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International Monetary Fund. Monetary and Capital Markets Department
Much of the work of the Financial Sector Assessment Program (FSAP) was conducted prior to the COVID-19 pandemic. Given the FSAP’s focus on medium-term challenges and vulnerabilities, however, many of its findings and recommendations for strengthening policy and institutional frameworks remain pertinent. This report reflects key developments and policy changes since the FSAP mission work was completed, and includes illustrative scenarios to quantify the possible implications of the COVID-19 shock on the solvency of systemically important financial institutions (SIFIs). Prior to the COVID-19 pandemic, the Danish authorities had taken important steps to improve financial system resilience. The authorities had actively used macroprudential tools to bolster the robustness of the financial system. The supervision of the banking and insurance sectors had improved. Likewise, recent legislation has strengthened anti-money laundering and combating the financing of terrorism (AML/CFT) supervision. Major reforms such as a new bank resolution framework had also considerably improved Denmark’s financial safety net and crisis management frameworks.
International Monetary Fund
This paper presents an update to the Report on the Observance of Standards and Codes (ROSC) for Banking Supervision, Data Module, Fiscal Transparency Module, Insurance Supervision, Payment Systems, Securities Supervision, and Transparency in Monetary and Financial Policies for the Republic of Estonia. Beginning from January 1, 2002, the unified Estonian Financial Supervision Authority is responsible for banking, insurance, and securities market supervision. Relevant provisions to the Credit Institutions Act (Article 84) were extended to managers of shareholders and to companies in which managers hold a qualifying interest.
International Monetary Fund
Developments and prospects of nonbank financial institutions of Latvia have been presented in this paper. Foreign direct investment (FDI) inflows to Latvia have declined compared with their earlier levels. This poses an important policy challenge owing to benefits of FDI in terms of financing the current account deficit, contributing to capital formation, productivity, and exports. This paper also discusses the role of the Latvian Privatization Agency (LPA) in the privatization of Latvia's public enterprises and property, along with statistical data on economic indices of Latvia.