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International Monetary Fund. Statistics Dept.
A virtual technical assistance (TA) mission supported by the IMF’s Asia and Pacific Department (APD) was conducted by the IMF Statistics Department (STA) and the Pacific Financial Technical Assistance Centre (PFTAC) during October 25 – November 2, 2021. The mission assisted the Department of Resources and Development (DoRD), National Statistics Office (NSO) improving the compilation and dissemination of Government Finance statistics (GFS) and Public Sector Debt Statistics (PSDS) according to the Government Finance Statistics Manual 2014 (GFSM2014) and the Public-Sector Debt Statistics Guide 2011 (PSDSG 2011). The mission was conducted under the Data for Decisions (D4D) trust fund,1 a multi-donor initiative aimed at strengthening the quality of national statistical outputs to better support economic policy making in low-and lower-middle income countries and the PFTAC GFS capacity development project.
International Monetary Fund. Statistics Dept.
The A remote technical assistance (TA) mission to the Ministry of Economy and Finance (MEF) was conducted during ten days over the period of August 31–November 30, 2020.1 This activity was part of Cambodia’s participation in the Japan-funded Government Finance Statistics (GFS) and Public Sector Debt Statistics (PSDS) Project for selected Asian countries (JSA3)2. The overall goal of the JSA3 Project is to assist the MEF in strengthening compilation and dissemination of fiscal data in line with the GFS Manual 2014 and the PSDS: Guide for Compilers and Users to support macro-fiscal surveillance and decision making. The mission liaised with Mr. Alexandros Mourmouras, Director of the Capacity Development Office in Thailand (CDOT), Mr. Rifaat Basanti, the IMF Regional JSA3 GFS/PSDS Project Manager, Mr. Suhas Joshi, the IMF Regional Treasury Advisor—both in the CDOT, Mr. Yasuhisa Ojima, the IMF’s Resident Representative for Cambodia, and Ms. Magdalena Tomczynska-Smith, the IMF’s Budget Planning Advisor for Cambodia. The mission would like to thank the authorities for their excellent collaboration and support (Appendix I lists the main official contacts).
International Monetary Fund
New and revised international standards for safe and efficient Financial Market Infrastructures (FMIs) were published in April 2012. The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) reviewed the existing sets of standards for FMIs and replaced them by one new set of Principles for Financial Market Infrastructures. Appendix I outlines the 24 new Principles for FMIs as well as the 5 responsibilities for authorities. FMIs facilitate the clearing, settlement, and recording of monetary and other financial transactions, such as payments, securities and derivatives contracts. The term FMI refers to payment systems (PSs) that are systemically important, central securities depositories (CSDs), securities settlement systems (SSSs), and central counterparties (CCPs). The revised standards also incorporate additional guidance for over-the-counter (OTC) derivatives CCPs and trade repositories (TRs).
International Monetary Fund. Monetary and Capital Markets Department
This paper analyzes systemic risks related to Financial Market Infrastructures (FMI) in Australia, in particular central counterparties (CCP). Supervision and oversight of FMIs is well-established with supervisory expectations importantly strengthened over the past few years. It is recommended that the Reserve Bank of Australia considers reviewing its approach to payment systems oversight, in particular by providing greater clarity as regards requirements for systemically and less systemically important payment systems. The IMF team suggests that Australian authorities could benefit from the experiences of and lessons learned by other jurisdictions through their regular and more specialized coordination and communication efforts with other supervisors and resolution authorities. The authorities should also review, and could benefit from, the experiences of and lessons learned in the formulation and codification of Australia’s bank and insurer resolution regime. Enforcement powers for the supervision of CCPs and Securities Settlement Systems should however be strengthened in accordance with the Principles for Financial Market Infrastructures.
International Monetary Fund. Statistics Dept.
As part of Cambodia’s participation in the Japan-funded Government Finance Statistics (GFS) and Public Sector Debt Statistics (PSDS) project for selected Asian countries (JSA3),1 this mission conducted an in-country workshop (December 2–4, 2019) and provided follow-up technical assistance (TA) on GFS and PSDS (December 5–13, 2019).2 Both activities were aimed at strengthening compilation and dissemination of fiscal data in line the GFS Manual 2014 (GFSM 2014) and the PSDS: Guide (PSDSG) to support surveillance and decision making. At the request of the authorities, the TA mission participated in the inter-agency workshop on data consistency in macroeconomic statistics conducted by the Ministry of Economy and Finance (MEF) during December 5–6, 2019.
International Monetary Fund. Monetary and Capital Markets Department
The main objective of this technical note is to analyze the supervision and systemic risk management of financial market infrastructures (FMIs) in the United Kingdom. It focuses on the supervision of FMIs, including the regulatory framework, supervisory practices, available resources, transparency, adoption of international standards and coordination and cooperation mechanisms among authorities, both domestically and cross-border; identification and management of interdependencies among FMIs, clearing members and markets, as well as other mechanisms for monitoring of system-wide risks that may exacerbate a crisis and impact financial stability in the United Kingdom and worldwide; and recovery and resolution of FMIs as relatively new instruments to sustain critical operations and services.