Office GAO. High-Risk Series. February 1995. Farm Loan Programs GAO/HR-95-9
GAO United States General Accounting Office High-Risk Series February 1995 Farm Loan Programs GAO/HR-95-9 GAO United States General Accounting Office Washington, D.C. 20548 Comptroller General of the
More informationMonetary and Financial Aspects of Issuing Public Debt Instruments in Kuwait (1)
Monetary and Financial Aspects of Issuing Public Debt Instruments in Kuwait (1) I would like to thank the Faculty of Commerce for arranging this meeting, which I hope will lead to the clarification of
More informationGovernment Decree No. 29/2008. (II. 19.) on the Powers and Competences of the Minister Heading the Prime Minister s Office
Government Decree No. 29/2008. (II. 19.) on the Powers and Competences of the Minister Heading the Prime Minister s Office Acting pursuant to Paragraph 3 Article 28 of Act LVII of 2006 on the Central Administration
More informationCorporate Governance Code for Shareholding Companies Listed on the Amman Stock Exchange
Corporate Governance Code for Shareholding Companies Listed on the Amman Stock Exchange CONTENTS Topic Page Preamble 3 Chapter One: Definitions 5 Chapter Two: The Board of Directors of the Shareholding
More informationBoard Meeting No. 57/96 Resolution No. 6/96
LISTING RESOLUTIONS 1- Board of Director s Resolution No. (6) of 1996, issued at the meeting No. (57) dated 26/6/1996 regarding the general rules for listing local and foreign bonds at the Bahrain Stock
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Twenty-Ninth Meeting April 12, 2014 Statement by Ms. Jutta Urpilainen, Minister of Finance, Finland On behalf of Denmark, Estonia, Finland, Iceland, Latvia,
More informationIndicative Content. Assessment Criteria The learner can:
Unit Title: International Business Finance and Planning Unit Reference Number: R/601/3638 Guided Learning Hours: 210 Level: Level 6 Number of Credits: 25 Unit purpose and aim(s): This unit aims to give
More informationAnnex 4: Overview of the Protection of Women from Domestic Violence Act 2005
Annex 4: Overview of the Protection of Women from Domestic Violence Act 2005 This overview was prepared by Center for World Solidarity as part of the public awareness campaign on the Domestic Violence
More informationENTERPRISE DEVELOPMENT STRATEGY Small- and Medium-Sized Enterprises. I. Introduction
ENTERPRISE DEVELOPMENT STRATEGY Small- and Medium-Sized Enterprises I. Introduction I.1 Current Challenge: Most countries in the region are undergoing reforms that are opening their economies to greater
More informationNot an Official Translation On Procedure of Coming into Effect of the Law of Ukraine On State Regulation of the Securities Market in Ukraine
Not an Official Translation Translation by Financial Markets International, Inc., with funding by USAID. Consult the original text before relying on this translation. Translation as of July 1999. RESOLUTION
More informationTOP MANAGEMENT CHALLENGES MOST FREQUENTLY IDENTIFIED December 2000
TOP MANAGEMENT CHALLENGES MOST FREQUENTLY IDENTIFIED December 2000 Agency Information Technology Management & Security GPRA Compliance, Implementation & Accountability Financial Management & CFO Statements
More informationChapter Sixteen. Labor
Chapter Sixteen Labor Article 16.1: Statement of Shared Commitment 1. The Parties reaffirm their obligations as members of the International Labor Organization (ILO) and their commitments under the ILO
More informationIcelandic National Cyber Security Strategy 2015 2026 Plan of action 2015 2018
Icelandic National Cyber Security Strategy 2015 2026 Plan of action 2015 2018 Summary in English of the Icelandic National Cyber Security Strategy approved by the Minister of the Interior in April 2015
More informationRecovery of Debts Policy
Adult and Community Services Recovery of Debts Policy Purpose The Care Act 2014 introduces a modern legal framework for the recovery of any debts that accrue as a result of a local authority meeting a
More informationOn-Site Examination Policy for Fiscal 2016. Examination Policy for Fiscal 2016" briefly reviews on-site examinations carried out in
March 29, 2016 Bank of Japan On-Site Examination Policy for Fiscal 2016 1. On-Site Examination by the Bank of Japan The Bank of Japan (hereinafter, the Bank) formulates the on-site examination policy every
More informationEU publishes mandatory Collective Action Clause for use in eurozone sovereign bonds from 1 January 2013
May 2012 EU publishes mandatory Collective Action Clause for use in eurozone sovereign bonds from 1 January 2013 Contents 1 Overview In February 2012, eurozone member states signed a modified version of
More informationPUBLIC SERVICE ACT 2005. An Act to make provision in respect of the public service of Lesotho and for related matters. PART I - PRELIMINARY
PUBLIC SERVICE ACT 2005 An Act to make provision in respect of the public service of Lesotho and for related matters. Enacted by the Parliament of Lesotho Short title and commencement PART I - PRELIMINARY
More informationSHRIRAM TRANSPORT FINANCE COMPANY LIMITED. Business Responsibility Policy
SHRIRAM TRANSPORT FINANCE COMPANY LIMITED INTRODUCTION Business Responsibility Policy Shriram Transport Finance Company Limited ( the Company ), conscious about its social, environmental and economic responsibilities
More informationDodd-Frank for Foreign Financial Institutions and Publicly Traded Companies in the U.S.: An Update
Dodd-Frank for Foreign Financial Institutions and Publicly The Dodd-Frank Wall Street Reform and Consumer Protection Act ( Dodd-Frank ), which was signed into law by President Obama on July 21, 2010, launched
More information