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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 assessment focused on the supervision and regulation of the insurance sector and the role of the Financial Services Commission (FSC) in Mauritius. The FSC has responsibility for licensing and supervision of all players in the insurance market-insurance companies, distributors; loss adjusters; reinsurance companies; reinsurance brokers, and actuaries and auditors. This report relates to a dedicated assessment mission conducted in July 2011. The FSC maintains a fairly detailed website that contains copies of relevant laws and regulations applicable to insurance companies in Mauritius. Also available on the website are copies of guidelines of general application that have been issued to the insurance companies, statistics of the industry's performance, and copies of the annual reports issued by FSC. In addition to its discussions with FSC personnel, mission members met with representatives of the trade association and with executives of a representative sample of companies, both life and general insurance, operating in the market. Other contacts included brokers and auditors. The insurance sector in Mauritius is material although not fully developed in terms of size. Insurance premium stands at MUR 17.5 billion represented at 68 percent life and 32 percent non-life insurances. Life insurance growth has been more impressive than non-life insurance performance. Although both segments have shown healthy nominal growth rates, real growth has been less spectacular for the non-life sector. Interpreting non-life sector premium performance can be confused by global pricing cycles.

Accounting --- Capital Requirements --- Confidentiality --- Consumer Protection --- Consumers --- Corporate Governance --- Credibility --- Deposit Insurance --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Crisis --- Financial Institutions --- Financial Regulation & Supervision --- Financial Sector --- Financial Services --- Financial Stability --- Fraud --- Governance --- Health Insurance --- Insurance & Risk Mitigation --- Insurance Industry --- Insurance Law --- International Financial Architecture --- Law and Development --- Legal Framework --- Money Laundering --- Mortgages --- Non Bank Financial Institutions --- Reciprocity --- Regulation and Competition Policy --- Risk Assessment --- Risk Management --- Savings --- Standards and Financial Reporting --- Terrorism --- Trade and Integration --- Transparency --- Treaties --- Underwriting

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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 bank insolvency framework in Poland should be modernized to ensure financial stability, maintain the continuity of critical functions in the banking system, and protect depositors and creditors, while assigning losses according to a pre-established creditor hierarchy. Several country experiences in Europe and elsewhere have demonstrated the effectiveness of new bank resolution measures by the European commission. A key aspect of the resolution process is for the authorities to swiftly assess and revalue the balance sheet of the intervened bank. Other particularities of modern resolution procedures relate to maintaining the integrity of secured financial contracts to prevent disruptions in financial market transactions including in payments and settlements systems. The treatment of systemically important institutions should rely on extraordinary resolution tools which are necessary if a bank is too large to be purchased or for its liabilities to be readily assumed. The purpose of this paper is thus to describe and recommend new features that can be added to strengthen the Polish legislation for handling commercial bank insolvencies. The paper focuses on the legal issues related to insolvency of banks (including commercial banks and cooperative banks). The banking sector's share in the total assets of the credit sector amounts to 89 percent while cooperative banks control 6 percent. The only wholly-owned state bank is the development bank Bank Gospodarstwa Krajowego (BGK) which is subject to supervision by the Polish Financial Supervisory Authority (KNF).

Accountability --- Accounting --- Administrative Costs --- Administrative Procedures --- Asset Management --- Audits --- Banking Sector --- Bankruptcy --- Bankruptcy and Resolution of Financial Distress --- Central Banks --- Commercial Banks --- Credibility --- Debt --- Deposit Insurance --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Institutions --- Financial Regulation --- Financial Regulation & Supervision --- Financial Services --- Financial Stability --- Foreign Banks --- Interest Rates --- Judiciary --- Legal Reform --- Legislation --- Moral Hazard --- Other Financial and Private Sector Development --- Profitability --- Property Rights --- Receivership --- Settlement Systems --- Standards and Financial Reporting --- Systemic Risk --- Technical Assistance

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This assessment of the payment systems in Thailand was undertaken in the context of the International Monetary Fund (IMF) and the World Bank Financial Sector Assessment Program (FSAP) exercise for Thailand in January 2007. It covers the Bank of Thailand Automated High-value Transfer Network (BAHTNET), which is a real time gross settlement (RTGS) system. The Bank of Thailand (BOT) conducted a comprehensive self-assessment of BAHTNET observance of the Core Principles for Systemically Important Payment Systems (CPSIPS). It was professionally done and was made available to the mission in advance. The Thai authorities were fully cooperative and all relevant documentation to fulfill the assessment of BAHTNET was provided on time and without difficulties. The logistical support and warm hospitality of the officials of the BOT are greatly appreciated.

Accounting --- Bankruptcy --- Bankruptcy and Resolution of Financial Distress --- Capital Markets --- Central Banks --- Commercial Banks --- Confidentiality --- Consumer Protection --- Debt --- Debt Markets --- Disclosure --- E-Finance and E-Security --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Institutions --- Financial Regulation & Supervision --- Financial Stability --- Firewalls --- Foreign Banks --- Hardware --- Information Security --- Information Technology --- Insolvency --- Insurance --- Legal Framework --- Monetary Policy --- Private Sector --- Receivership --- Risk Management --- Securities --- Settlement Systems --- Standards and Financial Reporting --- Transparency