Accountability Arrangements for Financial Sector Regulators
International Monetary Fund, 2006 - Business & Economics - 23 pages
Policymakers are often reluctant to grant independence to the agencies that regulate and supervise the financial sector because of the fear that these agencies, with their wide-ranging responsibilities and powers, could become a law unto themselves. This pamphlet describes mechanisms for making regulatory agencies accountable not only to the government but also to the industry they supervise and the public at large, with examples from a range of countries.
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accountability refers achievement actions Administrative Board agency’s independence annual report appointed based Arrangements for Financial assessments audited Bank of Korea banks and financial Barry Eichengreen based on consultations budget Canada central banks chairman Chile consumer decisions delegates deputy chairperson designing accountability arrangements enforcement function enforcement powers ensure Eva Hüpkes Ex post—explanatory Ex finance and economy finance ministry financial institutions financial regulators Financial Sector Regulators Financial Sector Supervisors Financial Services Financial Supervisory Authority financial system grant independence HFSA industry INTERNATIONAL MONETARY FUND judicial review legislative Marc Quintyn markets mecha Michael Michael W minister of finance monetary authorities monetary policy nonexecutive committee policymakers post—explanatory Ex post—explanatory president Publication of annual regulation of banks regulatory and supervisory reluctant to grant reports to parliament requirements RSA’s RSAs operate SBIF stakeholders sumers supervised entities supervised institutions supervision council supervisory activities supervisory agencies supervisory frameworks supervisory practices transparency ulatory United Kingdom