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Around the world, financial sector supervisors are experiencing a profound shift to data-driven supervision enabled by the next wave of technology and data solutions. While technology and data are not new to financial oversight, their specific application to financial consumer protection and market conduct supervision has become more widespread and sophisticated in recent years. Expanding on the World Bank’s 2018 note on supervisory technology, or suptech, this technical note catalogues a range of specific solutions that financial authorities are deploying to help increase the efficiency and effectiveness of market conduct supervision. The note identifies four categories of suptech solutions (regulatory reporting, collection and processing of complaints data, non-traditional market monitoring, document and business analysis) and provides concrete examples of 18 different suptech solutions for market conduct supervision, drawing from the experiences of 14 financial sector authorities worldwide. The note also discusses implementation considerations and enablers of successful suptech adoption commonly experienced across countries.

The Wirecard scandal is a wake-up call alerting German politics to the importance of securities market integrity. The role of market supervision is to ensure the smooth functioning of capital markets and their integrity, creating trust among and acceptance by investors locally and globally. The existing patchwork of national supervisory practice in Europe is under discussion today, in the wake of Brexit that will end the role of London as a de-facto lead supervisor in stock and bond markets. A fundamental overhaul of a fragmented securities markets supervisory regime in Europe would offer the potential to lead to the establishment of an independent European Single Market Supervisor (ESMS). Endowed with strong enforcement powers, and supported by the existing national agencies, the ESMS would be entrusted with ensuring a uniform market standard as to transparency and other issues of market integrity across Europe. This would not rule out maintaining a variety of market organization structures at the national level. The ESMS would need executive powers in the world of markets (i.e. securities and trading), much like the SSM in the world of banking. To fill this new role, ESMS would have to be established as a new, independent institution, including an enormously scaled up staff if compared, e.g., to ESMA.

Останнім часом росте усвідомлення необхідності ретельнішого вивчення впливу торгівлі на сталий розвиток країн. Здійснюються спроби розгляду економічних і соціальних наслідків дерегуляції економічної діяльності, проте екологічний компонент цього аналізу практично відсутній. Експерти розрізняють наступні ефекти, які потребують додаткової оцінки: ефекти масштабу виробничої діяльності (торгівля може стимулювати виробничу діяльність, яка може призводити до серйозного погіршення стану довкілля); структурні ефекти (галузева структура економіки може бути більш або менш екологічно сприятливою); ефекти продукції (спрощений або ускладнений трансфер небезпечних для споживачів та екологічно шкідливих); ефекти технології (сприяння інвестиціям з використанням нових технологій); інституціональні ефекти (торгове законодавство встановлює цілий ряд різних зобов’язань щодо заходів з охорони довкілля).

Reports on the Observance of Standards and Codes (ROSC) Accounting and Auditing (AA) assess accounting and auditing practices in participating countries. They form part of a joint initiative that is implemented by the World Bank and the International Monetary Fund to review the quality of implementation of twelve internationally recognized core standards (the ROSC Program). These standards and their related codes are relevant to economic stability, and private and financial sector development. The program was developed at the end of the 1990s, in the wake of financial crises that affected many countries in several regions of the world. In the case of the ROSC AA for Poland, the international standards used as benchmarks are (i) relevant portions of European Union legislation (also called the acquis communautaire), (ii) International Financial Reporting Standards (IFRS), (iii) clarified International Standards on Auditing (ISA), (iv) the International Federation of Accounts (IFAC) Code of Ethics, and (v) other international good practice in the field of accounting and auditing regulation. This is the third ROSC AA for Poland. The first two were conducted in 2002 and 2005. This report updates the findings of the 2005 report, and assesses the extent to which prior recommendations have been implemented. Since its inception in the early 2000s, the ROSC AA program has concluded evaluations in more than one hundred countries around the world. ROSC AA reports have been produced for all countries of the Europe and Central Asia region, except the Russian Federation. This ROSC AA serves three main objectives: (i) to support Poland’s development strategy, particularly regarding the enhancement of economic competitiveness, (ii) to assess progress achieved under the Financial Reporting Technical Assistance Program (FRTAP), and (iii) to update the findings of the 2005 ROSC AA. The FRTAP is a Swiss-funded program aimed at strengthening accounting and auditing practices in Poland through the implementation of high quality standards in these areas.

