Docstoc

Rol de las Instituciones Financieras

Document Sample
Rol de las Instituciones Financieras Powered By Docstoc
					Rol de las Instituciones en el
     Sistema Financiero

            Silvina Vatnick
  Centro para la Estabilidad Financiera

           Seminario CEMA

            16 de Octubre de 2003
• “The three important forces behind economic
  growth pointed out by modern economists –
  the extent of a country ´s openness to trade
  and its integration with the rest of the world,
  the success of the policy makers in
  implementing the measures necessary for
  macroeconomic stability, and the quality of its
  institutional infrastructure -, simply confirm
  much of what Adam Smith inferred from a far
  less impressive set of data many years ago”[1]
[1] “The Wealth of Nations Revisited”, Remarks by Alan Greenspan, Chairman
   Board of Governors of the Federal Reserve System, at the Banco de Mexico ´s
   Second International Conference: Macroeconomic Stability, Financial Markets
   and Economic Development, Mexico City, November 12, 2002
Instituciones Financieras - Definición

• Reglas
  – Políticas
  – Governance
• Enforcement
  – Leyes
  – Normativas
• Estructuras de Organización
  – Mercados
  – Sistema de Pagos
  – Mecanismos de Supervisión
                    Reglas

• Política Monetaria
  – Activa con Tipo de Cambio Flexible.

• Política Fiscal
  – Restricción Presupuestaria comprometida
    con el FMI.

• Governance
  – Desarrollo incipiente por falta de incentivos.
              Enforcement
• Mercado de capitales
  – Leyes 17.811 y 19.550
  – Decreto de transparencia 677/01
• AFJP
  – Ley 24.241
  – Normativas y Resoluciones
• Seguros
  – Leyes 20.091, 17.418 y 24.557
  – Normativas
• Bancos
  – Ley 25.526
  – Carta Orgánica del BCRA
            Enforcement


• En líneas generales el Marco Legal y
 Regulatorio en Argentina es adecuado...



• ...pero el Enforcement es muy débil.
                               Supervisión y Regulación

                                         Intermediarios
                                           Financieros
                                       - AFJP
              Fondos                   - Seguros




                                                                                  Fondos
                                       - FCI

                             Intermediación Financiera Indirecta




                                               Fondos
Prestamistas-Ahorristas                                             Prestatarios-Deudores
1. Familias                                                         1. Empresas
                                           Mercados
2. Empresas                               Financieros               2. Gobierno
                          Fondos                           Fondos
3. Gobierno                            - Bancos                     3. Familias
4. Agentes Extranjeros                 - Bolsas                     4. Agentes Extranjeros


                              Intermediación Financiera Directa
Aplicaciones de la riqueza financiera del
      sector privado en Argentina
En Millones de Dólares
                                  Junio de 2001                    Junio de 2002                Variación Junio 2001 /
Rubros                               Monto            % del           Monto           % del          Junio 2002
                               en millones de U$s     total      en millones de U$s   total               %

 Intermediación del Sistema
                                           98,328        52.1               35,126      25.7            -64.3
 Financiero
 Depósitos                                 59,248        31.4               19,240      14.1            -67.5
 Inversores institucionales                39,080        20.7               15,886      11.6            -59.3
 - AFJP                                    22,166        11.7               10,569       7.7            -52.3
 - FCI                                      8,155         4.3                1,064       0.8            -86.9
 - Cías de seguros                          8,759         4.6                4,253       3.1            -51.4

 Tenencias individuales de
                                           19,744        10.5                8,478        6.2           -57.1
 activos financieros
 Circulante                                10,903          5.8               4,065        3.0           -62.7
 Valores negociables                        8,842          4.7               4,413        3.2           -50.1
 . Acciones                                 2,488          1.3                 580        0.4           -76.7
 . Títulos públicos                         5,281          2.8               3,438        2.5           -34.9
 . ON                                       1,073          0.6                 396        0.3           -63.1

 Activos extranjeros                       70,627        37.4               92,847      68.0            31.5

 Total                                   188,699          100             136,450        100           -27.7
Fuentes: UEP en base a datos del BCRA, Dir. De Ctas
Intenacionales y Ctas Nacionales- MECON, CNV, SAFJP, SSN y Cámara de Fondos Comunes
             Asset Composition / Institutional Breakdown
            In Practice, Restructure Must Apply in the Context of the Wole Banking System
     150
Assets                                                                           22.8         1.9        133.6
($M)
    125
                                                                     45.3

