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Copyright of Informacion Comercial Espanola Revista de Economia is the property of S.G.E.E.I.P.C., Secretaria de Estado de Comercio, Ministerio de Industria, Comercio y Turismo and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The aim of the article is to define the role of artificial intelligence technologies for the implementation of prudential supervision and the features of its implementation in the context of external shocks. To achieve the aim of the article, the following tasks are solved: to determine the essence of artificial intelligence on the basis of systematization of scientific approaches to its interpretation; consider the principle of operation of this digital technology; specify the stages of the evolution of artificial intelligence; determine the potential impact of the use of this technology on the prudential supervision of credit institutions; to outline the main features of the implementation of such supervision in the context of external shocks. The article considers the essence and features of the digital economy, which covers all spheres of public life and significantly affects the activities of credit institutions. Digitalization of the economy involves the active use of digital technologies in production, consumption, exchange and management, which stimulates the adaptation of traditional sectors of the economy, including the financial sector. The digital economy places new demands on credit institutions and regulators, which must adapt to the fast-paced conditions of digital transformation, while maintaining the stability of the financial system and protecting the interests of consumers. The digitalization of credit institutions provides them with significant benefits, including increased efficiency of operational processes, improved customer service, the ability to analyze big data, and make accurate decisions. The development of innovative products and services becomes an important component, allowing to remain competitive in the market. There is also a need for regulators to adapt approaches to prudential supervision by integrating digital tools such as artificial intelligence, machine learning, and big data analysis to improve efficiency of monitoring of financial activities. The article focuses on risk-oriented approaches to prudential supervision, which are based on data analysis and risk forecasting, as well as the need for international cooperation to harmonize regulatory standards. The growth of cyber threats is causing increased requirements for cybersecurity and data protection. The results of the study highlight the importance of the proactive role of regulators in maintaining the stability of the financial system in the face of external shocks. [ABSTRACT FROM AUTHOR]

The financial market of Ukraine is undergoing significant challenges due to martial law, but these difficult conditions also encourage radical changes and innovation in the sector. One of the new development vectors is digitization, which becomes a necessary tool for conducting operations and exchange of information in war. The use of digital technologies and electronic payment systems helps to ensure the safety, convenience and efficiency of financial transactions. Increasing the availability of financial services is another important area of development in the financial market during martial law. In order to facilitate the financial situation of people who are undergoing financial difficulties, it is important to provide access to various financial services for all segments of the population. The use of virtual communication technologies can reduce geographical and physical restrictions, giving people the opportunity to receive financial services in a convenient way for them. Despite all the challenges, there are factors that contribute to the functioning of the financial market in the conditions of martial law. Understanding the problems and needs of the market allows financial institutions to adapt to new conditions and look for effective solutions. An important role is given to the adaptation of the legislation to new realities and to promote innovations in the financial sector. In order to ensure the successful functioning of the financial market in war, it is necessary to create a favorable regulatory and regulatory framework that would support the introduction of the latest technologies and innovation. In addition, the creation of partnerships between different industries, such as the financial sector, technological companies and government bodies, is an important element of the development of the financial market. Joint work and knowledge exchange allow you to create innovative solutions and put them into practice. For example, creating specialized financial companies that combine financial and technological knowledge can contribute to the rapid development and implementation of new financial products and services. In the light of martial law in Ukraine, it is important to pay attention to the creation of financial systems from cyber attacks and abuse. Cybersecurity development and the use of modern encryption and identification technologies can help prevent financial crimes and maintain confidence in the financial system. The war in Ukraine has become a catalyst for changes in the financial sector. Digitalization, automation, increased availability of financial services and inclusivity are key vectors of development. Success factors include understanding the needs of the market, adaptation of legislation, innovation and creating favorable conditions for financial intermediaries. All these changes are aimed at improving the efficiency, safety and availability of financial services for the population during the war. [ABSTRACT FROM AUTHOR]

The content of banking regulation and supervision, its structural and functional elements and features of implementation in traditional and Islamic financial systems have been revealed. Special attention to the issues of evolution of international approaches to banking regulation has been paid. The main models and tools of prudential supervision of Islamic financial institutions-Islamic audit and Sharia financial supervision authority have been characterized. The main problems of implementation of international standards in the activities of organizations providing Islamic financial services, specific features and main directions of development of the system of regulation and supervision of Islamic banks in the context of harmonization of the Supervisory process of Islamic banks and international standards of banking supervision have been analysed.

The issues of prudential supervision ofIslamic financial institutes, including work of Islamic audit and Sharia Supervisory Board, are considered in the article. Besides, the main principles ofIslamic audit and its problems are given in the article. Conceptual issues of work ofSharia Supervisory Board used in supervisory practice are also analyzed here.