This paper addresses the strength of the incentives from both supervisors and market players to use authorized capital application as a risk management tool. The study compares the motivational factors for the financial market in transition and market supervisors. It analyses the interaction between motivation and the application of authorized capital as a risk management tool. We challenge the hypothesis that there is a weak statistical relationship between goodwill rates and the existence of authorized capital instruments for quoted companies, and a weak statistical relationship between bank allowance and authorized capital instruments. Through the application of logit procedures to companies quoted on the Warsaw Stock Exchange, we reach findings based on 386 listed and domiciled entities in Poland, as quoted on 30 December 2011. We conclude that a semi-effective market suffers from efficiency in the adoption of authorized capital as a risk management tool. We indicate that market forces are overridden by supervisory requirements; thus, the promotion of effective risk management tools is positively associated with regulator and supervisory activities. Niniejszy artykuł odnosi się do siły oddziaływania zarówno organów nadzoru, jak i samych uczestników rynku na wykorzystywanie kapitału docelowego jako narzędzia zarządzania ryzykiem. Zostały w nim zestawione czynniki istotne na rynku finansowym w okresie transformacji. W artykule analizie poddano interakcje między tymi czynnikami a stosowaniem kapitału docelowego jako narzędzia zarządzania ryzykiem. Stawiamy hipotezy, że istnieje słaba zależność statystyczna między wartością goodwillu a występowaniem kapitału docelowego w spółkach publicznych oraz słaba statystyczna zależność między statusem podmiotu jako przedsiębiorstwa bankowego a występowaniem w nim kapitału docelowego. Zastosowanie procedur logitowych do danych dotyczących spółek notowanych na Giełdzie Papierów Wartościowych w Warszawie, pozwoliło sformułować wnioski odnoszące się do wszystkich 386 podmiotów domicylowanych Polsce, notowanych 30 grudnia 2011 r. Stwierdziliśmy, że częściowo efektywny rynek nie wymusza skutecznie zastosowania mechanizmu kapitału docelowego jako narzędzia zarządzania ryzykiem. Wskazujemy, że siły rynkowe są zastępowane wymogami nadzorczymi; dlatego rozwój skutecznych narzędzi zarządzania ryzykiem jest związany z aktywnością regulatora i nadzorcy rynku finansowego. The project implemented with Narodowy Bank Polski under the Economic Education Programme.

The Securities Settlement Systems (SSS) in the People's Republic of China (PRC) are organized around three different types of markets, which are the bond market, the corporate securities market, and the futures market. The China Government Depositary and Clearing Corporation Limited (CCDC) is the SSS as well as the central securities depository (CSD) for bonds. The China Securities Depository and Clearing Corporation Limited (SD and C) is the central counterparty (CCP), SSS, as well as the CSD for all instruments traded on the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE). The four futures exchanges have their own clearing and settlement departments, which offer the function of a CCP. The CCDC, SD and C, and Shanghai Futures Exchange (SHFE), Dalian Commodities Exchange (DCE), and Zhengzhou Commodities Exchange (ZCE) operate important securities and derivatives settlement systems both, due to the large volume and value of transactions and the fact that they support key financial sector markets (interbank bond market, stock exchanges and futures). The assessment of the bonds market-CCDC system against the Recommendations for Securities Settlement Systems (RSSS) concludes that the system observes (observed or broadly observed) thirteen of the 19 recommendations, being one not applicable. The assessment of the stock exchanges-SD and C system against the RSSS concludes that the system observes (observed or broadly observed) seventeen of the 19 recommendations. The assessment of the commodities futures markets-SHFE system against the Recommendations for Central Counterparties (RCCP) concludes that the system observes (observed or broadly observed) eleven of the 15 recommendations, being one not applicable. The present document is the assessment of securities and derivatives settlement systems in the PRC based on the recommendations of the Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) for RSSS and the recommendations of CPSS-IOSCO for Central Counterparties (RCCP). The paper is divided into following five parts: the first part gives general information; the second gives information and methodology used for assessment; the third part is securities and derivatives settlement systems infrastructure overview; the fourth part is main findings from the assessment with international standards; and the fifth part gives authorities' response.