    100


     75                                                   2.4
                                              23.5

     50                           20.5

                    17.2
     25


        0
                    National                 Of National Cooperative Of foreign Branches     Other        Total
                                 Regional    Capital                 Capital    of foreign   financial
                                                                                entities     entities
                         Public Banks
                                                           Private Banks
    Banco de la Nación Argentina                    Banco de Corrientes S.A., Banco de la Pcia. de Córdoba, Banco
    BICE                                            Mun. de Rosario, Banco de la Ciudad de Bs. As., Banco de la
                                                    Pcia. de Neuquen, Banco de la Pcia. de Tierra del Fuego, Banco
Note: All data corresponds to October 2001          de la Pampa, Banco del Chubut S.A., Nvo. Banco del Chaco
Source: BCRA; BCG Analysis                          S.A., Banco de la Pcia. de Bs. As., Banco Mun. de La Plata
   Evolución de las entidades aseguradoras
           según actividad principal


Cantidades por rubro

Actividad principal                          1990          1995        2002*
TOTAL                                         247           256          208
Retiro                                         24            37            25
Vida                                            6            45            59
Riesgos del Trabajo                                                        14
Patrimoniales (1) o Mixtas        (2)
                                                217           174         110

Fuente: CEF en base a    SSN

(1) Excluidas las de Riesgos del Trabajo Exclusivas
(2) Incluye las de: Vida y Patrimoniales, y Riesgos del Trabajo no exclusivas
* Al 31 de Mayo de 2002 - Fuente SSN
   Evolución de las AFJPs

• En el caso de las AFJPs:

  – Originalmente se establecieron 13
    empresas.



  – En la actualidad existen 12 empresas.
              Financial Conglomeration by Asset Size1


                                                          (In percentage)
                                                          1995                                           2000
Sample                               Asset Size (Billions of U$S)     Cong. (%)      Asset Size (Billions of U$S)   Cong. (%)
                                     Highest Lowest Average         Number Assets     Highest Low est Average Number Assets

Global List

    Top 500 Financial Institutions    590.3     8.8     299.6        41.8    72.1     1,281.4   11.1     646.3      59.6   80.1

    Top 250 Financial Institutions    590.3    31.3     310.8        69.2    80.7     1,281.4   34.1     657.7      72.2   83.6

    Top 100 Financial Institutions    590.3    90.5     340.4        85.0    86.8     1,281.4   116.5    699.0      89.0   91.7

    Top 50 Financial Institutions     590.3    169.1    379.7        88.0    89.4     1,281.4   257.5    769.5      92.0   94.2


Source: Worldscope
1
    Based on a sample of top 500 financial institutions ranked by total assets, in billions of U.S. Dollars
   Conglomerados Financieros
   La concentración del sistema se expandió a los
   diversos sectores de servicios financieros
                                            1995   2001   2002

Participación de las 10 principales
entidades bancarias sobre el total de       59.0   74.0   78.9
depósitos del sistema (en %)

Participación de las 5 principales AFJPS
sobre el total de inversiones               61.4   80.4   82.7
administrados en el sistema (en %)

Participación de los 10 principales
Fondos Comunes de Inversión sobre el         -     87.0   83.0
total de inversiones administradas (en %)
Los conglomerados públicos tuvieron
   una participación significativa


      Junio 2001                Inv. Ins. más bancos
  Privados     Públicos

78%




                                           Junio 2002
                          22%

                           74%




                                                        26%
  Apertura general de conglomerados

             Conglomerados por sectores - II y bancos -
      Junio 2001
Conglomera Nac. Público   Conglomera Nac. Privado
Conglo Extranjero

  64%
                                            Nac. Público
                                                           Junio 2002
                                          23%

                             13%           66%
                          Nac. Privado

                                                                         26%

                                                                    8%
  Estructura Actual del Sistema de Pagos
                Argentino

                           BANCO CENTRAL
                             Sistema MEP
                                (RTGS)
       Cámaras                               Cámaras Compensadoras
Compensadoras de Bajo                           de Alto Valor (Net
Valor (Net Settlement)                             Settlement)
 COELSA        ACH                           Iterbanking   Provincanje




