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This assessment forms part of the joint International Monetary Fund (IMF) World Bank Indonesia Financial Sector Assessment Program (FSAP) which is being undertaken during 2009-2010. The assessment, which covers the private sector equity and corporate bonds securities system's observance of the Committee on Payment and Settlement Systems / International Organization of Securities Commissions (CPSS/IOSCO) recommendations for securities settlement systems, was conducted during an ad hoc mission. The assessment focuses on two types of trades. First the clearing and settlement process is assessed as regards equity transactions traded on the stock exchange Indonesian Stock Exchange (IDX), cleared through the Clearing and Guarantee Corporation (KPEI) clearing system (e-CLEARS) and settled through the Central Securities Depository for the Stock Exchange securities (KSEI) settlement system (C-BEST). In addition, the assessment focuses on corporate bond transactions, which are traded outside the exchange and settled through the KSEI settlement system (C-BEST).

Access to Information --- Accounting --- Auctions --- Audits --- Bankruptcy --- Capital Markets --- Cash Transfers --- Central Banks --- Collateral --- Corporate Governance --- Debt --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Regulation & Supervision --- Financial Sector --- Financial Stability --- Foreign Banks --- Governance --- Insolvency --- International Financial Architecture --- Legal Framework --- Legal Institutions For A Market Economy --- Legal System --- Migration --- Moral Hazard --- Regulation and Competition Policy --- Risk Management --- Rule of Law --- Securities --- Securities Markets Policy & Regulation --- Settlement Systems --- Standards and Financial Reporting --- Systemic Risk --- Trade and Integration

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The Securities Settlement Systems (SSS) in the People's Republic of China (PRC) are organized around three different types of markets, which are the bond market, the corporate securities market, and the futures market. The China Government Depositary and Clearing Corporation Limited (CCDC) is the SSS as well as the central securities depository (CSD) for bonds. The China Securities Depository and Clearing Corporation Limited (SD and C) is the central counterparty (CCP), SSS, as well as the CSD for all instruments traded on the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE). The four futures exchanges have their own clearing and settlement departments, which offer the function of a CCP. The CCDC, SD and C, and Shanghai Futures Exchange (SHFE), Dalian Commodities Exchange (DCE), and Zhengzhou Commodities Exchange (ZCE) operate important securities and derivatives settlement systems both, due to the large volume and value of transactions and the fact that they support key financial sector markets (interbank bond market, stock exchanges and futures). The assessment of the bonds market-CCDC system against the Recommendations for Securities Settlement Systems (RSSS) concludes that the system observes (observed or broadly observed) thirteen of the 19 recommendations, being one not applicable. The assessment of the stock exchanges-SD and C system against the RSSS concludes that the system observes (observed or broadly observed) seventeen of the 19 recommendations. The assessment of the commodities futures markets-SHFE system against the Recommendations for Central Counterparties (RCCP) concludes that the system observes (observed or broadly observed) eleven of the 15 recommendations, being one not applicable. The present document is the assessment of securities and derivatives settlement systems in the PRC based on the recommendations of the Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) for RSSS and the recommendations of CPSS-IOSCO for Central Counterparties (RCCP). The paper is divided into following five parts: the first part gives general information; the second gives information and methodology used for assessment; the third part is securities and derivatives settlement systems infrastructure overview; the fourth part is main findings from the assessment with international standards; and the fifth part gives authorities' response.

Accounting --- Asset Management --- Bankruptcy --- Bonds --- Capital Markets --- Collateral --- Corporate Governance --- Debt --- Emerging Markets --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Regulation & Supervision --- Financial Sector --- Financial Stability --- Gross Domestic Product --- Insurance --- International Financial Standards and Systems --- Legal Framework --- Legal Institutions For A Market Economy --- Mutual Funds --- Private Sector Development --- Regulation and Competition Policy --- Regulators --- Risk Management --- Rule of Law --- Savings --- Securities --- Securities Markets Policy & Regulation --- Statutory Law --- Transparency

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This note presents practical guidance on how to implement a framework for managing fiscal commitments from Public-Private Partnerships (PPPs). It draws on specific regional operational experience and on World Bank Institute (WBI)'s wider thematic engagement with different partners worldwide. The note provides practical advice on how to: consistently identify and assess fiscal commitments arising from PPPs during project preparation and implementation; incorporate these into the project approval process, including budgeting for these appropriately; and strengthen the monitoring and reporting of fiscal commitments over the lifetime of the project. It explains the fiscal commitments that can arise from PPP projects; why governments may find it difficult to assess and manage these fiscal commitments and incorporate them into project selection; and the key components of an institutional framework to manage fiscal commitments at both the development and implementation stages of a project, including the roles, responsibilities, and processes for managing PPP fiscal commitments.

