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Introduction to the CSDC’s Participation in China's First FSAP

China launched its first Financial Sector Assessment Program (FSAP) in August 2009 so as to honour its solemn commitment made at the G20 Summit in November 2008. The program was concluded in April 2012. As the operator of China’s securities settlement system, China Securities Depository and Clearing Corporation (CSDC), participated in the FSAP assessment of securities settlement systems.I. Overview of FSAPDrawing from lessons of the Asian Financial Crisis in 1997, the International Monetary...
China launched its first Financial Sector Assessment Program (FSAP) in August 2009 so as to honour its solemn commitment made at the G20 Summit in November 2008. The program was concluded in April 2012. As the operator of China’s securities settlement system, China Securities Depository and Clearing Corporation (CSDC), participated in the FSAP assessment of securities settlement systems.I. Overview of FSAPDrawing from lessons of the Asian Financial Crisis in 1997, the International Monetary Fund (IMF) and the World Bank (WB) jointly developed the FSAP in May 1999 to help strengthen the assessment and monitoring of financial vulnerabilities in IMF members countries and regions, to reduce the possibility of financial crises and promote financial reform and development.FSAP involves the assessment of a country/region’s financial structure, the development of its financial industry, its financial sectors, and its financial supervision and infrastructure. The assessment of financial supervision mainly covers banking supervision, securities regulation, and insurance supervision. By comparing the supervisory practices of countries being assessed with the Basel Core Principles for Effective Banking Supervision issued by the Basel Committee on Banking Supervision, the Objectives and Principles of Securities Regulation issued by the International Organization of Securities Commissions (IOSCO), and the Insurance Core Principles and Methodology issued by the International Association of Insurance Supervisors, FSAP assesses the observance of international supervisory standards and codes item by item, evaluates the regulatory efficiency of the country/region concerned, identifies its risks and vulnerabilities, and proposes reform recommendations accordingly.After several years of development and improvement, FSAP has become an internationally accepted framework for assessing financial stability. So far, over 130 countries and regions have completed their... [Detail]
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