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L’article porte sur la directive Solvabilité II, fixant le nouveau cadre prudentiel des assureurs, pour étudier les dispositifs d’intégration de ce nouveau cadre normatif de maîtrise des risques. L’hypothèse sous-jacente de la recherche est que l’intégration efficace d’un nouveau cadre normatif s’appuie sur des dispositifs d’institutionnalisation intra organisationnels : quels sont donc ces dispositifs et comment favorisent-ils l’institutionnalisation de la norme ? Au plan théorique, la recherche s’appuie sur la théorie des micro-fondations du néo-institutionnalisme et celle de la tétranormalisation. Au plan empirique, elle mobilise une recherche-intervention menée au sein d’une mutuelle française intégrant Solvabilité II. Les résultats indiquent que les dispositifs intra organisationnels d’institutionnalisation sont fondés sur des principes d’orchestration, d’arbitrage, de négociation et d’éthique. En alliant des éléments matériels et immatériels, ces dispositifs sont vecteurs d’isomorphisme par les pratiques d’intégration efficace de la norme qu’ils engendrent. The article introduces the Solvency II Directive, setting out the new prudential framework for insurers, to study the mecanisms for integrating this new normative framework. The underlying assumption of the research is that the effective integration of a new normative framework is based on intra organizational mecanisms of institutionalization: what are these mecanisms and how they stimulate the institutionalization of the norm? Theoretically, the research aims at contributing both to the theory of the micro-foundations of the neo-institutionalism and that of the tetranormalization. Empirically, the study is based on an intervention-research carried out in a French mutual integrating Solvency II. The results indicate that the integration of the Directive is made through mecanisms of institutionalization following principles of orchestration, arbitration, negotiation and ethics. By being based on both tangible and intangible elements, these mecanisms are level of isomorphism thanks to the practices of effective integration that they engender.

This article is devoted to a model for assessing the financial stability of a Kazakhstan bank. One of the priority tasks for effective management of the bank’s activities is the established work of existing business processes that have a direct impact on financial stability. At the same time, supervisory regula-tion of the banking sector is aimed at assessing the acceptability of risks taken by second-tier banks and, if necessary, timely adjusting their activities. The hypothesis of the study is the assumption that the Bank’s early diagnosis of the impact of po-tential external and internal risks on the Bank’s strategic indicators, as well as the effective management of capital adequacy, serve as the basis for ensuring the financial stability of a commercial bank and its stable functioning. The study examines the theoretical foundations of solvency, defines the concept of bank stability, studies the factors affecting the financial position of the bank, and defines the main criteria for evaluating banks accepted in international practice.This paper gives general recommendations when developing a model for assessing the capital ad-equacy of a second-tier bank, both when checking the stability of the bank, and in strategic planning to support management decisions.

International audience; The article introduces the Solvency II Directive, setting out the new prudential framework for insurers, to study the management of the integration of this new normative framework so that it can effectively control risks. The underlying assumption of the research is that the integration of a new normative framework must be managed in an adapted way or else it will not achieve its objectives. Such an hypothesis challenges in a way the neo-institutionalist theory for which the question of the managerial mecanisms allowing the integration of norms is somewhat let down.The study is based on an intervention-research within a French mutual. The results indicate that the Directive, subject to a management approach facilitating principles of orchestration, arbitration, negotiation and ethics, strengthens the risk management system of mutual insurance bodies. Although a bigger complexity of the management system of the company is observed.; L’article porte sur la directive Solvabilité II, fixant le nouveau cadre prudentiel des assureurs, pour étudier la façon de manager ce nouveau cadre normatif de maîtrise des risques. L’hypothèse sous-jacente de la recherche est que l’intégration d’un nouveau cadre normatif se gère de façon adaptée sous peine de ne pas atteindre ses objectifs. Elle questionne ainsi la théorie néo-institutionnaliste qui élude, d’une certaine façon, les mécanismes managériaux d’intégration des normes.L’étude est fondée sur une recherche-intervention menée au sein d’une mutuelle française. Les résultats indiquent que la directive sous réserve d’un management adapté de son intégration fondé sur des principes d’orchestration, d’arbitrage, de négociation et d’éthique renforce la maîtrise des risques des organismes d’assurance mutuelle, tout en impliquant néanmoins une complexification des modes de gestion.

