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Law > Business and Financial

You are looking at 1 - 7 of 7 items for :

  • Type: Journal Issue x
  • Financial reporting, financial statements x
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Cover IMF Staff Country Reports
Switzerland: Detailed Assessment of Observance-Insurance Core Principles
International Monetary Fund. Monetary and Capital Markets Department
This Detailed Assessment of Observance on the Insurance Core Principles on Switzerland analyzes that the insurance industry in Switzerland is well developed having among the highest insurance penetration and expenditure per capita in the world. The sector is dominated by a few players writing significant international business. The life sector is dominated by two players, responsible for 54 percent of the business and the top 10 life insurers account for 97 percent of the market. The industry has weathered the 2008 crisis well; however, the current low interest rate environment is affecting the sector. The lack of availability of Swiss government bonds to match long term liabilities of life insurers and pension funds could be a source of vulnerability. The long-term nature of the liabilities of life insurers and pension funds could in principle be matched by investment in Swiss government securities. Supervision focuses on ensuring sufficiency of liquid assets to meet policy liabilities. Policyholders have priority claims over the tied assets. In addition, robust solvency requirements ensure there is enough capital to safeguard the insurers’ financial soundness under adverse conditions.
Keywords:
ISCR; CR; financial market; risk management; parent company; insurance group; board of directors; business plan; investment strategy; balance sheet; insurance coverage; Insurance companies; Insurance; Solvency; Financial statements; Insurance supervision; Global; Europe
Cover IMF Staff Country Reports
Canada: Financial Sector Assessment Program-IOSCO Objectives and Principles of Securities Regulation-Detailed Assessment of Implementation
International Monetary Fund. Monetary and Capital Markets Department
This paper presents an assessment IMF report on implementation of the International Organization of Securities Commission (IOSCO) principles in Canada. It highlights that developing an integrated and robust view of risks to support supervisory actions remains a key challenge. The IMF report suggests that the securities regulators should continue to take steps to ensure timely decision making in policy formulation. However, the current governance arrangements, based on a consensus building approach across several entities, is expected to affect timeliness of decision making.
Keywords:
ISCR; CR; securities regulator; financial market; capital issue; holding company; business plan; derivative instrument; commercial paper; terms and conditions; Securities; Auditing; Financial statements; Mutual funds; Securities regulation; Global
Cover IMF Staff Country Reports
Israel: Detailed Assessment of IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund
Israel’s compliance with International Organization of Securities Commissions’ objectives and Principles of Securities Regulation has been assessed. The regulatory regime is well developed and in most respects is comparable with that of major jurisdictions. For the most part, it is compliant with international standards and regulation, and oversight by the Israel Securities Authority is robust and effective. With regard to the regulation of broker dealers, there is a significant gap in the coverage of the regulatory regime.
Keywords:
ISCR; CR; fund manager; mutual fund; TASE rule; securities law; TASE member; portfolio manager; insider trading; financial market; issued share; capital market; Securities regulation; Mutual funds; Securities; Financial statements; Auditing; Global
Cover IMF Working Papers
Cross-Border Financial Surveillance: A Network Perspective
Mr. Juan Sole and Marco A Espinosa-Vega
Effective cross-border financial surveillance requires the monitoring of direct and indirect systemic linkages. This paper illustrates how network analysis could make a significant contribution in this regard by simulating different credit and funding shocks to the banking systems of a number of selected countries. After that, we show that the inclusion of risk transfers could modify the risk profile of entire financial systems, and thus an enriched simulation algorithm able to account for risk transfers is proposed. Finally, we discuss how some of the limitations of our simulations are a reflection of existing information and data gaps, and thus view these shortcomings as a call to improve the collection and analysis of data on cross-border financial exposures.
Keywords:
WP; financial system; bank
Cover IMF Staff Country Reports
Italy: Financial Sector Assessment Program: Detailed Assessment of Observance of the IMF Code of Good Practices on Transparency in Monetary and Financial Policies: Securities Regulation
International Monetary Fund
This paper discusses a Detailed Assessment of the Observance of the IMF Code of Good Practices on Transparency in Monetary and Financial Policies—Securities Regulation for Italy. The paper discusses that in the area of securities regulation, the objectives and responsibilities of the two supervisory authorities, namely Consob and the Banca d’Italia (BI), and the modalities of cooperation between them, are clearly established in the 1998 Consolidated Law. An area where further clarity may be warranted concerns the practical modalities of exchanging information with other domestic institutions.
Keywords:
ISCR; CR; Consob; Web site; government; BI statute; supervisory activity; thefor BI; chairman of Consob; Financial statements; Securities markets; Securities regulation; Legal support in revenue administration; Budget planning and preparation
Cover IMF Staff Country Reports
New Zealand: Financial Sector Assessment Program—Detailed Assessments of Observance of Standards and Codes—International Organization of Securities Commission (IOSCO)—Objectives and Principles of Securities Regulation
International Monetary Fund
This paper evaluates the Observance of Standards and Codes on the International Organization of Securities Commission (IOSCO) Objectives and Principles of Securities Regulation for New Zealand. New Zealand equity markets are comparatively small with market capitalization of about 44 percent of GDP. Reflecting a preference for property investment, ownership of New Zealand-listed equities remains mostly in the hands of offshore investors and domestic institutional investors, with only about one-fourth held directly by households. Securities market intermediaries include sharebrokers, futures dealers, investment advisers, and managers of collective investment schemes, including contributory mortgage brokers.
Keywords:
ISCR; CR; NZX firm; securities regulator; futures exchange; insider trading; conduct rule; market intermediary; material information; NZX business rule; Securities; Securities regulation; Securities markets; Financial statements; Futures
Cover IMF Staff Country Reports
Philippines: Financial Sector Assessment Program-IOSCO Objectives and Principles of Securities Regulation Assessment
International Monetary Fund
This report reviews the Financial Sector Assessment Program of the Philippines on International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation. The report was prepared by a staff team of the International Monetary Fund and the World Bank as part of the Financial Sector Assessment Program for the Philippines. It assesses the effectiveness of securities regulation, soundness of market intermediaries, and development prospects for the capital markets, including observance of the IOSCO Objectives and Principles of Securities Regulation.
Keywords:
ISCR; CR; investment house; investment company; PSE rule; regulatory authority; shareholders' meeting; enforcement power; SRC rule; market structure; SEC rule; SEC sanction; SEC form; insider trading; oversight authority; Brokers and dealers; Securities; Securities regulation; Financial statements; Housing