Accountability --- Accounting --- Banking Sector --- Bankruptcy --- Bidding --- Bonds --- Capacity Building --- Credibility --- Debt --- Debt Management --- Due Diligence --- Economic Management --- Financial and Private Sector Development --- Financial Crisis --- Financial Management --- Freedom of Information --- Governance --- Inflation --- Infrastructure Economics and Finance --- Investment Climate --- Legal Framework --- Legal Institutions For A Market Economy --- Legislation --- Macroeconomic Management --- Moral Hazard --- Opportunity Cost --- Private Participation in Infrastructure --- Private Sector --- Private Sector Development --- Private Sector Economics --- Property Rights --- Public Debt --- Public Investment --- Public Policy --- Public Procurement --- Public Sector --- Public Sector Development --- Public Service Delivery --- Regulation and Competition Policy --- Risk Management --- Rule of Law --- Savings --- Sovereign Debt --- Subnational Governments --- Systemic Risk --- Transparency --- Transport

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This assessment of the Basel Core Principles (BCP) was conducted as part of the financial sector assessment program (FSAP) update evaluation of the El Salvador financial system from April 22 to May 10, 2010. The supervisory framework was assessed against the BCP methodology issued in October 2006. The assessment of compliance with each principle is made on a qualitative basis. A four-part assessment system is used: compliant; largely compliant; materially noncompliant; and noncompliant. A largely compliant assessment is given if only minor shortcomings are observed, and these are not seen as sufficient to raise serious doubts about the authority's ability to achieve the objective of that principle. A materially noncompliant assessment is given when the shortcomings are sufficient to raise doubts about the authority's ability to achieve compliance, but substantive progress has been made. A noncompliant assessment is given when no substantive progress toward compliance has been achieved. The ratings assigned during this assessment are not comparable to the ones assigned in the 2000 FSAP, as the bar to measure the effectiveness of a supervisory framework has been raised in the new methodology. This paper is structures as follows: introduction; information and methodology used for assessment; institutional and macroeconomic setting and market structure- overview; preconditions for effective bank supervision; main findings; and recommended action plan and authorities' response.

Accountability --- Accounting --- Administrative Costs --- Arbitrage --- Autonomy --- Bank Supervision --- Banking Sector --- Bankruptcy --- Bankruptcy and Resolution of Financial Distress --- Bonds --- Capacity Building --- Capital Flows --- Capital Markets --- Capital Requirements --- Collateral --- Commercial Banks --- Conflict of Interest --- Consumer Protection --- Corporate Governance --- Credibility --- Creditworthiness --- Decentralization --- Deposit Insurance --- Due Diligence --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Crisis --- Financial Institutions --- Financial Intermediation --- Financial Regulation & Supervision --- Financial Sector --- Financial Services --- Financial Stability --- Foreign Banks --- Governance --- Human Resources --- Inflation --- Information Technology --- Insurance --- Intangible Assets --- Legal Framework --- Legal Institutions For A Market Economy --- Letters of Credit --- Litigation --- Mortgages --- Profitability --- Regulation and Competition Policy --- Remittances --- Risk Aversion --- Risk Management --- Rule of Law --- Savings --- Securities --- Standards and Financial Reporting --- Transparency --- Valuations

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In El Salvador, the banking safety net emergency liquidity assistance, resolution and deposit insurance- faces particular challenges given it operate in the context of official dollarization. The economy was officially dollarized in 2000 with the adoption of the law on financial integration and of the United States (US) dollar as legal tender. Dollarization constrains a central bank's ability to act as a lender of last resort (LOLR) and provide emergency liquidity assistance (ELA). This note discusses the weaknesses of the current framework and recommendations to ensure the safety net functions more effectively and efficiently. To address systemic liquidity risk in the context of official dollarization, the Banco Central de Reservas (BCR) should be provided with more powers and funds to provide emergency liquidity assistance to banks. The bank resolution scheme, which has not been tested, and the deposit insurance fund, which has insufficient funds, both need to be strengthened. Appropriate roles and formal mechanisms to monitor and manage systemic risk and events should be put in place. However the roles and responsibilities of the various institutions involved in the safety net are not always consistent with their objectives, powers, and mandates, while a well-specified strategy to preserve the stability of the system (e.g., with clear responsibilities for monitoring systemic risks and taking macro prudential decisions) and definition or formal measurement of systemic risk have not yet been established. Furthermore, coordination with foreign supervisors of international banks does not include designing contingency plans to address a possible cross-border event. This paper is divided into following four parts: part one is introduction; part two gives systemic liquidity management and emergency liquidity assistance; part three is bank resolution and deposit insurance; and part four gives crisis management arrangements.

Access to Finance --- Accountability --- Accounting --- Arbitrage --- Bankruptcy and Resolution of Financial Distress --- Central Banks --- Collateral --- Commercial Banks --- Conflict of Interest --- Cooperatives --- Corporate Governance --- Debt Markets --- Deposit Insurance --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Crisis --- Financial Institutions --- Financial Management --- Financial Stability --- Foreign Banks --- Fraud --- Fund Management --- Host Countries --- Human Resources --- Interest Rates --- Legal Framework --- Legal Institutions For A Market Economy --- Legislation --- Letters of Credit --- Liquidity Requirements --- Moral Hazard --- Penalties --- Public Policy --- Regulation and Competition Policy --- Reserve Funds --- Risk Management --- Rule of Law --- Standards and Financial Reporting --- Systemic Risk --- Transparency