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The note describes Namibia's approach to support domestic economic development via mandating investment of a percentage of the large pool of local institutional capital in alternative financing vehicles within the context of an underdeveloped capital market. Namibian approach diverges from international practice. Namibia Financial Institutions Supervisory Authority (NAMFISA) - the national regulator - instituted mandatory requirements that all pension (and insurance) funds invest in unlisted Namibian companies, formalized the unlisted investment market, created specialized intermediaries and introduced high level of regulatory oversight for both investment managers and investment vehicles. The note describes the investment vehicles and regulatory structure established by NAMFISA, experience of market participants and perspective of the nascent asset management industry managing unlisted investments. The note also summarizes lessons learnt and considers whether such structures could be applied in countries with similar market and economic contexts.

Finance and Financial Sector Development --- Financial Regulation --- Financial Regulation and Supervision --- Fund Management --- Infrastructure Investment --- Mutual Funds --- Pensions and Retirement Systems --- Public and Municipal Finance --- Public Sector Development --- Renewable Energy --- Social Protections and Labor

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The responsibilities of the regulator should be clearly and objectively stated. The regulator should be operationally independent and accountable in the exercise of its functions and powers. The regulator should have adequate powers, proper resources and the capacity to perform its functions and exercise its powers. The regulator should adopt clear and consistent regulatory processes. The staff of the regulator should observe the highest professional standards including appropriate standards of confidentiality. The regulatory regime should make appropriate use of Self-Regulatory Organizations (SROs) that exercise some direct oversight responsibility for their respective areas of competence, and to the extent appropriate to the size and complexity of the markets. SROs should be subject to the oversight of the regulator and should observe standards of fairness and confidentiality when exercising powers and delegated responsibilities. The regulator should have comprehensive inspection, investigation and surveillance powers. The regulator should have comprehensive enforcement powers. The regulatory system should ensure an effective and credible use of inspection, investigation, surveillance and enforcement powers and implementation of an effective compliance program. The regulator should have authority to share both public and non-public information with domestic and foreign counterparts. Regulators should establish information sharing mechanisms that set out when and how they will share both public and non-public information with their domestic and foreign counterparts. The regulatory system should allow for assistance to be provided to foreign regulators who need to make inquiries in the discharge of their functions and exercise of their powers.

Access to Finance --- Accounting --- Asset Management --- Audits --- Bankruptcy --- Capital Markets --- Confidentiality --- Corporate Governance --- Debt --- Debt Markets --- Disclosure --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Institutions --- Financial Regulation & Supervision --- Fund Management --- Gross Domestic Product --- Insurance --- Investment Climate --- Investment Restrictions --- Mutual Funds --- Risk Management --- Securities --- Securities Markets Policy & Regulation --- Standards and Financial Reporting --- Transparency

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This technical note summarizes findings and recommendations on measures for the strengthening of the capital markets in Mongolia. The authorities have taken bold steps in the last two years to modernize the Mongolian Stock Exchange (MSE) and put in place modern legal, regulatory and market infrastructure for the capital market. Improving the institutional, regulatory and supervisory framework is a key priority, and the enactment of a new securities market law should lay a sound foundation for the regulation and supervision of the securities markets. However, its current draft has several gaps that should be addressed. Nonetheless, development of the domestic securities market in Mongolia should take into account the inherent problems for small markets, because a central feature of the securities market is economies of scale. Currently, the local capital market is not representative of the full universe of Mongolian enterprises that are operating in the country at present. As a result, it may be difficult to attract foreign investors interest if the country's most attractive firms are not listed domestically. One of the most important elements for a strong domestic capital market is a diversified institutional investor base, and the regulatory agencies involved should pursue a concerted strategy toward developing the investor base. Mongolia needs to provide an enabling environment to attract a diverse range of institutional investors participation, including investors from abroad.

