Translation of "système international de régulation financière " (French → English) :

The Union and the OCTs shall promote regulatory convergence with recognised international standards on regulation and supervision in the area of financial services including: the Basel Committee’s ‘Core Principle for Effective Banking Supervision’, the International Association of Insurance Supervisors’ ‘Insurance Core Principles’, the International Organisation of Securities Commissions’ ‘Objectives and Principles of Securities Regulation’, the OECD’s ‘Agree ...[+++]ment on exchange of information on tax matters’, the G20 ‘Statement on Transparency and exchange of information for tax purposes’, the Financial Stability Board’s ‘Key Attributes of Effective Resolution Regimes for Financial Institutions’ and the Financial Action Task Force’s ‘International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation — the FATF Recommendations’.

On 23 September 2009, the Commission adopted proposals for three regulations establishing the European System of Financial Supervision, including the creation of three European Supervisory Authorities (ESAs) to contribute to a consistent application of Union legislation and to the establishment of high-quality common regulatory and supervisory standards and practices.

In view of these severely adverse economic and financial conditions, the Cypriot authorities officially requested financial assistance under the terms of a loan by the European Financial Stability Facility/European Stability Mechanism (ESM) on 25 June 2012, as well as from the International Monetary Fund (IMF), with a view to supporting the return of Cyprus’ economy to sustainable growth, ensuring a properly-functioning banking system and safeguarding fi ...[+++]nancial stability in the Union and in the euro area.

3. In order to reduce the risk of fraud and irregularities, the financial statement referred to in paragraph 1 shall provide information on the internal control system set up, an estimate of the costs and benefits of the controls implied by such system and an assessment of the expected level of risk of error, as well as existing and planned fraud prevention and protection measures.

The structural causes which have undermined the success of the Lomé Conventions are still present: the burden of debt which is strangling the budgets of the ACP countries and their potential to invest in sustainable development, the continued deterioration of trade terms to the detriment of the ACP countries, in the absence of an international system for trade regulation of primary products, a structural adjustments policy which imposes budgetary restrictions on ACP countries and, lastly, an inconsistent European policy which, like its development policy, not only subsidises agricultural production and exports its surplus to developing c ...[+++]ountries, thus destabilising the local markets, but also authorises industrial fishing vessels to fish the territorial waters of the ACP countries, which adversely affects the local people’s means of subsistence and compromises the protection of biodiversity.

This process has started and an initial analysis in the areas of systems, staff, internal controls, financial responsibility, audits and procurement is being carried out.