Luxembourg Financial Sector Assessment Program
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Luxembourg Financial Sector Assessment Program
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2017-08-28
Luxembourg Financial Sector Assessment Program written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-08-28 with Business & Economics categories.
This technical note (TN) sets out the findings and recommendations made in the 2017 Financial Sector Assessment Program (FSAP) Update for Luxembourg in a few selected areas of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT). It summarizes the findings of a targeted review of Luxembourg's progress in addressing vulnerabilities in its AML/CFT framework that have been identified by staff as being most significant in context, namely those with respect to tax crimes as predicate offenses to money laundering (ML), access to adequate beneficial ownership information of legal persons and arrangements, AML/CFT supervision of banks, trust and company services providers (TCSPs), and lawyers, and the detection and exchange of financial intelligence. The TN also provides a factual update on the key measures taken by the authorities since Luxembourg's 2011 FSAP. This is not an evaluation or assessment of Luxembourg's AML/CFT system. Luxembourg is scheduled to undergo an assessment against the prevailing standard—the Financial Action Task Force (FATF) 2012 40 Recommendations––in 2020
Luxembourg
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2017-08-28
Luxembourg written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-08-28 with Business & Economics categories.
This Technical Note reviews the stability of Luxembourg’s financial system. The financial soundness indicators for Luxembourg’s financial system, which plays a key role in the intermediation of financial capital, have remained relatively robust in recent years. Household stress test results suggest that households’ solvency would be significantly affected by a drop in income and housing prices and a rise in unemployment. Bank liquidity displays broad resilience, but would be weakened should wholesale funding dry up or funding stress emerge in foreign currencies. Banks were found to be less vulnerable to direct contagion risk through bilateral exposure; however, most banks have considerable cross-border exposure.
Luxembourg
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2017-08-28
Luxembourg written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-08-28 with Business & Economics categories.
This Technical Note discusses the findings and recommendations made in the 2017 Financial Sector Assessment Program for Luxembourg in areas of macroprudential framework and policies. Luxembourg has a large financial system that contributes a significant share of GDP and is globally interconnected. The institutional arrangement is broadly appropriate for effective macroprudential policy, but some areas should be strengthened. The monitoring and analysis of systemic risks by the Banque Centrale du Luxembourg is appropriate and performed on a timely basis. The authorities are encouraged to continue to increase efforts to monitor risks related to the investment fund industry.
Luxembourg
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2017-08-28
Luxembourg written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-08-28 with Business & Economics categories.
This Technical Note examines aspects of the banking supervision regime in Luxembourg. Significant progress has been made in relation to the recommendations made in the 2011 Financial Sector Assessment Program. The Finance Ministry is no longer responsible for the granting or revocation of banking licenses, the Commission for the Supervision of the Financial Sector (CSSF) is no longer charged with promoting industry, resources have increased substantially, and there has been a significant increase in the implementation of sanctioning powers. There still exists potential for government or industry interference in the operational independence of the CSSF. The frequency of on-site inspections of Luxembourg subsidiaries of significant institutions is also on the low side.
Luxembourg
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2017-08-28
Luxembourg written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-08-28 with Business & Economics categories.
This Technical Note discusses the findings and recommendations made in the 2017 Financial Sector Assessment Program for Luxembourg in areas of regulation, supervision, and systemic risk monitoring of fund management. Certain structural elements of the Luxembourg fund management industry, particularly the extensive use of delegation and concentration of fund directorships, merit increased supervisory analysis and attention beyond the current activities. The Luxembourg framework for liquidity management tools compares favorably with its peers at both the EU and international level. Information on leverage of funds is of potential relevance from a systemic risk perspective. The Luxembourg authorities have also been actively monitoring and contributing to discussions on the EU money market funds regulation.
Luxembourg Financial Sector Assessment Program
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2017-08-28
Luxembourg Financial Sector Assessment Program written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-08-28 with Business & Economics categories.
