The technical mission aimed to strengthen the cyber risk regulation and supervision, and testing for the National Bank of Georgia (NBG). The mission focused on (i) an assessment of NBG's cyber risk regulation, (ii) an assessment of cyber risk supervisory arrangements of NBG, (iii) assisting in...

The FSAP's focus was on selected topics in relation to the regulation, oversight and supervision of two Financial Market Infrastructures (FMIs) in Spain, Bolsas y Mercados Españoles Clearing (BMEC), a central counterparty (CCP), and Iberclear (IC) a central securities depository (CSD). Within...

The FSAP undertook a targeted review of the banking regulation and supervision of Spain's Less Significant Institutions (LSIs). The review is part of the 2024 Financial Sector Assessment Program (FSAP) of Spain. In scoping this targeted review, the IMF team took account of the recommendations of...

Platform pricing may be connected to antitrust risks, which a company can face under excessive or predatory price scrutiny when the platform is recognized as dominant in the market. Since Federal Antitrust Service of Russia (FAS Russia) prefers price-cost comparison when studying excessive or...

Recent experience in civil litigation, particularly with opt-out class actions against corporations for competition law offences, has highlighted the efficiency of 'dual enforcement' as a strategy for fighting corporate crime. The success of the opt-out class action regime has resulted in...

Indonesia has been actively developing anti-money laundering (AML) strategies for the past two decades, but a critical gap remains in the informal financial sector that has not received greater regulatory attention. Remarkably, this sector contributes to over half of Indonesia's GDP, with...

Third-party certification (TPC) is the standard approach to quality assurance for organic production, but its administrative burden and cost make it difficult for smallholders to access it. Internal Control Systems (ICS) and Participatory Guarantee Systems (PGS) are possible alternative...