The paper presents the most promising way of restructuring the financial system in Ukraine, in particular a single regulator (megaregulator), thus allowing to avoid contradictions in the system of state regulation and control in the financial sphere and create a stable basis for the successful integration of Ukraine into the global financial system. The main purpose of state financial agencies is stabilizing the financial system, taking into account the positives and drawbacks of state regulation in the financial sector. Reforms for regulation and supervision in the financial market of Ukraine should be implemented in four main areas: - unifying the rules and regulations of state regulation in the financial market with the gradual concentration of regulatory functions in a single state body; - separating supervisory functions from regulatory and implementing the system of prudential supervision in all major segments of the financial market; - increasing the role of self-regulatory organizations of professional participants and establishing their closer connection with regulatory bodies; - significant improvement in financing state regulators, including from market sources. The need to concentrate efforts on developing the mechanisms of the state influence on financial stability, system analysis and implementing measures to prevent systemic risks, ensuring effective management of the financial system liquidity, modernizing and improving the transparency of financial legislation and implementing existing legislative norms by all subjects of financial relations is noted. [ABSTRACT FROM AUTHOR]

This paper contributes to the debate on the adequate regulatory treatment of non-bank financial intermediation (NBFI). It proposes an avenue for regulators to keep regulatory arbitrage under control and preserve sufficient space for efficient financial innovation at the same time. We argue for a normative approach to supervision that can overcome the proverbial race between hare and hedgehog in financial regulation and demonstrate how such an approach can be implemented in practice. We first show that regulators should primarily analyse the allocation of tail risk inherent in NBFI. Our paper proposes to apply regulatory burdens equivalent to prudential banking regulation if the respective transactional structures become only viable through indirect or direct access to (ad hoc) public backstops. Second, we use insights from the scholarship on regulatory networks as communities of interpretation to demonstrate how regulators can retrieve the information on transactional innovations and their risk-allocating characteristics that they need to make the pivotal determination. We suggest in particular how supervisors should structure their relationships with semi-public gatekeepers such as lawyers, auditors and consultants to keep abreast of the risk-allocating features of evolving transactional structures. Finally, this paper uses the example of credit funds as non-bank entities economically engaged in credit intermediation to illustrate the merits of the proposed normative framework and to highlight that multipolar regulatory dialogues are needed to shed light on the specific risk-allocating characteristics of recent contractual innovations. [ABSTRACT FROM AUTHOR]

The objective of the article is to propose a new approach to assessing and forecasting fnancial condition of credit institutions and to early detection of those that have high risks of license revocation. An integrated reliability index of credit institutions has been revealed by the method of the main components of the factor analysis. Credit institutions have been clustered by means of the k-average method. It has been established that acting credit institutions at a relatively small Euclidean distance from the mathematical expectation of credit institutions, liquidated at a given moment of time, bear potential risks of engaging in illegal activities, money laundering and terrorist fnancing. Constructed regression models allow forecasting deterioration of credit institutions by the nature of the change in the integrated reliability index. The author concludes that this approach makes it possible to identify potentially problematic credit institutions requiring appropriate measures from the Central Bank of the Russian Federation through prudential supervision functions.

In this paper we explore lessons from the global liquidity crisis pertaining to the prudential supervision role of central bank in an open economy. The crisis validates the need for external debt management policy in emerging markets. Hoarding international reserves (IR) is a potent self-insurance mechanism. However, it is associated with relatively high costs and is also less efficient in absence of assertive external debt management policies. In the presence of congestion externalities associated with deleveraging, optimal external borrowing-tax-cum-IR-hoarding-subsidy reduces the cost as well as the scale of hoarding IR.

Banking law in the EU has experienced profound changes in the last few years, and one of the most radical was the introduction of the single supervisory mechanism (SSM). The decision of the EU Court of First Instance in the case of Landeskreditbank Baden-Württemberg—Förderbank v. ECB is the first to tackle fundamental questions concerning the SSM. This article considers and develops various topics arising from the case, such as the architecture of the SSM, the division of powers between Supervisory Authorities, as well as the aim and scope of the SSM. [ABSTRACT FROM AUTHOR]

The article addresses problems related to harmonization of the financial market legislation (the banking sphere, the securities market and the insurance field) in countries of the Common Economic Space (the Republic of Belarus, the Republic of Kazakhstan, the Russian Federation). The retrospective survey traces the evolution of integration processes in the CIS that resulted in the formation of the Customs Union and the Common Economic Space of the three countries thereby creating preconditions for establishment of a common financial market. The key trends and problems of the legislation harmonization are highlighted that are related to definition of minimum prudential requirements for the financial market players, issues of licensing their activities, protection of interests of investors, establishment of supernational regulation authorities.