This report was prepared as part of the World Bank engagement in the Philippines to support Islamic Finance and Financial Inclusion. It provides an overview on the context for the development of Islamic finance in the Philippines and is accompanied by two focused reports providing further detail and suggestions on enhancing financial inclusion in the Philippines through Islamic microfinance and assessment of the status of financial inclusion in Autonomous Region in Muslim Mindanao (ARMM)and the proposed Bangsamoro territory. The term Islamic finance is used to refer to financial activities conforming to Islamic Law (Shari‘ah). One of the main principles of the Islamic finance system is the prohibition of the payment and the receipt of ribā (interest) in a financial transaction. A pure debt security is replaced with an “asset-based” security, direct financing of a real asset, and different forms of partnerships of which equity financing is the most desirable.The following key principles guide Islamic Finance: i) Prohibition of interest on transactions (ribā); ii) Financing must be linked to assets (materiality); iii) Engagement in immoral or ethically problematic businesses not allowed (e.g., gambling or alcohol production); iv) Returns must be linked to risks. Table 1 provides a summary description of basic financial instruments.Over the past decade Islamic finance has emerged as an effective tool for financing development worldwide, including in non-Muslim majority countries. Discussion and interest in Islamic finance has also appeared on G20 discussions. Major financial markets are discovering solid evidence that Islamic finance has already been mainstreamed within the global financial system – and that it has the potential to help address the challenges of ending extreme poverty and boosting shared prosperity.In summary, Islamic finance is equity-based, asset-backed, ethical, sustainable, environmentally- and socially-responsible finance. It promotes risk sharing, connects the financial sector with the real economy, and emphasizes financial inclusion and social welfare.

International audience; Le système bancaire britannique fut frappé de plein fouet par la crise financière de 2007-2008 qui, après s’être transmise à l’économie réelle, provoqua une très forte contraction du PIB britannique. Pour éviter l’effondrement du système financier, la Banque d’Angleterre et le gouvernement britannique furent contraints d’intervenir massivement pour restaurer la confiance, ce qui eut des conséquences très négatives sur les finances publiques. Devant l’exaspération de l’opinion, vint le moment où il n’était plus politiquement tenable pour le gouvernement que les banques britanniques continuent de bénéficier de la réglementation peu contraignante qui les avait encadrées depuis les années 1990. D’où la mise en place d’une réforme qui est venue modifier de fond en comble la réglementation bancaire et le système de supervision des banques britanniques. Toutefois, même si les mesures prises sont parfois plus contraignantes que celles applicables aux banques de la zone euro, elles n’ont pas empêché de rendre les relations entre l’UE, le RU et la City, plus difficiles.The British banking system was badly shaken by the 2007-2008 financial crisis which resulted in a severe contraction of real GDP after a certain period of time. To prevent the collapse of the financial system, the Bank of England and the British Government had to take vigorous action and organize a bailout plan to restore confidence in the banking system, which led to ballooning public debt. Confronted to the growing exasperation of public opinion, it was no longer politically acceptable for the Government that British banks could be supervised with the light touch regulation they had benefited since the 1990s. This paved the way to a major overhaul of the regulation and supervision of British banks. However, despite the fact that the measures taken by the regulators are sometimes more restrictive in the UK than in the Eurozone, relations between the UK and EU and the City have become more complicated.

The main purpose of the Report on the Observance of Standards and Codes, Accounting and Auditing (ROSC A&A) review exercise, conducted at the request of the Government of Papua New Guinea, is to propose policy recommendations that will strengthen the institutional framework that underpins accounting and auditing practices in the country. Implementation of the policy recommendations will enhance the quality of financial reporting for corporations a key pillar that directly contributes to enhancing the business environment and the advancement of governance and financial accountability in both private and public sector entities. The ROSC A&A review for Papua New Guinea focuses on the strengths and weaknesses of the accounting and auditing environment that influence the quality of corporate financial reporting, and involves both a review of mandatory requirements and actual practices. The international standards that have been used as reference points for the preparation of this report are International Financial Reporting Standards (IFRS), clarified International Standards on Auditing (ISA), and international good practice in the field of accounting and auditing regulation. It is critical at this stage of development that PNG manage its resources well. The PNGLNG project shipped its first cargo in June 2014 and it is expected the LNG project to expand GDP by as much as one-quarter in 2014 and 2015, and national income by about 8 per cent. This requires significantly stepping up the quality, compliance, and enforcement of benchmark financial reporting and auditing practices. This is a key development challenge for PNG to channel this windfall revenue into investments that positively impact peoples lives.