The Serbian insurance sector remains small and underdeveloped. Over the last three years, the market experienced very little growth in real terms mainly due to weak economic growth, premium payment difficulties in the industrial sector, which forced many corporate policyholders to cancel their insurance, and fierce price competition among the growing number of players. With consumption of 76 Pounds and 10 Pounds per capita for non-life and life insurance, respectively, Serbia lags behind most of its neighbors in Southeastern and Central Europe. In 2009 the industry accounted for only 4.6 percent of total assets and 5.6 percent of total capital in the Serbian financial sector. Although in 2008 the total gross premium written (GPW) for both life and non-life was SRD 52.2 billion (dinars), representing a 5.3 percent annual inflation-adjusted increase over the previous year, in 2009 the sector is likely to experience an 8 percent contraction due to the impact of the economic crisis.

Good corporate governance ensures that companies use their resources more efficiently, protects minority shareholders, leads to better decision making, and improves relations with workers, creditors, and other stakeholders. It is an important prerequisite for attracting the patient capital needed for sustained long-term economic growth. This report provides an assessment of the Kingdom of Saudi Arabia (KSA) corporate governance policy framework. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in KSA. The corporate governance laws, regulations, and institutions that have been put in place generally reflect international good practice. In the wake of the market correction of 2006, market regulators focused on the need for better corporate governance via legal and institutional reforms. These included passing a Corporate Governance Regulation (CGR) for listed companies (2006), and further strengthening the supervisory functions across the financial sector. However, many of the laws and institutions are still relatively new and untested; awareness of the importance of good corporate governance is low, and implementation by companies in its early stages.

In Islamic tradition two sets of works – al-hisbah and al-siyasah al-shar‛iyah – appeared that proved to be a rich source of economic thought of past Muslim thinkers. Works related to al-hisbah generally discussed socio-economic control, moral and market supervision, prevention of monopolies, check on cheating and fraud and such other corrupting practices, standardization of products, facilitation of the supply of necessities, etc. As far works pertaining to al-siyasah al-shar'iyah are concerned, they generally dealt with the rules of governance, economic role of the state, sources of public revenue, public expenditure (in addition to works exclusively devoted to public finances), maintenance of law and order, internal and external defense, etc. The present paper aims to discuss the state of these two institutions in the sixteenth century and writings on the subject by the scholars of the period.

Osmanlı İmparatorluğu'nda ekonomi yönetimi, uzun bir geçmişe sahip çeşitligörüşlerle şekillendirilmiştir. Osmanlı sultanları, halklarını himaye edilmesi gerekenbireyler olarak görmüş, ve çarşı ve pazar kontrolü ve gözetimi konusunda İslamiprensipleri benimsemişlerdir. Bundan dolayı, Osmanlılarda çarşıların denetimi, maliyönüne ek olarak dini bir yöne de sahip olmuştur. Ticari hayattan mesul olan İhtisâbağası, hizmetleri karşılığında bazı vergiler de toplamaktaydı. Bu tezin konusu ve anakaynağı olan 1092/1681 tarihli Istanbul ihtisâb vergisi defteri de çoğunlukla gıda veihtiyaç malzemeleri satan dükkanlardan alınan bir tür günlük vergi için düzenlenmişti.Bu defterin, ticaret türleri, dükkan sahipleri ve ödenen vergiler konusunda sunduğubilgiler sayesinde tüketim alışkanlıkları ve esnafın etnik ve sosyal menşei gibi konulardaha da aydınlanacaktır.Key Words: Istanbul, ihtisâb, esnaf, tüketim kültürü, çarşı ve pazar denetimi,iaşe, vergi, loncalar, dükkan sahipleri. The idea of the administration of economy in the Ottoman Empire was shapedby certain views with historical backgrounds. The Ottoman Sultans viewed their subjectsas their dependents that should be protected, and rested on the Islamic principle of hisbain terms of market control and supervision. In this way, market control gained areligious aspect in addition to the fiscal. The official in charge with the market affairs,the İhtisâb ağası, collected taxes in return for his service. The main source and subject ofthis thesis, the İhtisâb-tax register of Istanbul dated 1092/1681, was prepared for thedaily tax, which was collected mostly from victual shops. The register providesinformation about the kinds of trades, the owners of the shops, and the amount of taxpaid daily. With this information, subjects like consumption habits and the ethnic andsocial identity of the shop-owning class could be understood better.Key Words: Istanbul, ihtisâb, esnaf, consumer culture, market supervision,provisioning, taxation, guilds, shopkeeper. 192

