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 Name||Strengthening Support for the Asia-Pacific Economic Cooperation Financial Regulators Training Initiative|
|Project Type / Modality of Assistance||Technical Assistance
|Source of Funding / Amount||
|Strategic Agendas||Inclusive economic growth
|Drivers of Change||Governance and capacity development
|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|
|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|
|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)|
|Summary of Environmental and Social Aspects|
|Stakeholder Communication, Participation, and Consultation|
|During Project Design|
|During Project Implementation|
|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||Kim, Woohyun|
|Responsible ADB Department||Sustainable Development and Climate Change Department|
|Responsible ADB Division||SDOD|
|Concept Clearance||23 Nov 2010|
|Approval||29 Apr 2011|
|Last Review Mission||-|
|PDS Creation Date||01 Dec 2010|
|Last PDS Update||08 Dec 2010|
|Approval||Signing Date||Effectivity Date||Closing|
|29 Apr 2011||-||29 Apr 2011||31 Dec 2012||31 Jul 2015||-|
|Financing Plan/TA Utilization||Cumulative Disbursements|
|1,620,000.00||500,000.00||0.00||0.00||0.00||0.00||2,120,000.00||29 Apr 2011||1,112,722.19|
Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.
The Access to Information Policy (AIP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.
The Accountability Mechanism provides a forum where people adversely affected by ADB-assisted projects can voice and seek solutions to their problems and report alleged noncompliance of ADB's operational policies and procedures.
In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.
|Title||Document Type||Document Date|
|Strengthening Support for the Asia-Pacific Economic Cooperation Financial Regulators Training Initiative: Technical Assistance Completion Report||TA Completion Reports||Apr 2016|
|Strengthening Support for the Asia-Pacific Economic Cooperation Financial Regulators Training Initiative||Technical Assistance Reports||Apr 2011|
Safeguard Documents See also: Safeguards
Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.
None currently available.
Evaluation Documents See also: Independent Evaluation
None currently available.
None currently available.
The Access to Information Policy (AIP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.
Requests for information may also be directed to the InfoUnit.
No tenders for this project were found.
No contracts awarded for this project were found
None currently available.