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International Monetary Fund
This paper reviews financial sector regulation and supervision in the Cook Islands (CI). The CI has taken a number of measures to strengthen its financial sector regulation. New legislation was passed for the regulation of banking activity, and a Financial Supervisory Commission (FSC) was established. A suite of antimoney laundering legislation was enacted in May 2003 with work ongoing in respect of legislation for combating the financing of terrorism. The new Banking Act and FSC Act provide a good basis for sound financial sector regulation.
International Monetary Fund

IAIS Insurance Supervisory Principles A. General B. Institutional Setting and Market Structure C. General Preconditions for Effective Insurance Supervision D. Main Findings E. Recommended Actions F. Response from Supervisor V. Observance of IMF’s Code of Good Practices on Transparency in the Monetary and Financial Policies A. Monetary Policy Legal framework, institutions, and market structure Main findings Clarity of roles, responsibilities, and objectives Recommended actions Authorities’ response B. Transparency of Banking

International Monetary Fund

. The Functioning of the RIX System V. Changes and Reforms in Process VI. Main Findings—Summary VII. Recommended Actions and Authorities’ Response to the Assessment Recommended actions Authorities response Tables 1. Systemically Important Payment Systems 2010 2. RIX Payments Statistics 2005–2010 3. Summary Observance of the CPSIPS and Central Bank Responsibilities in Applying the CPs 4. Detailed Assessment of Observance of CPSS Core Principles for SIPS and Central Bank Responsibilities in Applying the CPs—RIX 5. Summary Observance of CPSS

International Monetary Fund. Monetary and Capital Markets Department

(Public Safety Net) F. Effective Market Discipline MAIN FINDINGS RECOMMENDED ACTION AUTHORITIES’ RESPONSE TO THE ASSESSMENT DETAILED ASSESSMENT TABLES 1. Summary Compliance with the Basel Core Principles—Detailed Assessments 2. Recommended Action Plan to Improve Compliance with the Basel Core Principles 3. Detailed Assessment of Compliance with the Basel Core Principles Glossary AML/CFT Anti-money Laundering and Combating the Financing of Terrorism BCP Basel Core Principles for Effective Supervision BRSD

International Monetary Fund. Monetary and Capital Markets Department

INSTITUTIONAL STRUCTURE MARKET STRUCTURE PRECONDITIONS MAIN FINDINGS SUMMARY TABLE OF IMPLEMENTATION RECOMMENDED ACTIONS AUTHORITIES’ RESPONSE DETAILED ASSESSMENT REPORT Glossary Advertising Guidelines Advertising Guidelines Applicable to Collective Investment Scheme Authorized under the Product Codes AI Authorized institution AIR Acceptable inspection regime AMLO Anti-Money Laundering and Counter-Terrorist Financing (Financial Institution) Ordinance ATS Automated trading service BO

International Monetary Fund. Statistics Dept.

authorities decided that the TNT and the Central Bank of Kenya (CBK) work together in compiling the necessary quarterly PSDS data and that the public debt management office (PDMO) should be responsible for submitting the PSDS data to the IMF/WB data base. Recommended action: Authorities (TNT (M&FAD and PDMO) and CBK) will refine the available PSDS data as presented in Appendices VI and VII and submit the IMF/WB PSDS Questionnaire before the end of the fiscal year . E. Compilation of Financial Balance Sheet for General Government 11. The mission

International Monetary Fund. Monetary and Capital Markets Department

basis . Doing the next assessment within the next three years would allow a timely assessment of progress in setting up the BU and of the revisions to the EU financial oversight framework planned for 2014. Table 1. High Priority Recommendations Area Policy Action Authority Paragraph Timing Bank Balance sheet repair Secure strong capital buffers, enhance disclosure, and conduct selective asset quality reviews. National Authorities, SSM, EBA 14 By end–2013 Progress toward BU Make SSM operational, providing the ECB

International Monetary Fund. Western Hemisphere Dept.

with a medium priority over the medium term. 32. Actions . Authorities have taken steps in 2014 to strengthen and standardize guidelines for collective investment funds administration, management, and distribution through issuance of multiple circulars and regulations that: (i) enhanced disclosures for investors; (ii) adopted a new authorization regime with additional requirements; and (iii) imposed new rules for agents in devising portfolios in line with international best practice. Market transparency and safeguards for investors have been improved by: (i

International Monetary Fund

and Their Follow-Up Reference Principle 2004 Recommended Action Authorities’ Actions CP 1 (1) Objectives, Autonomy, Powers and Resources Adopt legislative changes that wouldremove the MOF’s influence over the CBK’s decisions on licensing, closure, and certain other remedial actions. No change CP 1 (6) Cooperation The Central Bank Law should be amended to allow for sharing of supervisory information between domestic regulators and between domestic and foreign banking supervisors. Art. 78 (a) and Art. 82, § 3 of the CBK Law was

International Monetary Fund. Monetary and Capital Markets Department and World Bank
This joint IMF-World Bank note provides a set of high-level recommendations that can guide national regulatory and supervisory responses to the COVID-19 pandemic and offers an overview of measures taken across jurisdictions to date.