Mestrado em Economia Monetária e Financeira Esta dissertação tem como objecto de estudo a análise das suspensões de negociação de acções do mercado de capitais português com o objectivo de averiguar da bondade das suspensões impostas pelas autoridades supervisoras do mercado, ou seja, avaliar o timing da sua intervenção quanto ao momento da interrupção e do seu "levantamento". E utilizada uma amostra de 54 acções cuja negociação foi suspensa, durante algumas horas ou mesmo dias, no período compreendido entre 1992 e 1999. Para comparar as diferenças existentes entre o pré e pós-suspensão da negociação, utilizam-se variáveis como a rendibilidade (e o excesso de rendibilidade) e a volatilidade. Numa primeira fase, considera-se a amostra global na análise do excesso de rendibilidade, procedendo-se em seguida à sub-divisão das suspensões em "good news" e "bad news". No que respeita à volatilidade, aplica-se uma outra ferramenta para complementar a análise, mais concretamente, um modelo GARCH (1,1) com duas variáveis dummy aditivas no termo autónomo das equações da média e da variância. O presente estudo conclui que a justificação para suspender a negociação das acções aumenta com o número de dias que compõem a event window, sugerindo uma maior capacidade das autoridades de supervisão em detectar alterações de longo prazo (principalmente nos últimos anos do período analisado). De facto, quando se considera um período amostrai curto, torna-se mais complicado encontrar justificações para suspender os activos. Conclui-se ainda que o modelo GARCH (1,1) constitui um instrumento de análise bastante sensível na justificação das suspensões de negociação, servindo de complemento à análise das diferenças na volatilidade. Observa-se que a capacidade das autoridades de supervisão do mercado de capitais português, em termos da oportunidade das suspensões da negociação, tem melhorado, embora o timing não seja o mais adequado. Quando se consideram unicamente as "good news", embora a sua intervenção tenda a ser tardia, o momento do recomeço da negociação parece ser atempado. In this study we analyse security-trading halts on the Portuguese capital market to measure the goodness of trading halts imposed by market authorities as well as its timing ability on both interrupting and restarting trading. A sample of 54 equities whose trading has been halted from some hours to some days between 1992 and 1999 was collected. We use stock price returns (and abnormal returns) and volatility to compare and test the significance of differences for pre and post-halt periods. Firstly we consider the global sample to analyse stock abnormal returns and afterwards we sort it in good and bad news halts. Concerning volatility, we apply another tool to complement volatility analysis, a GARCH (1,1) model, containing two additive dummy variables on the independent term of the mean and variance equations. We found that justification for trading halts tend to increase as event window size increases, suggesting that supervisory authorities tend to spot better the dominant changes (mainly in the last years considered in this research). In fact, when very short time sampling periods are used we found weaker justifications for stock halting. We also found a GARCH (1,1) model useful as a more sensitive instrument on justifying trading halts and a way to complete the analysis of volatility changes. The opportunity of market authorities to interrupt trading seems to be increasing, but in terms of timing, we found that they seem to be most of the times retarded when imposing trading halts or anticipated when authorizing restart trading. Nevertheless when considering "good news", although the halt tends to be late, the restart seems to be on time.