                         ENTIDADES FINANCIERAS



          Personas               Empresas            Entidades
           Físicas                                 Financieras y
                                                    Cambiarias
                    Overview: Central Settlement System
                     Medio Electrónico de Pagos (MEP)
                         Market Type                                                       Operations
Owned and operated by the BCRA                                  Real time gross settlement system
Participating Institutions Include banks, low and high value    Participants execute transfers through current accounts held
automated clearing houses and the BCRA                          with BCRA
All banks are members, 90% are active users                     Originating bank is required to load the transaction in the
                                                                system and provide additional authorisation by another
Payment Instruments are primarily electronic transactions
                                                                individual
Cross Border transfers may be executed
                                                                Operational hours are 9am to 8pm
Daily Average of 4,000 transactions
                                                                •Peak hour between 3-4pm when 28% of total value settle
•Commercial Banks transactions represented 43% of total
                                                                Capacity us ∼4,000 transactions per day but upgrade in beta
value, 98% of total number
                                                                test
                                                                BCRA does not charge for MEP services


                             Risk                                                          Regulation

Credit is not granted – participants must have sufficient
                                                                Central Bank owns and operates MEP
liquidity for transactions to be authorized. Banks hold
guarantee accounts at MEP
                                                                Superintendencia de Entidades Financieras y Cambiarias
Contingency plans are in place to deal with communication or
computer malfunction                                            (SEFyC) supervises through onsite inspections

•Transactions sent through alternative network and netted on
                                                                Basis for participation is qualification as a bank
an hourly basis

System is dependent on communication links that do not          •Banks regulated by BCRA
currently enable encryption and authentication



Source: Report by Center for Latin America Monetary Studies August 2000, BCRA and the Boston Consulting Group
                 Overview: Low Value Clearing Houses,
                           COELSA and ACH
                           Market Type                                                       Operations
Two private clearing houses authorized in 1997 by BCRA to       Net settlement system
process electronically low value payments
                                                                Next day settlement
•ACH ( Used mostly by private and provincial banks)
                                                                •Operating hours are 9am - 9pm
•COELSA (Used mostly by foreign banks and BNA)
                                                                Cheque truncation for cheques up to U$S 1,000 (75% of all
Participants in the system are banks
                                                                cheques)
•ACH, 39 banks mainly from outside Buenos Aires
                                                                •High value cheque also truncated but transmission is
•COLESA, 70 banks mainly located in Buenos Aires                required
Types of instruments transacted include cheques, letters of     Both clearing houses charge member are fixed monthly fee
credit, certificated of deposit, bank orders, postal & bank
                                                                and a fee per transaction
giros &transfers
•Cheques are most common instrument                             COELSA and ACH interconnected using international
                                                                standards
       - 12 million cheques a month processed

                              Risk                                                           Regulation
•Average of 5 highest debit balances of last 3 months –         Central bank regulates the low value clearing houses
guarantee account in the MEP
                                                                •Sets liquidity requirements

Participation is open to all banks                              •Monitors compliance


Guarantee fund set-up to cover circumstances when a bank is
unable to settle                                                Participation is open to all banks
•Collateral pledged by all individual members                   •By virtue of complying with banking requirements each bank
•U$S 1.5 million in fund                                        is a qualified participant




Source: Report by Center for Latin America Monetary Studies August 2000, BCRA and the Boston Consulting Group
                   Overview: High Value Clearing Houses,
                    INTERBANKING and PROVINCANJE
                          Market Type                                                        Operations
Interbanking is a private sector high value clearing house         Multilateral net settlement service to banks
•Participants are banks
•Owned by 12 of its 40 member banks                                Same day settlement
•As much as 90% of interbanking ´s total activity comes
from its banking members´ 3,600 clients using cash
management services                                                Electronic fund transfer services to private companies for
•Processes 22,000 transactions each day                            inter-company payments

•Intra day positions can by as high as Pesos 40 million for a
single participant
                                                                   No prioritization or queuing mechanism
•Average net amount settled by the systems Pesos 1,000
million
Provincanje is effectively a regional correspondent payment        Real time information on remittance information
service facilitating cheques transfers

                              Risk                                                           Regulation
                                                                   Central bank regulates low value clearing houses
Bilateral credit limits set by each participant for each counter
                                                                   •Sets liquidity requirements
party
                                                                   •Monitors compliance
Credit exposures also limited by a network which caps a            No member rules other than requirement to make liquidity
participants intra-day credit to 5% of th e sum of bilaterals      guarantees

creditd recived                                                    In the event of a participant default loss is shred amongst
                                                                   other participants
Guarantee deposit required to be placed with interbanking          •Assessed pro rata based on the size of the bilateral credit
                                                                   limits extended to the party in default
Interbanking monitors participants´ debt position and is able      •Irrespective of which participants were counterparties to the
to administer the debit cap control in real-time                   default party


