Operational Procedures for FSAP, FSAP Updates, Follow-Up

Technical Assistance, and Relationship to Bank-Fund Operations [27]

Country

Cooperating official institution

Argentina

Central Bank of the Republic of Argentina

Australia

Reserve Bank of Australia

Australian Prudential Regulation Authority

Australian Securities and Investment Commission

Austria

Austrian National Bank Financial Market Authority

Belgium

National Bank of Belgium Banking and Finance Commission

Brazil

Central Bank of Brazil

Canada

Bank of Canada

Office of the Superintendent of Financial Institutions

Chile

Central Bank of Chile

Superintendency of Banks and Financial Institutions

Colombia

Bank of the Republic

Czech Republic

Czech National Bank

Denmark

Denmark National Bank

Danish Financial Supervisory Authority

Finland

Bank of Finland

Financial Supervision Authority

France

Bank of France Banking Commission

Germany

Deutsche Bundesbank

German Banking, Securities and Insurance Supervison Authority [BAFin]

Hong Kong (China)

Hong Kong Monetary Authority

Hungary

National Bank of Hungary

Hungarian Financial Supervisory Authority

India

Reserve Bank of India

Ireland

Central Bank of Ireland

Israel

Bank of Israel

Italy

Bank of Italy

Italian Securities Commission

Japan

Bank of Japan Financial Services Agency

Malaysia

Bank Negara Malaysia

Mexico

Bank of Mexico

Banking and Securities Commission

Morocco

Central Bank of Morocco

Netherlands

Bank of Netherlands

Securities Board of the Netherlands

Netherlands Pension and Insurance Supervisory Authority

New Zealand

Reserve Bank of New Zealand Securities Commission of New Zealand

Nigeria

Nigerian Deposit Insurance Corporation

Norway

Bank of Norway

Banking, Insurance and Securities Commission

Peru

Central Reserve Bank of Peru

Poland

National Bank of Poland

Table A.1. Institutions Cooperating in the FSAP

Table A.1. (continued)

Country

Cooperating official institution

Portugal

Bank of Portugal

Portuguese Securities Market Commission

Saudi Arabia

Saudi Arabian Monetary Agency

Singapore

Monetary Authority of Singapore

South Africa

South African Reserve Bank Financial Services Board

Spain

Bank of Spain

National Securities Commission

Sri Lanka

Central Bank of Sri Lanka

Sweden

Bank of Sweden

Financial Supervisory Authority

Switzerland

Swiss National Bank

Swiss Federal Banking Commission

Thailand

Bank of Thailand

Tunisia

Central Bank of Tunisia

Turkey

Central Bank of the Republic of Turkey

United Kingdom

Bank of England

Financial Services Authority

Financial Supervision Commission, Isle of Man

United States

Federal Reserve System

Office of the Comptroller of the Currency

Federal Deposit Insurance Corporation

ECB

European Central Bank Standard Setting Bodies

BCBS

Basel Committee on Banking Supervision

CPSS

Committee on Payment and Settlement Systems

IASB

International Accounting Standards Board

IAIS

International Association of Insurance Supervisors

IOSCO

International Organization of Securities Commissions Other Institutions

AfDB

African Development Bank

BIS

Bank for International Settlements

IADB

Inter-American Development Bank

COBAC

Banking Commission of Central African States (COBAC).

BEAC

Central Bank of Central African States (BEAC)

BCEAO

Central Bank of West African States (BCEAO)

Source: Documents for 2005 Board review of FSAP, available on the web sites of the IMF and the World Bank.

The principle of joint Bank-Fund missions in which the mission members work as a team remains integral to the program regardless of the type of assessment—assessments for the first time, reassessments, or FSAP updates—and regardless of whether it is Bank led or Fund led. However, for countries that are not Bank clients, the Fund will be solely responsible for both the leadership and output of the FSAP missions, whereas the Bank may provide staff members to cover specific areas of those missions’ work.

The FSAP Procedures Guide developed by the FSLC reflects the considerations men­tioned here. It is intended for use by Bank and Fund staff and other FSAP team members and also is of interest to countries participating in FSAP. The FSAP Procedures Guide covers the following:

• Country selection and scheduling process

• Selection of team leaders, formation of teams (including selection of experts from cooperating official institutions), and preparation of mission terms of reference (including its review, clearance, and distribution)

• Contacts with the authorities

• Preparatory work at headquarters

• Confidentiality protocol

• FSAP documentation and its preparation, review and clearance, transmission and distribution, and related publication policies

• Links to follow-up activities—TA, ongoing surveillance, and Article IV follow-up

Some key elements of those procedures are highlighted in the following paragraphs. Guidance on some of the follow-up activities—for example, TA, ongoing surveillance, and Article IV missions—are at various stages of development, and an overview of those activities is provided in this section.

FSAP is an international cooperative effort that involves a number of cooperating official institutions and all major standard setting bodies. The cooperating institutions provide experts to conduct the assessments (particularly assessment of observance of standards and codes) and the standard-setting bodies develop the methodologies for the assessments, in part drawing on the FSAP experience. Some standard setters also facilitate the expert selection process. The list of cooperating official institutions as of June 30, 2004, is shown in table A.1.

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