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Financial sector regualation: Issues and Gaps

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This paper addresses issues in financial sector regulation from two perspectives. First, it reports on the state of implementation of financial regulatory standards across banking, insurance, and securities sectors in a select group of Fund member countries. Second, it raises issues relating to the design of these three sector standards, arising from the implementation experience and the evolving structure of financial systems. In this regard, the paper identifies a few emerging regulatory risks and some cross-sectoral issues that may warrant further guidance by standard setters | INTERNATIONAL MONETARY FUND Financial Sector Regulation Issues and Gaps Prepared by Staff of the Monetary and Financial Systems Department Approved by Stefan Ingves August 4 2004 Contents Page Glossary.3 Executive Summary.4 I. Introduction and Background.6 II. Implementation of Regulatory Standards.9 A. Framework for Analysis.9 B. Implementation Overview.10 C. Cross-Sectoral Regulatory Weaknesses.14 D. Factors Explaining Implementation Weaknesses.18 III. Strengthening Regulatory Standards.23 A. Diversity of Financial Systems.23 B. Cross-Sectoral and Cross-Border Issues.26 C. Objectives and Design of Regulatory Standards.30 IV. Issues Going Forward.31 V. Issues For Discussion.35 References.36 Table Regulatory Standards Areas Posing Problems in Cross-Sector Implementation.23 Figures 1. Regulatory Standards Average Implementation by Main Components.12 2. Regulatory Standards Average Implementation by Country Type.13 3. Rule of Law and Implementation of Standards.21 Prepared by an MFD team of staff and experts led by David Marston and Udaibir S. Das - 2 - Boxes 1. Regulatory Standards.8 2. Financial Regulation and its Four Main Components.10 3. Preconditions and Linkages with Regulation.19 4. Regulatory Implications of Dollarization and Government Ownership.25 5. Regulatory Implications of Conglomeration and Internationalization.27 6. Cross-border Regulatory Cooperation.29 Appendices I. Income Level Financial Deepening and Standard Implementation.38 II. Regulatory Standards Main Gaps and Suggested Response.40 Appendix Tables 1. Correlations Income Level Financial Deepening and Sector s Implementation.39 2. Implementation by Regulatory Categories.39 - 3 - Glossary AML-CFT BCP BCBS FSAP FSSA FSF GDP IAS IAIS ICP IFRS IOSCO MOF MoU OFC ROSCs SROs Anti-money Laundering-Combating the Financing of Terrorism Basel Core Principles Basel Committee for Banking Supervision Financial Sector Assessment Program Financial System Stability Assessment Financial Stability Forum Gross .