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International Monetary Fund. Monetary and Capital Markets Department

equity securities that are “in listing” (i.e., those that meet the exchange’s listing requirements) are charged a fee of 0.01 percent of the nominal value of the equity securities to a maximum of 400 times the Ukrainian minimum wage, with a minimum of 20 times the minimum wage. Flat fees paid by issuers of securities that are not “in listing.” Issuers of these types of securities (other than state securities) are charged a flat fee of 20 times the Ukrainian minimum wage. Fee Payer Basis of Calculating Fee National Depository 5.5 percent

International Monetary Fund. Monetary and Capital Markets Department
This paper discusses the self-funding model of the National Securities and Stock Market Commission (NSSMC) in Ukraine. There are a number of challenges with NSSMC’s funding and the constraints placed on it through the Ukrainian government budget process. The analysis conducted by the NSSMC and reviewed by the mission confirms the general benefits of moving to a self-funding model for the NSSMC. The legislative measures should be complemented by improvements in the NSSMC systems and processes. Self-funding of securities and other financial services regulators is increasingly becoming the international norm. The trend to self-funding is even more pronounced within Europe.
International Monetary Fund. Monetary and Capital Markets Department
Mr. Alexander D Klemm and Mr. Paolo Mauro
Based on a survey of about 2,500 US resident adults, we show that people who have experienced serious illness or job loss caused by the COVID-19 pandemic, or who personally know someone who has, favor a temporary progressive levy or structural progressive tax reform to a greater extent than others in the sample, controlling for income, demographic characteristics, and other factors. People who reveal preferences for spending items (more on police, military, border protection; less on education, health, environment) that are associated with communitarian (rather than universalist) moral perspectives generally show weaker support for progressive reforms, but more communitarians change their views as a result of personal experience. The results are consistent with previous findings that economic upheavals can mold individuals’ views on policy matters.
Mr. Alexander D Klemm and Mr. Paolo Mauro

terms “levy” or “fee” for the following reasons. Previous researchers have shown that the term “fee” seems to be more acceptable to survey respondents than the term “tax” (for example, Kallbekken and others 2011 ). Moreover, a fee is usually implemented for regulatory purposes or to pay for specific public goods that provide a direct benefit to the fee-payer. Likewise, the term “levy” is generally considered to elicit less negative reactions on the part of the general public, and for this reason several countries including the United Kingdom use the label “carbon

International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund

provide most of the funding needed to carry out its statutory functions; application fees, which recover some of the costs incurred in processing certain applications under the FSA rules or FSMA; and special project fees: (i) where the FSA undertakes regulatory activity at the request of fee-payers, and the benefit of that activity primarily accrues to them; and (ii) the FSA recovers the implementation costs of significant EU Directives where they apply to a discrete sub-set of firms within their periodic fee structure. Paragraph 17, Schedule 1 of FSMA sets out the FSA

International Monetary Fund

and the businesses of banks and some securities firms, sophisticated IT systems have become essential if a regulator is to be fully effective. While IOSCO does not favor one funding model, the assessor believes that there would be considerable merit in FI being able to move to a broader base to meet its funding needs, namely by retaining a higher percentage of the funds it generates out of fees charges to market participants accompanied by the freedom to set fees at a level it judges to be necessary, subject to consultation with fee payers. Given the concentrated

International Monetary Fund
This paper provides an assessment of the level of implementation of the International Organization of Securities Commissions (IOSCO) Principles in Sweden’s securities market. The assessment has identified several significant weaknesses in the scope and effectiveness of securities market regulation. The Executive Board recommends licensing of insurance intermediaries under the Securities Market Act (SMA). The government should also reconsider its policy of attaching specific short-term project requirements to parliament’s annual budget allocation for Finansinspektionen (FI) initially and during the course of the financial year.