In the thesis work studied the theoretical and practical aspects of the adequacy of enforcement of the National Bank of Ukraine for violation of economic norms on which reasonably new scientific position and suggestions for improving the relevant legislation of Ukraine. The characteristic of the theoretical and legal aspects of the adequacy of enforcement NBU. The state banks' compliance with prudential regulations. Features of enforcement for violations of the NBU prudential regulations. Revealed a number of problems in the application of enforcement measures for banks during the financial crisis and formulate possible ways to improve the adequacy enforcement NBU in the period У дипломній роботі проведено дослідження теоретичних та практичних аспектів забезпечення адекватності застосування заходів впливу Національного банку України за порушення економічних нормативів, на основі якого обґрунтовано нові наукові положення і розроблено пропозиції щодо вдосконалення відповідного законодавства України. Охарактеризовано теоретичні та правові аспекти забезпечення адекватності застосування заходів впливу НБУ. Проаналізовано стан дотримання банками економічних нормативів. Досліджено особливості застосування заходів впливу НБУ за порушення економічних нормативів. Виявлено ряд проблем в застосуванні заходів впливу до банків в період фінансово-економічної кризи та сформульовано можливі шляхи удосконалення забезпечення адекватності застосування заходів впливу НБУ в даний період.

A portfolio based model (Credit Risk of Credit Suisse First Boston) and recent Central Bank of Argentina credit bureau data are used to estimate whether current capital and provisioning regulations match actual risks. Arguing that provisions should cover expected losses and that capital requirements should cover potential losses beyond expected losses subject to some statistical level of tolerance, the article assesses how well actual capital and provisioning requirements match the estimated requirements given by the model. Actual provisioning requirements were found to be close to implied levels of expected losses. The estimate of potential losses was found to be highly sensitive to the assumptions of the model, especially the parameter relating the volatility of a loan's rate of default to its mean value. This volatility parameter cannot be estimated accurately with the credit bureau data because of the short time span covered, so proxy data were used to estimate it, and two values around that estimate were tried. The difficulty of estimating this critical parameter implies that the results should only be regarded as suggestive. Moreover, the methodology only does not seek to estimate credit risk and not interest rate risk or exchange rate risk, nor does it fully take into account the indirect effects of interest rates and exchange rates on credit risk. As recent events in Argentina have demonstrated, estimating credit risk along these lines should be thought of as just one tool in attempting to assess the appropriate level of bank provisions and capital.

Tajikistan is one of the world's most remittance-dependent economies, receiving net remittance inflows equivalent to approximately 40 percent of Gross Domestic Product (GDP). Falling remittance inflows was one of the main transmission channels through which the 2008-09 global economic crisis adversely impacted the economy. Conversely, the pickup in growth since 2009 can also be traced to the rebound in remittance inflows (primarily from Russia, where more than 90 percent of Tajik migrants work), which reached 42 percent of GDP in 2010 and an estimated 40 percent of GDP in 2011. As the World Bank's 2011 country economic memorandum has argued, future growth in Tajikistan will depend crucially on increasing efficiency and raising private investment rates. Remittances are likely to grow more slowly than the earlier trend over the last 5-6 years, but could nonetheless be a major contributor to future growth if more go into private investment than in the past.

Indonesian financial sector comprises banks, multi-finance companies, capital market companies, insurance companies, and pension funds. The banking sector accounts for about 80 percent of the financial sector assets. It is dominated by 121 commercial banks, which account for about 98.6 percent of total banking assets (including 5 sharia banks accounting for 1.8 percent market share), with rural banks comprising the remainder of the banking system (about 1.4 percent market share). Bank Indonesia (BI), the central bank, is responsible for regulation and supervision of the banking system. The assessment of compliance with the Basel Core Principles for Effective Banking Supervision (BCP) was carried out within the framework of the Financial Sector Assessment Program (FSAP) between September 29 and October 16, 2009.

