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International Monetary Fund. Monetary and Capital Markets Department

regulated entities. 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 preferred model, based on administrative fees for services and supervision fees for all categories of regulated entities, is expected to ensure more stable funding than the original turnover based model developed by the NSSMC. Adoption of this model would mean that the NSSMC would be fully funded from industry contributions and not dependent on the general state budget. At the same time, the fee income

International Monetary Fund. Monetary and Capital Markets Department

revenue from two sources: (i) administrative fees charged for requests by individual participants for decisions on, among others, licenses, registration, and approvals (administrative services); and (ii) supervision fees. Differences between the models relate to the way supervision fees are to be imposed, and the amounts of fees to be charged. Administrative fees 12. Administrative fees are currently charged for a small number of the approximately 160 administrative actions the NSSMC performs . This fee regime is administered by the NSSMC, but revenue from it

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. European Dept.

amounts in euro terms. 21 The target for the Finnish fund is 0.8 percent of covered deposits by 2024 (about €1 billion). Funds collected since 2015 and currently amount to €206 million. In addition, the Old Deposit Guarantee Fund (the VTS Fund) holds approximately €870 million worth of contributions from banks. These funds would be at the disposal of the FFSA. 22 The FIN-FSA finances its activities 95 percent from levies and supervision fees; 5 percent is contributed from the Bank of Finland. 23 At that stage it fell under the ECB’s remit, as it was

International Monetary Fund. European Dept.
This Selected Issues paper summarizes Nordea’s operations and business model; the macroeconomic and prudential implications of the move; and policy responses taken so far. The IMF staff’s assessment is that banking supervision in the euro area has improved significantly following the creation of the Single Supervisory Mechanism, which should mitigate potential risks from Nordea’s move; meanwhile, the Nordic authorities have done much, in conjunction with the European Central Bank, to ensure that potential gaps and fragmentation across national jurisdictions are avoided. The resolution framework is designed to prevent taxpayers having to bail out banks, but is new, and work on building the crisis preparedness of euro area banks is still under way. The banking union is not yet complete, details of the backstop for the Single Resolution Fund need to be finalized and a common euro area deposit insurance should be made fully operational. At the same time, Nordea is also operating in non-euro area member states—maintaining cooperation between euro area and noneuro area institutions remains important.
International Monetary Fund

p 2 and the –β p terms are negative, so formally there is no solution. 29 For example, due to the cost of reporting requirements or higher supervision fees. 30 Hardy (2006) applies the concept of regulatory capture to banking supervision. 31 In the EU, a host country may provide deposit guarantees to branches of foreign banks only as “topping- up” of the home country coverage. 32 Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions

International Monetary Fund
The scramble to expand deposit guarantees in Europe in response to recent financial turmoil confirms that the on-going integration of European financial markets requires closer coordination of prudential policies and financial safety nets. We study the optimal design of prudential supervision and deposit guarantee regulations in a multi-country, integrated banking market such as the European Union, where policy-makers have either similar or asymmetric preferences regarding profitability and stability of the banking sector. The paper concludes with recommendations on policy priorities in this area.
Mr. Michael W Taylor and Mr. Marc G Quintyn

entities concerning the observance of the applicable regulations, and issues guidelines that are necessary for purposes of supervision. Regulatory autonomy is limited, however. Operating costs are covered by supervision fees and specific fees paid by supervised entities. The President of the Republic appoints the director general of the FSA on recommendation of member of the Parliamentary Supervisory Council (PSC). The FSA is accountable to the PSC only with respect to administrative matters. The MOF has the responsibility for licensing and revocation of a credit

International Monetary Fund

the fiduciary business (Article 11(1)) consisting of five members appointed by the minister of justice for a term of five years (Article 3). The ordinance contains a broad grant of authority for the issuance of a ministerial order to promulgate rules for the board, after CSP interest groups and the board have expressed their views on the proposed decree (Article 4(4)). The funding for the board consists of licensing fees (Article 7(4)), an annual supervision fee (Article 11(2) from CSPs regulated by the board, along with “funds obtained from voluntary contributions

International Monetary Fund. Monetary and Capital Markets Department

interest margins of over 10 percent ( Figure 3 ). A difficult business environment with an uncertain application of the rule of law combines with the lack of diversification of the economy, limiting potential demand for financial services, in particular for credit. Interest margins do not contribute significantly to profitability since the banks are not sufficiently active as lenders. Operating costs are high, as are taxes, parafiscal charges, and bank supervision fees (annual supervisory fees amount to 0.6 percent of total deposits). Aggregate net earnings were negative