Regional: Strengthening Support for the Asia-Pacific Economic Cooperation Financial Regulators Training Initiative

Sovereign Project | 44478-012

Summary

To meet the constant need for regional training programs, in July 2010, the advisory group members have unanimously approved the continuation of the FRTI and have recommended possible training topics for 2011. The TA will serve as phase 3 in the implementation of the FRTI. This phase will focus on reviewing the advisory groups strategic directions; strengthening the capacity of financial supervision and regulation; improving FRTI methods in implementing the training programs, based on the results of the independent evaluation study; upgrading the FRTI website; and ensuring the long-term financial sustainability of the current framework.

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Project Name Strengthening Support for the Asia-Pacific Economic Cooperation Financial Regulators Training Initiative
Project Number 44478-012
Country Regional
Project Status Approved
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 7805-REG: Strengthening Support for the Asia-Pacific Economic Cooperation Financial Regulators Training Initiative
Regional Cooperation and Integration Fund US$ 450,000.00
TA: Strengthening Support for the Asia-Pacific Economic Cooperation Financial Regulators Training Initiative
Financial Sector Development Partnership Special Fund US$ 220,000.00
Strategic Agendas Inclusive economic growth
Regional integration
Drivers of Change Governance and capacity development
Knowledge solutions
Partnerships
Sector / Subsector Finance - Finance sector development
Gender Equity and Mainstreaming No gender elements
Description To meet the constant need for regional training programs, in July 2010, the advisory group members have unanimously approved the continuation of the FRTI and have recommended possible training topics for 2011. The TA will serve as phase 3 in the implementation of the FRTI. This phase will focus on reviewing the advisory groups strategic directions; strengthening the capacity of financial supervision and regulation; improving FRTI methods in implementing the training programs, based on the results of the independent evaluation study; upgrading the FRTI website; and ensuring the long-term financial sustainability of the current framework.
Project Rationale and Linkage to Country/Regional Strategy

The 1997 Asian financial crisis and the global financial and economic crisis that began in 2008 demonstrated that regulated and unregulated financial institutions are tightly linked through markets and counterparty relationships and that this can create and spread contagion. Both crises exposed the Asian economies' failure to identify, mitigate, and resolve systemic risk. In addition to transparent policies and governance, many economies around the world need more effective financial regulators capable of applying international standards in the regulation and supervision of their financial sectors. Recent events have also highlighted the need for redesigned training programs that are tailored to the specific needs of staff at financial supervisory and regulatory agencies. The APEC member economies have committed themselves to implementing the core principles for banking and securities regulation developed by the Bank for International Settlements and the International Organization of Securities Commissions.

The recent global financial turmoil, which spread from a 2007 housing price collapse and subprime mortgage crisis in the United States (US), underlined the importance of strong prudential standards, supervision, and regulation to the stability of financial systems. Global post-crisis financial regulatory reform proposals put forth by Group of Twenty important industrialized and developing economies in November 2010 focused on (i) decreasing the likelihood that a similar financial crisis will recur, and (ii) ensuring that the costs of any future failure will be borne not by taxpayers but by the failing banking and the financial sectors. Financial regulators must be able to oversee and enforce these new requirements and to adapt to a more comprehensive and demanding regulatory environment.

Impact Strengthen the capability for financial sector supervision and regulation in the region and respond effectively to new developments and emerging issues and trends
Project Outcome
Description of Outcome Enhanced capacity of financial sector regulators and supervisors for implementing international best practices in banking supervision and securities regulation
Progress Toward Outcome
Implementation Progress
Description of Project Outputs

Revised FRTI strategic plans

Efficient and upgraded training programs for financial sector supervisors and regulators

International seminar on financial market supervision and regulation

Development of case studies with regional content and regional perspectives

Upgraded website for advisory group members, presenters, and participants

Status of Implementation Progress (Outputs, Activities, and Issues)
Geographical Location
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design
During Project Implementation
Business Opportunities
Consulting Services Financial sector supervision training expert (international, 7 person-months); Project specialist (national, 20 person-months); Coordinating expert (national, 20 person-months); Website designer (national, 3 person-months); Editor (international, 2 person-months); Researcher (international, 2 person-months); Resource persons for the financial regulatory training programs (international, 9 person-months)
Responsible ADB Officer Jong-Ho Lee
Responsible ADB Department SDCC
Responsible ADB Division SDOD
Executing Agencies
Asian Development BankHoe Yun Jeonghyjeong@adb.org6 ADB Avenue, Mandaluyong City 1550, Philippines
Timetable
Concept Clearance 23 Nov 2010
Fact Finding -
MRM -
Approval 29 Apr 2011
Last Review Mission -
PDS Creation Date 01 Dec 2010
Last PDS Update 08 Dec 2010

TA

Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
220,000.00 0.00 0.00 0.00 0.00 0.00 220,000.00 - 0.00

TA 7805-REG

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
29 Apr 2011 - 29 Apr 2011 31 Dec 2012 31 Jul 2015 -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
450,000.00 0.00 0.00 0.00 0.00 0.00 450,000.00 29 Apr 2011 999,561.12

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