Source: Report by Center for Latin America Monetary Studies August 2000, BCRA and the Boston Consulting Group
               Overview: Capital Market Clearing Houses,
                   MERVAL and MAE / ARGENCLEAR
                           Market Type                                                             Operations
Merval                                                                  Merval
•Maintains and operates the principal clearance and                     •Multilateral net settlement service with central counterparty
settlement system for equity and debt transactions at Merval
                                                                        •Simultaneous net settlement of both securities and funds
•Direct participants are brokers and brokerage firms                    transfer instructions
•Other, indirect, participants rely on the a direct participant         •Settlement may occur once or at several times during the
for execution of a trade but are able to settle the transaction         day
themselves
                                                                        •Normal settlement cycle is s days after trade date (T+3)
MAE / Argenclear
                                                                        •Currently operating at T+0 (for a 4 month period)
•Maintains and operates the clearance and settlement
                                                                        MAE / Argenclear
systems for non-Merval based debt transactions
                                                                        •Multilateral net settlement service
•Direct participants are banks


                              Risk                                                                 Regulation
Merval guarantees DVP settlement – counterparty all
transactions                                                            Securities Commission is the federal securities market
•Guarantee is large enough given current transaction volume
                                                                        regulator and is responsible for the supervision of trading of
•However, there are some potential risks
   - Failure of the Banco de Valores may break DVP                      govermment securities
   - Guarantee fund growth related to profits; not risk /
volumes                                                                 Merval and MAE / Argenclear are self-regulatory under the
   - No relationship between volume and risk at broker level            Ley de Oferta Pública
for cash transactions (collateral not related to operation cost)
   - High potential of systemic risk due to iliquidity of most
collateral for `pases´ and `caucinoes´                                  All Merval participants must maintain a securities settlement
MAE / Argenclear does not guarantee settlement                          account at the Caja de Valores and cash settlement account
•Credit risk managed at participant level
                                                                        with one of thirty authorized banks
•Transaction may be unwound

Source: Payments and Securities Clearance and Settlement System in Argentina - August 2000, BCRA and BCG interviews / analysis
       Estructura de Supervisión de
     Servicios Financieros en Argentina

    Poder Legislativo                Poder Ejecutivo




  Banco         Ministerio de   Ministerio      Ministerio
                 Economía       de Trabajo
  Central                                       de Salud




SEF y C        SSN        CNV     SAFJP                SSS
Alternativas de organización de la Supervisión de Servicios Financieros

                                                         Reino Unido, Japón,
                                         Total           Suecia, Dinamarca,
                                   Bancos, seguros,
                                                         Noruega, Corea,
                                     pensiones y         Taiwán, Islandia,
                    Fuera del          valores           Alemania (proyecto)
                      BC
                                       Parcial           Australia, Bélgica,
                                   Bancos, seguros,      Finlandia, Canadá,
                                     pensiones y         Suiza , México, Chile
   Consolidada                       valores, etc.


                                         Total
                                   Bancos, seguros,
                                                         Austria, Singapur
                                     pensiones y
                                       valores
                    Dentro del
                       BC
                                       Parcial
                                   Bancos, seguros,      Irlanda, Luxemburgo,
                                     pensiones y         Uruguay
                                     valores, etc.



                                   Memorando de
                                   entendimiento

                                   Acuerdo anti-crisis   Estados Unidos,
                    Coordinada                           Francia, España,
                                                         Países Bajos, Nueva
                                   Directorios           Zelanda
                                   Cruzados
   Segmentada
                                   Comité de
                                   Coordinación


                   No Coordinada                         ARGENTINA, Hong
                                                         Kong, Italia, Polonia
 Recent Developments in the Financial Sector
     and the Structure of Regulation and
                Supervision


             Securities           Financial
               firms            Conglomerates
                               (with banking, insurance,
  Banks                           securities and other
              Insurance             intermediaries)
              companies




