Improving governance of the international financial system

China s Malfunctioning Financial Regulation

Such a mechanism should be able to monitor and ensure surveillance of capital markets and international financial operations.

(c) Project supervision and loan administration on behalf of international financial institutions and

Financial Regulators Global Variety Show

Financial Regulators Fine Mess

The Department of Financial Monitoring also collaborates with the competent bodies of foreign States.

Getting to Yes on Transatlantic Financial Regulation

Received Diplôme d'inspecteur des services financiers from l'École nationale d'administration.

9. Also stresses the need to consolidate the international and national financial systems through a more effective national, regional and international surveillance, based upon the improvement of the availability and transparency of information, as well as the strengthening of the role of the international financial institutions in the prevention, management and solution of financial crisis

7. Governance of the international monetary, financial and trade systems

The control and supervisory functions in the financial sector should be reinforced through increased cooperation between national and international supervisory authorities.

The FIU collaborates with domestic financial sector regulators to supervise financial institutions in accordance with the Money Laundering and Financing of Terrorism (Prevention and Control) Act, Cap.

Effective cooperation and monitoring of international financial transactions was imperative.

The international financial architecture should be strengthened, especially with regard to financial crisis prevention and management.

Article 8 The financial supervision and regulation department under the State Council shall be responsible for supervision and regulation of the insurance industry in accordance with this Law.

The Supervision Authority conducts financial supervision in the name of the State and is independent in the conduct of financial supervision.

Finally, given the interface between financial supervision and monetary relations, the Financial Markets Regulatory Dialogue should be revived alongside G 20 meetings of treasury officials and central bankers. Instead of relying on the multi regional Financial Stability Board to hash out differences and set the regulatory pace, EU and US regulators should be encouraged to present joint solutions and reforms for wider international consideration.

Improved control of international banking systems, including wire funds transfers.

Appreciates the contributions and efforts made by the various fora such as the G 7, APEC, ASEAN, the G 15, the G 20 as well as the international financial and regulatory bodies such as the IMF, World Bank, the Bank of International Settlements (BIS) and the International Organization of Securities Commissions (IOSCO) to strengthen the international financial architecture.

Another recent development which the Financial Services Commission is working on is to introduce legislation to regulate and supervise money transmission services.

The prevention of financial crises will require enhanced early warning mechanisms, including improved and effective surveillance of national and international financial market developments.

There were nevertheless serious inadequacies in regulation and supervision of the financial system that, as in Thailand and the Republic of Korea, transmitted the financial crisis into a crisis in the real economy.

The principal culprits in the crisis were, rather, lax supervision and regulation of US financial institutions and markets, which allowed unsound practices and financial excesses to build up. China did not cause the financial crisis

7. Recognizes the progress made in improving risk management and transparency in international financial markets, such as the International Monetary Fund apos s improved surveillance capacities, standards for the provision of economic and financial information to markets and the creation of an emergency financing mechanism

Borrowers and lenders can resort to cross border financial flows to evade domestic controls and erode the integrity of regulatory standards at home. To prevent such regulatory arbitrage, domestic regulators may be forced to take measures against financial transactions originating from jurisdictions with more lax regulations.

23. Among major developments for the financial industry was the establishment of the Monetary Authority, which consolidated the Supervision Department and the Currency Board. A key effect was to strengthen the regulatory regime.

Examples include the Bank for International Settlements, the Financial Stability Forum, the Basel Committee on Bank Supervision, the International Association of Insurance Supervisors, the International Accounting Standards Board, the International Standardization Organization and the International Federation of Stock Exchanges.

Australia's financial intelligence unit, AUSTRAC, also monitors the financial transactions of NPOs in the same way that it monitors other organizations, by scrutinizing their international funds transfer instructions, significant cash transactions, suspect transactions and international currency transfers.

Article 7 The securities regulatory agency under the State Council, the People's Bank of China and other financial regulatory authorities under the State Council should establish information sharing mechanism of supervision and administration over securities firms.

International financial institutions

other documents and information requested by the financial supervision and regulation department.

other documents and information requested by the financial supervision and regulation department.

Other amendments as specified by the financial supervision and regulation department.

It needs to rethink how to address financial stability in its day to day work with members. Financial sector analysis should become fully integrated into the IMF s surveillance activities.

It stated that the prevention of financial crises required enhanced early warning mechanisms, including improved and effective surveillance of national and international financial market developments.

16. The new challenges posed by the growth and liberalization of financial markets called for a parallel development of international financial institutions capable of acting as overseers and, if and when appropriate, as regulators of international flows.

International financial services

III. INTERNATIONAL FINANCIAL INSTITUTIONS 56 63 12

The Commission was established in March 2004, as an independent regulatory body that focuses on licensing, supervision of licensees, monitoring of financial services in general, reviewing existing financial services legislation and making recommendations for new legislation, as well as maintaining contact with appropriate foreign and international regulatory authorities.3

The GM is administered by the International Fund for Agricultural Development (IFAD), a specialized agency of the United Nations that was established as an international financial institution in 1977.

Other States have given their regulatory authorities the right to designate informal transfer systems as regulated funds transfer systems, or as financial services, in order to establish supervisory authority over them.

The design of counter cyclical financial regulation was seen as another possible way to compensate for the pro cyclical nature of private financial markets.

Some countries like the United Kingdom and Australia went so far as to unbundle these functions by assigning responsibility for financial stability to specialized agencies and extricating their central banks from financial supervisory issues altogether. In the aftermath of the global financial crisis, however, financial supervision and macroeconomic management have been forced to reunite.

The most typical example is the case of debt management by the international financial institutions.