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International Monetary Fund

8. Profile of Overall Implementation of the IOSCO Principles 9. IOSCO Principles: Areas of Weakness in International and Offshore Financial Centers 10. Participation in International Statistical Collections of Economies with International Financial Centers 11. The International Financial Services Sector of SEIFiCs 12. CPIS and BIS Data for the International Financial Sectors of SEIFiCs Appendix Financial Structure of Assessed Jurisdictions Executive Summary The Offshore Financial Center (OFC) Program initiated in 2000 is now well advanced and

International Monetary Fund

been fostered by the jurisdictions’ need to counter potential reputation loss associated with poor supervision. Nevertheless, weaknesses remain, especially in on-site inspections and will need to be addressed; particularly if institutions in these financial centers expand the scope of their business. 7. The statistical component of the work program has focused on evaluating the availability of statistics collected by small economies with international financial centers (SEIFiCs) and their partner countries, aiming to facilitate the compilation of international

International Monetary Fund

I. Scope of the CPIS A. Participation 2.1 All countries are welcome to participate. The IMF has invited the participants of the 1997 CPIS; 41 other major investing countries that were invited on the basis of the size of reported portfolio investment in their IIPs or balance of payments statistics; and 16 SEIFiCs (in addition to Bermuda, which participated in the 1997 CPIS). Other IMF members have been advised of the 2001 CPIS and are welcome to participate if they wish. 2.2 Each participating country will conduct its own national survey at the

International Monetary Fund

International Statistical Guidelines Text Tables 1. Status of Offshore Financial Center Assessments 2. Status of FSAPs in Countries with International Financial Centers 3. Basel Core Principles for Banking Supervision: Areas of Weakness 4: Profile of Overall Compliance with 25 BCPs 5. IAIS Core Principles for Insurance Supervision: Areas of Weakness 6. Participation in International Statistical Collections by the Selected SEIFiCs. 7. Macroeconomic Statistics Compiled by the Selected SEIFiCs Boxes 1. OFC Assessment Modules 2: Cross-Border and

International Monetary Fund

, or with 15 OFCs whose cross-border holdings of portfolio investment assets were believed to be minimal. 28 The 26 countries with whom discussions on statistics were held included 2 industrial countries (Luxembourg and Switzerland), 3 emerging market economies (Hong Kong SAR, Malaysia (Labuan), and Singapore), and 21 small economies with international financial centers (SEIFiCs). 29 In 2001, 30 two workshops were held with SEIFiCs, one on CPIS collection systems and the other on macroeconomic statistics, both with support from Japan under the Administered

International Monetary Fund

preferred term for these jurisdictions is small economy with an international financial center , or SEIFiCs) for which there were no alternative data sources; 5 and difficulties faced by many participating countries in capturing cross-border portfolio investment by households (and in some cases, enterprises) that do not use the services of resident custodians. 1.11 Given the underlying reasons for undertaking the CPIS in the first place—global imbalances in financial flows and stocks—the Task Force felt that the results of the 1997 CPIS were an encouraging first

Venkat Josyula

economies with offshore financial centers (in this Guide , the preferred term for these jurisdictions is small economies with international financial centers , or SEIFiCs) for which there were no alternative data sources, 6 and difficulties faced by many participating economies in capturing cross-border portfolio investment by households (and in some cases, enterprises) that do not use the services of resident custodians. 1.9 In light of the positive aspects of the 1997 CPIS and the potential room for improvements, the Task Force recommended to the IMF Committee

International Monetary Fund

bonded warehouses operated by offshore enterprises under customs control. These principles have been applied to SEIFiCs so that they are treated as resident in the economic territory of which they are a part, regardless of their treatment under local exchange control, tax, or employment regulations. 17 Apart from being consistent with the concept of residence recommended in the 1993 SNA and in BPM5 , this treatment is critical to ensure consistency in applying a common principle of residence across territories. 3.8 Both the 1993 SNA and BPM5 define the