The subject of the work - a set of methods and models of improving the mechanism of proceedings supervision of financial conglomerates that are used in the countries of the European Union in the modern world. The aim lays in identification key regulatory mechanisms used in the EU in order to optimize the system of supervision of financial conglomerates and the possible use of national financial markets in order to promote national economic system as a whole. Methodology of work presents by following techniques: selection, compilation and comparison of information, critical thinking, formulating own thoughts. The author used methods of analysis, synthesis, deduction, comparison, modeling with the axiomatic approach of logical scientific methods. The results present by a set of tools serves investigated the supervision of financial conglomerates, which are used in the EU regulatory tools, optimize their control procedures and defining the most relevant ones for using in the national financial market of Ukraine. Practical implications. Considered instruments, legal framework and the supervisory challenges of financial conglomerates form effective means of supervision in the EU. In addition to their use in the national market important tools of supervision may be: determining affiliation group of companies classified as «financial conglomerate» procedures researched in article in the control of their activities, restrictions on access to financial markets and their structural parts in this direction, the expansion conditions providing appropriate permits, approval of key persons introducing additional rules of procedure of financial activities, using of disciplinary measures at different levels of managing and ownership of financial conglomerates, which will allow ensure better protection of investors and other users of financial services, transparent conditions for business and quality functioning of financial markets for the harmonization of the sector for the benefit of the state, national economy and society in particular.

Copyright of Shipin Kexue/ Food Science is the property of Food Science Editorial Department and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Il Diritto Dell'unione Europea is the property of Giappichelli Editore srl and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

he aim of the article is to study approaches to formation of insurance reserves by insurance companies in Ukraine and the world. The essence and peculiarities of the formation of reserves by insurance organizations in Ukraine are investigated. The provisions of the Solvency II Directive in terms of formation of reserves and financial stability in insurance organizations are considered. A comparative characteristic of the requirements for the solvency of insurers in accordance with the legislation of Ukraine and the requirements of Solvency II is presented. Differences in methods of formation of technical reserves by insurance organizations in Ukraine and the world are determined, factors affecting it are indicated. Methods of formation of insurance reserves in the countries of the European Union are considered. The directions of improving the process of formation of insurance reserves of the insurer are justified. The problems of introducing the experience of foreign countries and Solvency II requirements are analyzed taking into account the realities of the domestic insurance market. The strengths and weaknesses of the introduction of Solvency II in the Ukrainian insurance market are explored.

The definition for the content, forms and methods of the prudential approach seems appropriate to the insurance regulation. The system of prudential regulation has the macro- and the micro- levels. The macro-prudential oversight basis is the control to the systemic risks and supervision to the systemically important insurance organizations. Microprudentsial level involves the establishment of the list of prudential standards and supervision of their implementation by insurance companies.

Copyright of Revue Economique is the property of Fondation Nationale des Sciences Politiques and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In this paper we propose an integrated approach to assessing risk for alternative investment funds, both at micro and macro (market) level. Building upon the experience and practice in European Supervisory Agencies and different National Competent Authorities on assessing risk for other type of financial intermediaries (ex. banks, insurance companies), we construct a risk dashboard for Alternative Investment Funds. Our proposed framework includes multiple categories of indicators and has both a time series approach and a cross sectional approach. At the same time, the proposed risk scoring can be calibrated using mechanically computed thresholds and expert judgment, in different combinations. The result is a new and flexible framework that can accommodate situations when not enough observations are available in the time series to compute mechanically the risk scores. In addition, it serves asset managers for their mandatory self-assessments and market supervisors in making relevant comparisons between the industry participants. [ABSTRACT FROM AUTHOR]

Copyright of Scientific Proceedings of Ostroh Academy National University Series, Economics is the property of National University of Ostroh Academy and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In the light of the current financial crisis, some deficiencies of the financial supervision system were highlighted. The former Basel II Agreement needed to be reformulated to achieve more stability of the banking systems. The new Basel III launched tight regulation regarding both banking solvency and liquidity and the leverage ratio. These regulations imply more costs for banks. Many bankers didn’t agree because of the decrease of the profitability of banks. Still, even the current crisis wasn’t surpassed yet, the financial authorities have already claimed another improved agreement Basel IV.