             Securities              Unified
             supervisor            Supervisory
  Bank                              Agencies
supervisor                           (for banking,
             Insurance           securities, insurance
             supervisor        and other intermediaries)
                                           Key Standards for Sound Financial Systems
                         Subject Area Standard                                                                      Issuing Body
                         Macroeconomic Policy and Data Transparency
                         Monetary and Code of Good Practices on Transparency in Monetary                            IMF
                         financial policy and Financial Policies
                         transparency
                         Fiscal policy    Code of Good Practices in Fiscal Transparency                             IMF
                         transparency
                         Data             Special Data Dissemination Standard / General Data                        IMF
                         dissemination Dissemination System1
                         Institutional and Market Infrastructure
                                          2
                         Insolvency                                                                                 World Bank
                         Corporate        Principles of Corporate Governance                                        OECD
                         governance
                         Accounting       International Accounting Standards (IAS)3                                 IASB4
                         Auditing         International Standards on Auditing (ISA)                                 IFAC4
                         Payment and Core Principles for Systemically Important Payment                             CPSS
                         settlement       Systems Recommendations for Securities
                                          Settlement Systems                                                        CPSS/IOSCO
                         Market integrity The Forty Recommendations of the Financial Action                         FATF
                                          Task Force / 8 Special Recommendations Against
                                          Terrorist Financing
                         Financial Regulation and Supervision
                         Banking          Core Principles for Effective Banking Supervision                         BCBS
                         supervision
                         Securities       Objectives and Principles of Securities Regulation                        IOSCO
                         regulation
                         Insurance        Insurance Core Principles                                                 IAIS
                         supervision
1.   Economies with access to international capital markets are encouraged to subscribe to the more stringent SDDS and all other economies are encouraged to adopt the
     GDDS.
2.   The World Bank is co-ordinating a broad-based effort to develop a set of principles and guidelines on insolvency regimes. The United Nations Commission on
     International Trade Law (UNCITRAL), which adopted the Model Law on Cross-Border Insolvency in 1997, will help facilitate implementation.
3.   Relevant IAS are currently being reviewed by the IAIS and IOSCO.
4.   The International Accounting Standards Board (IASB) and the International Federation of Accountants (IFAC) are distinct from other standard-setting bodies in that
     they are private sector bodies.
Compliance with the Basel Core Principles for Effective Banking
Supervision

                        Assessment
    Core Principle   C LC MNC NC NA5                  Comments
                     1   2   3     4

1. Objectives,
autonomy, and
resources
powers
1.1 Objectives       X
                                       The legal framework does not ensure
1.2
                         X             total political independence to the
Independence
                                       BCRA in its supervisory decisions
1.3 Legal
                     X
framework
1.4
Enforcement          X
powers
                                       There is no legal protection for BCRA
                                       members of the Board of Director and
1.5 Legal
                             X         for supervisors against judicial
Protection
                                       demands on bonafide actions taken
                                       wile in the exercise of their duties
                                       The legislation does not make explicit
                                       the criteria based on which the SEFC
                                       can communicate information to third
                                       parties. Also, Argentine banks have
1.6 Information                        branches and subsidiaries located in
                         X
Sharing                                countries with which no formal
                                       agreement have been established so
                                       far, and no formal agreement has been
                                       established between the SEFC and de
                                       CNV
                                       The law does not provide a clear
                                       definition of bank but rather a list of
                                       activities that could be performed by
2 Permissible                          both bank and no bank companies;
                         X
activities                             furthermore, the regulation permits a
                                       type of “second degree bank” that is
                                       not allowed to rise deposit from the
                                       public




1
    C: Compliant
2
    LC: Largely compliant
3
    MNC: Materially noncompliant
4
    NC: Noncompliant
5
    NA: Not Applicable
Compliance with the Basel Core Principles for Effective Banking
Supervision

                        Assessment
    Core Principle   C LC MNC NC NA5                  Comments
                     1   2   3     4

3. Licensing
                     X
Criteria
4. Ownership         X
5. Investment
                     X
Criteria
                                       Although the level of the minimum
                                       requirement are higher than those
                                       established in the Basel Accord, the
6. Capital
                     X                 risks weights for state and public-owed
Adequacy
                                       banks and companies reflect some
                                       differences with those of private
                                       entities
7. Credit
                     X
Policies
8. Loan
                     X
Evaluation
9. Large
Exposure             X
Limits
10. Connected
                     X
Lending
                                       Although domestics banks are not
11. Country                            permitted to lend to nonresident
                                   X
Risk                                   parities, their activity through overseas
                                       subsidiaries could create country risk.
                                       The overall efficiency of measuring
                                       market risk requirement can be
12. Market Risk                        affected by accounting rules which
                         X
                                       allow bank to shift freely from trading
                                       account to investment portfolio account
                                       and vice versa.
                                       The potential risk on U.S. dollar
                                       positions, due to borrowers´ possible
                                       credit difficulties, should be addressed
13. Other Risks          X             by the SEFC. A statement on
                                       management policies and procedures
                                       should be included in the annual
                                       financial statements.


