PwC's Managing upstream risk: Regulatory reform review - An asian perspective October 2013 | Page 5

• 41 jurisdictions improved access power to the
information under domestic laws, 21 of these
jurisdictions improved their access to bank
information for EOI purposes; and

a jurisdiction’s compliance with each element
of the Global Forum’s Terms of Reference as
well as an overall rating. The Global Forum’s
peer review reports include determinations
in respect of the elements which comprise
the international standard as to whether a
jurisdiction’s legal framework is in place and
recommendations are made for improvement
where appropriate. Of the total number of 880
determinations made:

• 14 jurisdictions reported improvements in EOI
procedures or strengthening EOI units for
timely EOI.
Since the September 2013 meeting, the G-20
Finance Ministers, Central Bank Governors
and the IMF’s Steering Committee met in
Washington DC over 10 – 11 October 2013 for
the joint annual meeting of the World Bank
and the IMF discussing the state of the global
economy and the reform of the IMF. The IMF
tabled the most recent versions of the ‘World
Economic Outlook’ and the ‘Global Financial
Stability Report’ before the meeting. In the
Communiqué released from the meeting,
the leaders expressed their commitment to
build a safe and reliable financial system by
implementing the financial reforms endorsed
in the Leaders’ declaration, which are aimed at
building upon the significant progress already
achieved, including creating more resilient FIs,
ending too-big-to-fail, increasing transparency
and market integrity, filling regulatory gaps,
addressing the potential systemic risks from
shadow banking and closing information gaps.

• 637 elements were found to be “in place”;
• 171 elements were “in place, but needing
improvement”; and
• 72 elements were “not in place”.

Where the Global Forum has made
recommendations, jurisdictions have responded
in many cases by making changes to improve
their systems for the exchange of information.
21 supplementary reviews have been launched
and of which 18 completed, showing that:
• 78 recommendations addressed
• 49 determinations upgraded
• 8 jurisdictions have been able to qualify for
the Phase 2 where initially they could not
move to Phase 2 (Antigua and Barbuda,
Barbados, British Virgin Islands, Costa Rica,
San Marino, Seychelles, Turks and Caicos
Islands, and Uruguay)

Another point that was made at the G20
Washington DC meeting was that Europe is not
in the hot seat but the United States, which is
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