This assessment of the Basel Core Principles (BCP) was conducted as part of the financial sector assessment program (FSAP) update evaluation of the El Salvador financial system from April 22 to May 10, 2010. The supervisory framework was assessed against the BCP methodology issued in October 2006. The assessment of compliance with each principle is made on a qualitative basis. A four-part assessment system is used: compliant; largely compliant; materially noncompliant; and noncompliant. A largely compliant assessment is given if only minor shortcomings are observed, and these are not seen as sufficient to raise serious doubts about the authority's ability to achieve the objective of that principle. A materially noncompliant assessment is given when the shortcomings are sufficient to raise doubts about the authority's ability to achieve compliance, but substantive progress has been made. A noncompliant assessment is given when no substantive progress toward compliance has been achieved. The ratings assigned during this assessment are not comparable to the ones assigned in the 2000 FSAP, as the bar to measure the effectiveness of a supervisory framework has been raised in the new methodology. This paper is structures as follows: introduction; information and methodology used for assessment; institutional and macroeconomic setting and market structure- overview; preconditions for effective bank supervision; main findings; and recommended action plan and authorities' response.

Properly established laws and banking regulations are important for the stability of the financial system, which is the basis for economic growth in the country. In terms of financial stability, banks generally increase their activity credit supplying the economy in money needed to stimulate investment and consequently to economic growth. This article aims to present how important the relevant banking regulations, especially prudential standards for banks to stimulate lending activity, which is the engine of economic growth. Was also be carried out analysis of the impact of new banking prudential regulation of international character on the stability and security of the banking system in terms of access to credit for non-financial businesses. This issue has also been combined with attempts to stimulate the economy by the anti-crisis packages introduced by the financial safety net. W obliczu występujących kryzysów finansowych, członkowie instytucji finansowych oraz rządowych stawiają sobie za cel przeciwdziałanie skutkom kryzysów. Rewidują ich przyczyny, by nie dopuścić do powtarzania się kosztownych i negatywnie wpływających na gospodarkę kryzysów. System bankowy zajmuje szczególnie ważną rolę w gospodarce narodowej. Jest on podatny na utratę zaufania, która przez efekt zarażania (contagion effects), staje się źródłem ryzyka systemowego, co grozi załamaniem całego systemu finansowego (Bank for International Settlements, 2009, s. 1-7). Instytucje bezpieczeństwa finansowego między innymi poprzez normy ostrożnościowe starają się zapobiegać sytuacjom kryzysowym w celu utrzymania stabilności finansowej. Takie działanie w dłuższej perspektywie sprzyja wzrostowi gospodarczemu, ponieważ bardziej stabilna finansowo gospodarka, stwarza korzystniejsze warunki działalności banków oraz podmiotów gospodarczych.

This study begins by considering the banking sector and then moves on to issues relating to improving access to finance to support Nigeria's economic growth vision. The second part of the study refers to issues relating to longer-term finance: both the sources of financing, such as pensions and insurance, and their uses in providing financing for resolving Nigeria's crucial infrastructure shortfalls in infrastructure and housing. The final part of the study returns to the fundamental 'plumbing' of the financial system focusing on the legal and regulatory foundation for creditor rights and corporate insolvency, instituting sound corporate governance standards for corporations and banks, and providing secure and low cost transmittal of payments and remittances. While it is difficult to identify a common theme running through this volume without compromising the diversity and nuance of the recommendations, the overarching theme supported by this volume is the importance of exchange of reliable information as the basis for financial transactions between unconnected third parties. Implementation of systems designed to strengthen accounting and reporting standards for banks and corporations, the registration of movable and immovable property, property liens and credit histories as well as exchange of information about prices, interest rates, fees and charges for financials services will considerably enhance the functionality of financial systems and prove crucial in establishing a trusted and robust market-based financial system in support of stable economic growth and development in Nigeria.

This report provides an assessment of accounting, financial reporting and auditing requirements and practices within the enterprise and financial sectors in Armenia. The report uses International Financial Reporting Standards (IFRS) formerly International Accounting Standards (IAS) and International Standards on Auditing (ISA) as benchmarks and draws on international experience and good practices in the field of accounting and audit regulation, including in European Union (EU) member states, to assess the quality of financial information and make policy recommendations. This assessment of accounting and auditing practices in Armenia is part of a joint initiative of the World Bank and International Monetary Fund (IMF) to prepare Reports on the Observance of Standards and Codes (ROSC). The assessment focuses on the strengths and weaknesses of the accounting and auditing environment that influence the quality of corporate financial reporting and includes a review of both mandatory requirements and actual practice.