Another recent development which the Financial Services Commission is working on is to introduce legislation to regulate and supervise money transmission services.

China Insurance Regulatory Commission

China Securities Regulatory Commission

Article 8 The financial supervision and regulation department under the State Council shall be responsible for supervision and regulation of the insurance industry in accordance with this Law.

Management has continued to enhance the Fund's internal oversight and governance, and OIOS has cooperated with the Fund secretariat and the Board of Auditors in developing terms of reference for a Pension Fund audit committee, which will be presented to the Pension Board for approval at its 2006 meeting.

other documents and information requested by the financial supervision and regulation department.

other documents and information requested by the financial supervision and regulation department.

Other amendments as specified by the financial supervision and regulation department.

1.2 Presidential decree No. 408 of 14 September 2003 established a Department of Financial Monitoring within the State Monitoring Committee.

53

Shang Fulin

4

The FIU collaborates with domestic financial sector regulators to supervise financial institutions in accordance with the Money Laundering and Financing of Terrorism (Prevention and Control) Act, Cap.

Article 7 The securities regulatory agency under the State Council, the People's Bank of China and other financial regulatory authorities under the State Council should establish information sharing mechanism of supervision and administration over securities firms.

The Supervision Authority conducts financial supervision in the name of the State and is independent in the conduct of financial supervision.

China Securities Regulatory Commission 2008 04 16

Women occupy just 5 of the seats on the management and supervisory boards of large companies.

Article 70 The establishment of an insurance company is subject to the approval of the financial supervision and regulation department.

However, the Committee would like to point out that the very fact that a financial institution is under the supervision of a governmental institution does not necessarily mean that attempts to commit financial transactions of a suspicious nature may not take place.

The reports and record are revised and monitored by the Financial Institutions Supervision Division of the Royal Monetary Authority.

The Department of Financial Monitoring also collaborates with the competent bodies of foreign States.

Circular of China Insurance Regulatory Commission concerning Printing and Distributing the Guidelines for the Compliance Management of Insurance Companies

Received Diplôme d'inspecteur des services financiers from l'École nationale d'administration.

Article 85 An insurance company shall be dissolved in the event that its insurance license is revoked by the financial supervision and regulation department due to the violation of laws, or administrative regulations.

(n) Review the risk management procedures together with OIOS and the United Nations Board of Auditors and executive management

The Commission was established in March 2004, as an independent regulatory body that focuses on licensing, supervision of licensees, monitoring of financial services in general, reviewing existing financial services legislation and making recommendations for new legislation, as well as maintaining contact with appropriate foreign and international regulatory authorities.3

Its functions include reviewing the material recommendations of the Oversight Committee (see sect. IV of this report) and ensuring that managers act on serious managerial issues identified by its oversight bodies.

Noting the establishment in 2001 of the Montserrat Financial Services Commission, which is responsible for the licensing and supervision of all financial services, with the exception of domestic banks,

Section 18 of the Regulations deals with money laundering and in order to prevent such activities, financial institutions must implement measures such as

Oversight Committee

An insurance company shall report any changes of its Chairman and General Manager to the financial supervision and regulation department for examination of their qualifications for the positions.

Finally, given the interface between financial supervision and monetary relations, the Financial Markets Regulatory Dialogue should be revived alongside G 20 meetings of treasury officials and central bankers. Instead of relying on the multi regional Financial Stability Board to hash out differences and set the regulatory pace, EU and US regulators should be encouraged to present joint solutions and reforms for wider international consideration.

These auditors have the necessary powers, and their nomination, which is submitted by the bank in question, is approved by the Currency and Credit Council (the Currency and Credit Council is the body that regulates the activities of monetary and credit institutions, defines and implements monetary policy, monitors the banking system, regulates deposit and compensation operations, oversees the banking profession and advises the Government on financial matters).

Then, too, institutional issues such as the need for transparency in financial markets and sound prudential management and supervision of financial institutions came to the forefront.

Under Presidential decree No. 314 of 9 March 2004, the Committee was reconstituted as the Federal Service for Financial Monitoring.

(b) The establishment of an Oversight Committee for the Secretariat to ensure that appropriate management action is taken to implement the recommendations of the Office of Internal Oversight Services, the Board of Auditors and the Joint Inspection Unit

UNOPS will refer this matter to its recently created Risk Management and Oversight Committee.

Implementation of the recommendations of the Office of Internal Oversight Services on its management audit of the regional commissions

In paragraph 210 of the report, UNDP agreed with the Board's recommendation that it ensure that the Management Review and Oversight Committee met more frequently in order to carry out its oversight responsibilities effectively.

The charges against Mr. Andreasen should be withdrawn on the basis that that further prosecution could not be expected to lead to conviction and sentence.

A prudential approach to the regulation of private capital flows requires that the regulation and supervision of all financial institutions, as well as a strengthening of the capacity to manage external debt profiles, precede liberalization.

They underscore the importance of the regulation and supervision of all financial institutions preceding liberalization, as well as a sound and coherent policy framework for managing and monitoring capital flows, in general, and debt management, in particular.

Article 114 The composition of the take over task force and the take over procedures shall be determined and publicized by the financial supervision and regulation department.

Implementation of the recommendations of the Office of Internal Oversight Services on the management audit of the regional commissions

In the absence of a Government agency monitoring activities to prevent the legalization of income and the financing of terrorism by persons carrying out financial transactions, such monitoring is carried out by the financial monitoring body.