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Mr. Andrew Baer, Mr. Kwangwon Lee, and James Tebrake
Digitalization and the innovative use of digital technologies is changing the way we work, learn, communicate, buy and sell products. One emerging digital technology of growing importance is cloud computing. More and more businesses, governments and households are purchasing hardware and software services from a small number of large cloud computing providers. This change is having an impact on how macroeconomic data are compiled and how they are interpreted by users. Specifically, this is changing the information and communication technology (ICT) investment pattern from one where ICT investment was diversified across many industries to a more concentrated investment pattern. Additionally, this is having an impact on cross-border flows of commercial services since the cloud service provider does not need to be located in the same economic territory as the purchaser of cloud services. This paper will outline some of the methodological and compilation challenges facing statisticians and analysts, provide some tools that can be used to overcome these challenges and highlight some of the implications these changes are having on the way users of national accounts data look at investment and trade in commercial services.
Mr. Andrew Baer, Mr. Kwangwon Lee, and James Tebrake

case these there is not any data for the period. Canada is excluded due to a methodological break in 2017. 2 Except of motor vehicles and motorcycles. The extent of cloud adoption differs across countries, sectors, and firm size. Among OECD countries, the share of businesses purchasing cloud computing services ( Figure 4 ) in 2018 ranges from a high of 65 percent in Finland to a low of 10 percent in Latvia. The OECD reports ( Figure 3 ) that over 60 percent of firms in the Information and Communication sector use cloud computing services but the comparable

Mr. Tadatsugu Matsudaira

still in its early days and the relationship between RPA and AI is still not fully mature. Cloud Computing Cloud computing is the on-demand availability of computer system resources, especially data storage and computing power, without direct active management by the user. Cloud computing has effectively solved the financial and infrastructural problems associated with operating and maintaining software applications, as it eases the total cost of ownership previously required. Advantages of using cloud computing services (such as software as a service [SaaS

International Monetary Fund. Monetary and Capital Markets Department
There have been significant improvements to the legal framework and the supervisory process since the last Basel Core Principles (BCP) review; some additional recommended enhancements are highlighted in this assessment. The Superintendency of Financial Institutions (SFC) is an integrated supervisor with a purview that includes banks, finance companies, insurance, securities, and other financial intermediaries. Additionally, the SFC is also the bank resolution authority. To strengthen consolidated supervision, Congress passed Financial Conglomerates Law (FCL) 1870 addressing the supervision of financial conglomerates and granting the SFC supervisory authority over financial conglomerates (CF).2 The FCL strengthened the framework for consolidated supervision, which already included banks and their subsidiaries, by adding holding companies as supervised entities. Moreover, it defined the scope of supervision of financial conglomerates, setting standards with regards to risk management, adequate capital, and corporate governance, as well as minimum requirements for managing concentration risks and conflicts of interest in intragroup and related party exposures. The SFC has strong coordination and cooperation arrangements with foreign supervisors (through signed Memoranda of Understanding (MOUs) and the coordination mechanisms derived from the CCSBSO, among others) as well as the authority to request information from parent companies, all of which were further enhanced with the issuance of the FCL. Additionally, the SFC has access and authority to require information from ultimate beneficial owners.