1
    C: Compliant
2
    LC: Largely compliant
3
    MNC: Materially noncompliant
4
    NC: Noncompliant
5
    NA: Not Applicable
Compliance with the Basel Core Principles for Effective Banking
Supervision

                       Assessment
Core Principle      C LC MNC NC NA5                   Comments
                    1   2    3     4

14.
International
                    X
Control and
Audit
                                       The degree of awareness of the bank
                                       industry towards money laundering
15. Money
                    X                  appears still inadequate. However a
Laundering
                                       clear tendency towards improvement
                                       was noted
16. On-site and
Off-site            X
Supervision
17. Contract
with bank           X
management
18. Off-site
                    X
Supervision
19. Valuation
                    X
of Information
20.
Consolidated        X
Supervision
21. Accounting
                    X
Standards
22. remedial
                    X
Measures
23. Global
Consolidated        X
Supervision
                                       Need to strengthen relationship with
24. Host                               host supervisors in Uruguay and
Country                 X              Paraguay (no MoU with this two
supervision                            countries) or limit activities by
                                       domestic banks in this countries.
25. Sup /
foreign             X
establishments


1
    C: Compliant
2
    LC: Largely compliant
3
    MNC: Materially noncompliant
4
    NC: Noncompliant
5
    NA: Not Applicable
Observance of IAIS Insurance Supervisory Principles

                             Assessment
Principle                                             Comments and Corrective Actions
                         O1 BO2 PO3 NO4 NA5
                                              Financial independence; staff immunity;
1. Organization                      X
                                              appointment of head.
                                              License application review should include filing of
2. Licensing                     X            a business plan with projections and a capital
                                              plan.
3. Changes in                                 Criteria of review should be clearly specified.
                             X
Control
                                              Existing legislation does not impose
4. Corporate
                                     X        responsibilities upon Directors. Changes to
Governance
                                              general commercial law required.
                                              Not in legislation. The SSN resolution asks
5. Internal Controls             X
                                              external auditors to report on internal controls.
6. Prudential-                                Over-valuation of amounts receivable from
                                 X
Assets                                        INDER.
7. Prudential-                                Establish system to monitor the run-off of
                                     X
Liabilities                                   provisions for outstanding claims.
8. Capital                                    Insufficiency of provisions for outstanding claims;
Adequacy and                 X                accounting for investment in downstream
Solvency                                      subsidiaries.
9. Derivatives and                            No derivatives at present. Existing rules exclude
of Balance Sheet                         X    any such asset from the test of coverage of
Items                                         liabilities.
                                              Assess reinsurance companies using
10. Reinsurance              X
                                              international rating agencies.
                                              New legislation will include greater specification
11. Market                                    of information to be supplied to consumer; at
                                 X
Conduct                                       present there are alternate dispute mechanisms
                                              in place.
                                              The SSN should establish internal information
12. Financial
                             X                system that permits sharing of information
Reporting
                                              between departments.
13. On site                                   Develop risk-based approach; focus on
Inspection-Access                X            prospects for the company.
to Information
                                              New legislation to argument powers; establish
14. Sanctions                    X
                                              regulatory ladder.
15. Cross Border
Business                     X
Operations
                                              Review MERCOSUR arrangements and clarify
16. Cooperation                  X
                                              confidentiality restrictions in existing legislation.
17. Confidentiality      X




1
  O: Observed
2
  BO: Broadly observed
3
  PO: Partly observed
4
  NO: Nonobserved
5
  NA: Not Applicable
    El sistema financiero no puede funcionar
adecuadamente y potenciar el impacto sobre el
crecimiento económico con instituciones débiles

Objetivo a Mediano Plazo:

• Converger hacia los Estándares y Códigos
  Internacionales en materia financiera
• Promover incentivos para fortalecer el
  “enforcement”
• Capacitar a autoridades y participantes del
  mercado (empresarios, intermediarios
  financieros, hacedores de política,
  legisladores, etc.)

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:20
posted:10/29/2011
language:Spanish
pages:29