Update by World Bank Staff on ROSC Modules. February 2008 REPORTS ON THE OBSERVANCE OF STANDARDS AND CODES (ROSCS) Public Disclosure Authorized

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1 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized REPORTS ON THE OBSERVANCE OF STANDARDS AND CODES (ROSCS) Update by World Bank Staff on ROSC Modules February

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3 Introduction The Report on the Observance of Standards and Codes (ROSC) initiative was launched in 1999 as a prominent component of efforts to strengthen the international financial architecture. The initiative aims at promoting greater financial stability, both domestically and internationally, through the development, dissemination, adoption, and implementation of international standards and codes. The ROSC initiative covers 12 areas and associated standards, which the Bank and Fund Boards recognized as relevant for their work. These standards relate to policy transparency, financial sector regulation and supervision, and market infrastructure: two areas are assessed by the Fund (Data Transparency and Fiscal Transparency); six areas are mainly assessed jointly by the Bank and the Fund under the FSAP Program (Banking Supervision, Monetary and Financial Policy Transparency, Securities, Insurance, Payments and Settlements Systems, and Anti-money Laundering and Combating the Financing of Terrorism (AML/CFT1); and four areas are assessed by the Bank (Corporate Governance, Accounting, Auditing, and Insolvency and Creditor Rights). Through the last day of December, 2007,978 assessments (including updates) had been completed or were underway in 152 countries. As of that date, 665 assessments had been published. ' Most AMLICFT assessments are being conducted by the FATF or FATF-style regional bodies

4 Standards and Codes Policy Transparency 0 Data Transparency: Special Data Dissemination Standard and General Data Dissemination System (IMF) 0 0 Fiscal Transparency: Code of Good Practices on Fiscal Transparency (IMF) Monetary and Financial Policy Transparency: Code of Good Practices on Transparencs in Monetarv and Financial Policies (IMF) Financial Sector Regulation and Supervision 0 Banking Supervision: Core Principles for Effective Banking Supervision (Base1 Committee on Banking Supervision) 0 Securities: Objectives and Principles for Securities Repulation (International Organization of Securities Commission) 0 Insurance: Insurance Supervisory Principles (International Association of Insurance Supervisors) 0 Payments Systems: Core Principles for Systematically Important Payment Systems (Committee on Payments and Settlements Systems), complemented by Recommendations for Securities Settlement Ssstems (Committee on Payments and Settlements Systems and International Organization of Securities Commission) for countries with significant securities trading 0 Anti-money Laundering and Combating the Financing of Recommendations (Financial Action Task Force) Market Infrastructure 0 Corporate Governance: Principles of Corporate Governunce (Organization for Economic Cooperation and Development) 0 Accounting: lnternationul Accountinp Standards (International Accounting Standards Board) 0 0 Auditing: International Standards on Auditinx (International Federation of Accountants) Insolvency and Creditor Rights: A standard based on the Principles for EfSective Insolvency and Creditor Rights Systems (World Bank) and the Recommendations of the Legislative Guide on Insolvency Law (United Nations Commission on International Trade Law) * Organizations shown in parentheses are the standard setting bodies. Bank and UNCITRAL staff, in consultation with Fund staff, finalized such a standard.

5 I Summary Table: ROSC Modules Completed, Published, and Underway As of end-december 2007 Completed 97 Data Dissemination Published 95 Underwav 3 Completed 100 Fiscal Transparency Published 90 Underway 9 Completed 91 Transparency in Monetary and Financial Policies Published 64 Underway 2 Completed 138 Banking Supervision Published 93 Underway 9 Completed 68 Securities Regulation Published 52 Underway 2 Completed 61 Insurance Supervision Published 48 Underway 1 Completed 86 Payments & Settlements Pubkshed 57 Underway 2 Completed 60 AMLEFT Published 49 Underway 45 Completed 74 Accounting & Auditing Published 60 Underway 15 Completed 59 Corporate Governance Published 50 Underway 5 Completed 32 Insolvency and Creditor Rights Published 7 Underway 13 Completed 872 Total Published 665 Underway 106

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7 Annex ROSC Modules

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