Accounting --- Asset-Backed Securities --- Auctions --- Banking Sector --- Capital Flows --- Capital Markets --- Capital Markets and Capital Flows --- Capital Requirements --- Commercial Banks --- Corporate Governance --- Debt --- Debt Management --- Debt Markets --- Domestic Debt --- Due Diligence --- Equity Markets --- Finance and Financial Sector Development --- Financial Literacy --- Fiscal Policy --- Fund Management --- Gross Domestic Product --- Human Capital --- Inflation --- Information Technology --- Insurance --- Monetary Policy --- Mutual Funds --- Risk Management --- Securities --- Stock Exchanges --- Transparency --- Yield Curve

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The Indonesian economic quarterly reports on and synthesizes the past three months' key developments in Indonesia's economy. Its coverage ranges from the macro economy to financial markets to indicators of human welfare and development. It is intended for a wide audience, including policy makers, business leaders, and financial market participants, and the community of analysts and professionals engaged in Indonesia's evolving economy. The challenge for Indonesia is to maximize the opportunities that this brings, in terms of enhancing future growth and making investments that can improve the welfare of the entire population, while managing the associated risks. Strong capital inflows, particularly portfolio, have been seen across emerging markets, including Indonesia. These inflows are driven by yield differentials and the stronger growth prospects, and improved creditworthiness, of emerging economies relative to heavily indebted, higher-income economies. Further quantitative easing in the US has provided an additional, cyclical boost to this trend. Global commodity prices also picked up in recent months. In November, the US dollar price of non-energy commodities rose by 3.4 percent over the month with food and raw material prices up by 4.9 percent and 7.6 percent, respectively. The underlying drivers were strong growth in demand from emerging economies, particularly China, and also supply disruptions in the agriculture sector.

Access of Poor to Social Services --- Accounting --- Arbitrage --- Auctions --- Banking Sector --- Capital Flows --- Child Labor --- Commodity Prices --- Creditworthiness --- Economic Forecasting --- Economic Growth --- Expenditures --- Exporters --- Financial Crisis --- Financial Management --- Fiscal & Monetary Policy --- Fiscal Policy --- Foreign Direct Investment --- Foreign Ownership --- Fund Management --- Good Governance --- Gross Domestic Product --- Household Income --- Income Tax --- Inflation --- Insurance --- Interest Rates --- Investment Climate --- Macroeconomics and Economic Growth --- Monetary Policy --- Natural Disasters --- Opportunity Cost --- Poverty Reduction --- Property Rights --- Public Debt --- Public Investment --- Public Spending --- Purchasing Power --- Urbanization

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The penetration level of the insurance and pension sectors in Malawi is low, but it seems adequate as compared with other countries in similar stages of development. Concentration and costs are high, the regulatory framework is outdated or inexistent and supervision is weak. An innovative pilot experience of weather micro-insurance is a good example of private-public partnership to reduce vulnerability and extend benefits, but the coverage is still low. The project faces several challenges, one of them being the need to invest in weather technology. Cost benefit analysis of public projects in this area should take into consideration the possible positive social benefits of income security for vulnerable rural population. The analysis needs to take into account that possibilities to increase micro-insurance penetration may be affected by the level of education of farmers, as well as their specific knowledge of insurance products and their confidence in insurance companies. Life insurance and private pension plans have an acceptable level of development as substitute of the non-existing mandatory pensions for private sector workers, but they need a stronger supervision and regulation to enhance their benefits. Rules should seek to promote portfolio diversification, higher portability of pensions and old age income security through well defined benefit rules.

Access to Information --- Annuities --- Asset Management --- Benefit Formula --- Capacity Building --- Capital Markets --- Civil Service --- Contractual Savings --- Contribution Rates --- Debt --- Expenditures --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Regulation & Supervision --- Financial Sector --- Financial Services --- Fund Management --- Income Tax --- Inflation --- Insurance --- Insurance & Risk Mitigation --- Legal Framework --- Legal Reform --- Legislation --- Life Insurance --- Microinsurance --- Mutual Funds --- Non Bank Financial Institutions --- Pension Administration --- Pension Plans --- Pensions & Retirement Systems --- Political Economy --- Retirement --- Social Protections and Labor --- Standards and Financial Reporting --- Technical Assistance --- Underwriting