This report assesses the risk management practices of Clearstream Banking Luxembourg (CBL) based on the Committee on Payment and Settlement Systems–International Organization of Securities Commissions (CPSS-IOSCO) Principles for Financial Market Infrastructures. The findings reveal that a range of principles are in broad observance. A key priority is to reduce CBL dependence on commercial banks in its daily operations. There is significant dependence on a limited number of depository and cash correspondent banks, in particular for the US and UK markets. This dependence could be actively mitigated through an increase in the number of contracted banks or, where possible, the establishment of direct links with local central securities depositories and central banks.
Luxembourg Financial Sector Assessment Program
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2017-08-28
Luxembourg Financial Sector Assessment Program written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-08-28 with Business & Economics categories.
This Technical Note analyzes the bank failure mitigation and resolution regime, as well as arrangements for managing a financial crisis, in Luxembourg. The landscape for managing problem banks in Luxembourg has changed fundamentally in recent years. As part of the euro area, Luxembourg is now part of a banking union in which the European Central Bank (ECB) has exclusive authority to directly supervise significant institutions and the Commission for the Supervision of the Financial Sector (CSSF), under the oversight of the ECB, directly supervises less significant institutions. It is recommended that the CSSF increase staffing for resolution and pay attention to potential conflicts of interest in the decision-making process related to supervisory and deposit insurance functions.
Use Of Supervisory Standards In The Financial Sector Assessment Program Understandings With Standard Setting Bodies
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-20
Use Of Supervisory Standards In The Financial Sector Assessment Program Understandings With Standard Setting Bodies written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-20 with Business & Economics categories.
This paper informs the Executive Board of the staff-level understandings reached with global Standard Setting Bodies (SSBs) on the use of the three financial sector supervisory standards in FSAPs: the Basel Committee’s Core Principles for Effective Banking Supervision (BCP), set by the Basel Committee on Banking Supervision (BCBS); the Insurance Core Principles (ICP), set by the International Association of Insurance Supervisors (IAIS); and the Objectives and Principles of Securities Regulation (Principles), set by the International Organization of Securities Commissions (IOSCO). As graded assessments of compliance with supervisory standards are voluntary, FSAPs have adopted a flexible approach to the use of supervisory standards. A standard is either assessed in full, resulting in grades, or used as the basis for a deeper analysis of selected elements of the oversight framework in a focused review, without grades. The SSBs and Fund staff have reached understandings on a refinement of the existing flexible approach, with sets of “base principles” serving as the starting points for focused reviews.
France
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2019-10-28
France written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-10-28 with Business & Economics categories.
This technical note on macroprudential policy framework and tools on France highlights that the institutional arrangements provide adequate powers to ensure Haut conseil de stabilité financière’s (HCSF) ability to act; however, some tools remain outside its legal domain. The report also discusses that The HCSF should evaluate effects of tools introduced to mitigate risks from corporate leverage. The HCSF should continue to monitor vulnerabilities in the corporate sector and once enough data is available, evaluate the impact on the tools introduced on: resilience of the financial system; and corporate borrowing behavior. A sectoral systemic risk buffer, calibrated to corporate exposures, could be considered if vulnerabilities intensify. A fiscal measure that incentivizes corporates to finance through equity rather than debt would affect both bank and market-based finance. Such a measure would have an impact on the demand for credit, rather than its supply. The macroprudential policy toolkit should be strengthened further.
Review Of The Financial Sector Assessment Program Further Adaptation To The Post Crisis Era Background Studies
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2014-08-18
Review Of The Financial Sector Assessment Program Further Adaptation To The Post Crisis Era Background Studies written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-08-18 with Business & Economics categories.
The past five years have seen an expansion of the scope of FSAPs to assess countries' macroprudential policy (MaPP) frameworks. This note documents this increase and offers some suggestions on how the treatment of MaPP issues in FSAPs can be further strengthened and better integrated into the overall financial stability assessment.