Credit ratings have contributed to the current financial crisis. Proposals to regulate credit rating agencies focus on micro-prudential issues and aim at reducing conflicts of interest and increasing transparency and competition. In contrast, this paper argues that macro-prudential regulation is...

This note reviews outgoing U.S. consolidated regulatory and supervisory arrangements and explores options to strengthen them. Although U.S. consolidated regulation and supervision span from the smallest financial groups to the largest and most complex, much effort is focused on the latter. This...

The paper provides an overview of the profound and rapid changes in banking brought about by technology and deregulation, and discusses the hurdles that will have to be negotiated for putting in place the three pillars-capital adequacy rules, supervision, and market discipline-of the bank...

This paper presents an assessment of Financial Sector Supervision and Regulation for Bermuda. The Bermudian authorities have made impressive progress in developing and implementing a risk-focused approach to supervision across the range of their sectoral supervisory responsibilities. Full...

This paper reviews of Sector Regulation and Supervision for Seychelles. Regulation and supervision of the banking sector and foreign exchange bureaus in Seychelles is carried out by the Bank Supervision Division of the Central Bank. Supervision of the credit union and the insurance companies is...

This paper highlights key finding of the assessment of financial sector regulation and supervision in Belize. The assessment reveals that banking supervision in Belize complies with or is largely compliant with most of the Basel Core Principles. Under current arrangements, the Minister retains a...

This review of financial sector regulation and supervision in the Kingdom of the Netherlands—Netherlands Antilles explains banking, insurance, and pension fund supervision. The Netherlands Antilles is resolved to remove the perception created by placement of the jurisdiction in the weakest...

Anguilla is in the process of strengthening its legal and supervisory framework, which includes the creation of an operationally independent regulatory body, the Financial Services Commission. Priority should be given to improving the system for suspicious transaction reports, enhancing the...

The financial regulatory and supervisory system of the Isle of Man complies well with the assessed international standards. Volume I of this report provides an overview and summary findings. Volume II provides the detailed findings of the assessments of compliance with the Basel Core Principles...

The financial services sector plays a dominant role in the economy of Guernsey. The report is organized in two volumes. Volume I provides the findings and the Reports on the Observance of Standards and Codes (ROSCs). Volume II provides the detailed assessments of the Basel Core Principles for...