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This is an initial report of the International Organization of Securities Commissions (IOSCO) assessment performed in 2010 as part of the financial sector assessment program (FSAP) of China. The assessment was prepared on the basis of a self-assessment prepared by the China Securities Regulatory Commission (CSRC), public information contained on the CSRC website and the websites of other entities in China, and a review of relevant Chinese laws and regulations. The timely completion of this assessment was greatly facilitated by the cooperation provided by numerous members of the staff of the CSRC. The CSRC has broad regulatory authority over the stock and futures exchanges, the China Securities Depository and Clearing Corporation Limited (SD and C) and other clearing and settlement institutions, securities companies, futures companies, and collective investment scheme (CIS) operators. This paper is divided into two parts. The first part gives summary, key findings, and recommendations. It is further divided into following six parts: (i) introduction; (ii) information and methodology used for assessment; (iii) institutional and market structure- overview; (iv) preconditions for effective securities regulation; (v) key findings; and (vi) recommended action plan and authorities' response. The second part gives tabular detailed assessment.

External events have dominated economic developments for Indonesia over the past quarter. The outlook for global growth has weakened and the euro zone sovereign debt crisis has intensified. International risk aversion and market volatility have increased, although they remain well below levels seen in late 2008. Equity markets have fallen and emerging markets have seen capital outflows, putting downward pressure on their currencies. Indonesia's domestic economic performance has continued to be strong but, as in other countries in the region, its financial markets have not been immune from this turbulence. Indonesia's domestic drivers of growth, its solid fiscal position, accumulation of reserves, and strengthened financial sector performance make it relatively well-placed to deal with shocks arising from the above scenarios. This improved resilience to external shocks, and a strong policy response, was seen during the 2008- 09 crisis. The final piece looks at the core development challenge of how to make growth more inclusive, as well as higher, focusing on an analysis of the province of East java.

Kenya may be at a "tipping point," the theme of the third Kenya economic update which has a special focus on the transformative impact of information and communication technology (ICT) and mobile money. Over the last decade, ICT has outperformed all others sectors growing at an average of 20 percent per year. The benefits of ICT are starting to be felt in other sectors, and have contributed to the conditions for Kenya to reach this tipping point. Kenya has entered the new decade with renewed and stronger than expected growth. The passing of the new constitution, continued strong macroeconomic policies, and a favorable regional environment have created a new positive economic momentum. Kenya may again be positioned to experience high growth. Over the last three decades Kenya has experienced only two short episodes when economic growth exceeded five percent and was sustained for at least three consecutive years: 1986-88, and 2004-2007. Is Kenya again at the verge of experiencing another growth spurt? Will it last longer and go deeper than the previous two episodes?

Securities settlement systems should have a well-founded, clear and transparent legal basis in the relevant jurisdiction. The laws, regulations, rules and procedures governing the operations and activities of Thailand Securities Depositories (TSD) are public and accessible to participants. In particular, participants receive comprehensive documentation covering the rules, requirements, procedures and instructions of TSD. This documentation is available on request and is accessible on the TSD website. The public authorities' regulations are also available to the general public on the websites of the Ministry of Commerce (MoC), the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT). It is recommended to implement adequate legal measures that ensure the netting arrangement is legally protected even in the event of the insolvency of a participant.