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Ms. Luisa Zanforlin, Ian Tower, Erlend Nier, Michael Moore, Ana Carvajal, and Randall Dodd

informational asymmetries and avoiding intrusive oversight. Product sales and distribution also need more extensive regulation. While extending the scope of prudential regulation is the priority, the crisis exposed the impact that informational asymmetries can have on the distribution of mortgages—with adverse impacts, in some cases, on credit quality at the banks. Regulation of sales and distribution varies by country. Gaps should be filled to ensure that business conduct regulation covers the ways in which risk products are sold or transferred, if necessary bringing them

Ana Carvajal, Randall Dodd, Michael Moore, Erlend Nier, Ian Tower, and Ms. Luisa Zanforlin

mortgages—with adverse impacts, in some cases, on credit quality at the banks. Regulation of sales and distribution varies by country. Gaps should be filled to ensure that business conduct regulation covers the ways in which risk products are sold or transferred, if necessary, bringing within the scope of regulation agents, brokers, advisers, and originators of all types of financial products, including mortgages. Many over-the-counter (OTC) markets for securities and derivatives have been subject to relatively limited regulation. For certain securities issues, even

International Monetary Fund. Monetary and Capital Markets Department
This Technical Note on Insurance Sector Regulation and Supervision provides an update and an assessment of the development of regulation and supervision of the Polish insurance sector since an assessment concluded in 2012. The note focuses on key issues, with reference to international standards but without presenting a detailed assessment of Poland’s observance. The supervision of intermediaries has also been strengthened in line with a 2012 Financial Sector Assessment Program recommendation. The Solvency II changes appear well-embedded, without significant exemptions or transitional arrangements. With limited long-term guarantee business, life insurers have currently no need for the special measures adopted for such business in many EU countries. However, the recent emergence of the first Polish financial conglomerate, which is headed by an insurer, poses supervisory challenges. In respect to the selected other areas of the insurance framework that were reviewed, the findings highlighted strengths in the approach, with some scope for further development.
International Monetary Fund

III. Macrofinancial Linkages IV. The Resulting Outlook V. Macroeconomic Policy Responses A. Monetary Accommodation B. Fiscal Support C. Housing Support D. Bank Support VI. Financial Regulation A. Bank and Securities Regulation B. Business Conduct Regulation C. Securitization VII. External Adjustment and the Dollar VIII. Staff Appraisal Boxes 1. International Spillovers 2. Special Considerations in the Assessment of the Dollar Figures 1. Recent Indicators 2. Anatomy of a Housing Boom and Bust 3. Household Cash Flow and

Ms. Jennifer A. Elliott
Demutualization is a term used to describe the transition of a securities exchange from a mutual association of exchange members operating on a not-for-profit basis to a limited liability, for-profit company accountable to shareholders. Demutualization in its many forms has become a widespread phenomenon-one with increasing appeal in emerging market countries. Demutualization challenges the traditional approach to supervision of securities exchanges and raises issues regarding their role in the regulation and supervision of capital markets.
Ms. Jennifer A. Elliott

by a full-time professional staff with operational independence from members. Of course, these employees ultimately report to a board of directors consisting of member-elected representatives but there still remains a distance between the members and those regulating them. Typically, an exchange has a separate regulatory department consisting of market conduct regulation, financial and business conduct regulation, listed company regulation and investigations and enforcement with a full-time head of department responsible to the board for the regulatory functions

Ms. Luisa Zanforlin, Ian Tower, Erlend Nier, Michael Moore, Ana Carvajal, and Randall Dodd
The G-20 has called for a review of the scope of financial regulation. This call reflects concern that the coverage of prudential regulation has been too narrow. A discussion of extending the regulatory perimeter should, therefore, weigh carefully the experience of the past two years against these considerations. It will also be important to understand whether the assumptions underlying the existing regulatory model for banks are fatally flawed, or whether better regulation and supervision of the banks would be adequate. This set of proposals would represent a major increase in the scope of regulation of institutions, products, and markets. The proposals would best be taken forward as part of a broad program of financial sector reform, including the development of a macroprudential framework for assessing and managing systemwide risk. Even if new regulation is carefully designed to be proportionate to the risks in each new area, there will clearly be increased costs to the system. There would be an increased regulatory burden, which would also carry risks of unintended consequences. The current crisis has clearly shown that the cost of the alternative is also high.
Mr. Richard K. Abrams and Mr. Michael W Taylor
The paper considers the generic arguments for and against the creation of a unified regulatory agency, covering each of the main types of financial institutions (banks, insurers and securities firms). The strongest arguments for unification are the enhanced oversight of financial conglomerates and the economies of scale they can potentially deliver. However, there are also a number of potentially serious disadvantages to unification, especially the risk that the change process will be mismanaged and will result in a reduction in regulatory capacity. The issue requires careful deliberation and ultimately depends on a matrix of factors which vary in importance from country to country.
Mr. Richard K. Abrams and Mr. Michael W Taylor

, encourage the view that central bank support will be available to all supervised institutions. V. T he S cope and F unctions of a U nified A gency A further issue to be considered if the balance of argument favors the creation of a unified authority, is its precise scope and functions. A. Issues of Agency Scope A fundamental issue is whether the unified agency should be responsible for both prudential (safety and soundness) and consumer protection (business conduct) regulation. Most integrated agencies are concerned only with ensuring the prudential

Mr. Richard K. Abrams

Unified Agency A further issue to examine when considering a unified authority is its precise scope and functions. Issues of Agency Scope A fundamental concern is whether the unified agency should be responsible for both prudential (safety and soundness) and consumer protection (business conduct) regulation. Most integrated agencies are concerned only with ensuring the prudential soundness of financial intermediaries. The United Kingdom’s FSA is practically unique among unified authorities in being responsible for both prudential and business conduct matters