This article examines the administrative remedy provided by the Administrative Board of Review (ABoR) of the European Central Bank (ECB), as part of the broader issue of the right of defence of natural and legal persons vis- à- vis ECB supervisory decisions within the Single Supervisory Mechanism (SSM). After presenting an overview of the review panels established in the financial sector in the EU, the article describes the experience with the ABoR by analysing its composition, its mandate and scope of review, the main procedural aspects and the relationship with judicial proceedings before the European Court of Justice. Particular attention is given to the substantial issues dealt with by the ABoR in its Opinions and to some of the major challenges faced in the first 2 years of practice. Among them is the assessment of the correct application of national laws implementing EU legislation by the ECB. The paper identifies two aspects giving particular cause for concern and requiring legislative reforms: (1) the assessment of the suitability of the members of management bodies (fit and proper assessment) and (2) the inclusion of bank holding companies within the scope of banking supervision. [ABSTRACT FROM AUTHOR]

Social policies have a special role in economy as they support the population, especially that part of the population experiencing a decrease in working capacity. Social services have a major role in social policies, whose domains of reference are: social security, housing, health, education, unemployment, etc. They do not only analyse society and its problems (inequality, poverty, discrimination, unemployment), but solve the respective issues by specific means including decisions and actions to increase welfare. When designing social policies, one must also consider the architecture of the structures implementing the programs through which this wealth is generated. Account should be taken of the fact that international studies show that people around the world are concerned about a number of serious demographic issues such as the steadily declining birth rate and the fast growth of the average age of population. Thus, the population of an increasing number of states is reduced, but at the same time we are witnessing a global aging phenomenon. These trends became visible decades ago; however, population aging has been having a negative impact in recent years. Throughout the world, states have reformed or reconfigured their public pension system, mainly by introducing private savings schemes for retirement. The causes are generally the same: the population ages, the periods of pension payments increase, the number of social security contributions decreases, public pension no longer provide a reasonable rate of replacement of the income from the active period, and the public pension systems are no longer enough for the payment of pensions. [ABSTRACT FROM AUTHOR]

Joint Committee of the European Supervisory Authorities required Member States to implement new macro-prudential indicators.through national authorities of prudential supervision will be perform activities concerning the supplementary supervision of credit institutions, insurance companies or reinsurance companies, investment services firms and investment management firms, from a financial conglomerate. The most popular ways that give stability to the financial system are related to normal functioning of markets, to ensure implementation of payments in the economy and especially achieving a quality financial intermediation. Activities concerning macroprudential supervision concern, first of all, of managerial strengthening of internal control, assessment and management of risks

In a decade when all activities are globalized, including insurance, the recent focus of the supervisory authorities became the leveling of the legal framework concerning the solvency requirements of the companies acting on the market (as a consequence of the 2008 crisis, much more acute in USA than in Europe, where Basel Agreement decreased the fall of the banking sector). The present paper analyses the way in which the main solvency regimes applied at international level influence the equity of the insurance companies, especially the increase in the solvency capital required by the supervisors, taking into consideration the risk profile of the company. Moreover, the paper provides a blueprint of the methods to ensure the financial stability of the national industry, in order to respond adequately to systemic and systematic risks.

This study addresses the practice of the supervision authority relating to performance evaluation of non-banking financial institutions from a prudential supervision perspective. First, it is described how non-banking financial institutions’ activity is regulated in the European Union and the current status of non-banking financial institutions’ sector in Romania. Then, the study presents the challenges and opportunities faced by the supervision authority when evaluating the performance of non-banking financial institutions and, finally, defines a set of indicators based on which these institutions can be benchmarked against each other.

The recent financial crisis has proven just how expensive the process for the reestablishing of the financial stability and for restoring the public confidence in the banking system, actually is. Given its effects and the skepticism regarding the effectiveness of the supervisory systems of the financial markets, it is only natural to wonder whether the compliance with the regulatory standards in the prudential banking field, can be considered as sufficient for ensuring the viability and resilience of the banking systems. The answer was given by the reaction of the political factors, consisting in the setting up of a new regulatory and supervisory framework at EU level, well structured and integrated, which must, however, be sustained by reconsidering the approach on the supervisory activity at each Member State’s level. Therefore, the assessment of the supervision of the credit institutions, performed by the national supervisory authorities, represents a key factor.

In order to monitor lending operations, implicitly leading to an increase in money supply, and all financial and non-financial transactions, non-bank financial institutions allow empowered personnel of National Bank of Romania to examine their records, accounts and transactions, providing to this end all the documents and information concerning the management, internal control and operations of non-bank financial institutions, as will be required. Registered non-bank financial institutions carrying out monetary activities are legal persons reporting to the Credit Risk Control of National Bank of Romania, in compliance with the field regulations issued by the above mentioned bank.

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Problems of Economy is the property of Research Centre for Industrial Developmen Problems of Nas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)