The FSAP is a joint IMF-World Bank program that began in 1999 following the financial crisis in Asia.
The FSAP provides an integrated analysis of financial stability and development issues, and generally includes financial sector analysis, stress testing, and an assessment of the observance and implementation of international standards and codes.
29 major jurisdictions selected by the IMF undergo an FSAP review every five years. Like other Financial Stability Board members, the United States has committed to publishing FSAP documents. The last review concluded in July 2020.
United States FSAP Documents
As one of 29 systemically important jurisdictions selected by the IMF, the United States undergoes an FSAP review every five years.
Documents for the U.S. FSAP reviews:
The FSAP process generates a number of useful documents:
- Self-Assessments – the U.S. agency perspective on how U.S. regulation and supervision meets international standards.
- Detailed Assessment Reports (DAR) – the IMF view of U.S. agency compliance with international standards.
- Technical Notes – the IMF perspective on specific financial system aspects. There is one technical note for each subject reviewed.
- Financial System Stability Assessment (FSSA) – the IMF perspective on financial stability issues of macro-economic significance.
Criteria for Determining the Key Standards
The FSB applied the following criteria for determining the list of key standards for sound financial systems:
- relevant and critical for a stable, robust, and well-functioning financial system (including in light of the lessons from the recent financial crisis), in order to impart a sense of prioritization in implementation;
- universal in their applicability, by covering areas that are important in nearly all jurisdictions;
- flexible in implementation, by being general enough to take into account different country circumstances;
- broadly endorsed - namely, that such standards should have been issued by an internationally recognized body in the relevant area in extensive consultation with relevant stakeholders. To satisfy this criterion, the standard should preferably undergo a public consultation process. This criterion would also be satisfied when the standard-setting body has wide representation, or when the standard has been endorsed by International Financial Institutions (IFIs), such as the IMF and the World Bank; and
- assessable by national authorities or by third parties such as IFIs.
Area | Standard | Issuing Body |
---|---|---|
|
||
Macroeconomic Policy and Data Transparency |
||
Monetary and financial policy transparency |
Code of Good Practices on Transparency in Monetary and Financial Policies |
IMF |
Fiscal policy transparency |
IMF |
|
Data dissemination |
Special Data Dissemination Standard / |
IMF |
Financial Regulation and Supervision |
||
Banking supervision |
BCBS |
|
Securities regulation |
IOSCO |
|
Insurance supervision |
IAIS |
|
Institutional and Market Infrastructure |
||
Crisis resolution and deposit insurance |
BCBS/IADI |
|
Crisis Resolution | Key Attributes of Effective Resolution Regimes For Financial Institutions
|
FSB |
Insolvency |
World Bank |
|
Corporate governance |
OECD |
|
Accounting and Auditing |
International Financial Reporting Standards (IFRS) |
IASB |
Payment, clearing and settlement |
CPSS/IOSCO |
|
Market integrity |
FATF Recommendations on Combating Money Laundering and the Financing of Terrorism & Proliferation |
FATF |
United States 2020 FSAP Documents
Standards Assessments
- Core Principles for Effective Banking Supervision
Banking Self-Assessment - Core Principles for Effective Deposit Insurance Systems
Deposit Insurance Self-Assessment
- Insurance Core Principles
Insurance Self-Assessment
- Objectives and Principles of Securities Regulation
IMF Financial System Stability Assessment
IMF Technical Notes
United States 2015 FSAP Documents
- Core Principles for Effective Banking Supervision
IMF Detailed Assessment Report (DAR) on Banking (4/3/2015)
- Insurance Core Principles
Insurance Self-Assessment | IMF Detailed Assessment Report (DAR) on Insurance (4/3/2015)
- Objectives and Principles of Securities Regulation
IMF Detailed Assessment Report (DAR) on Securities (4/3/2015) - Key Attributes of Effective Resolution Regimes for Financial Institutions
IMF Financial System Stability Assessment
Financial System Stability Assessment
IMF Technical Notes
- Review of the Key Attributes of Effective Resolution Regimes for the Banking and Insurance Sectors (7/7/2015)
- Systemic Risk Oversight and Management (7/7/2015)
- Stress Testing (7/7/2015)
- Anti-money Laundering and Combating the Financing of Terrorism (7/7/2015)
United States 2010 FSAP Documents
Standards Assessments
- Core Principles for Systemically Important Payment Systems
Standard | Self-Assessment (8/31/2009)- IMF Detailed Assessment Report (DAR) on Securities Settlement—Fedwire Securities Service (FSS) (5/14/2010)
- IMF Detailed Assessment Report (DAR) on Securities Settlement—Depository Trust Company (DTC) (5/14/2010)
- IMF Detailed Assessment Report (DAR) on Central Counterparties—National Securities Clearing Corporation (NSCC) (5/14/2010)
- IMF Detailed Assessment Report (DAR) on Central Counterparties—Fixed Income Clearing Corporation, Government Securities Division (FICC) (5/14/2010)
- IMF Report On Standards and Codes (ROSC) on Securities Settlement and Central Counterparties (7/30/2010)
- Core Principles for Effective Banking Supervision
Self-Assessment (8/31/2009) - Objectives and Principles of Securities Regulation
- Self-Assessment - part a (8/31/2009) | Self-Assessment - part b (8/31/2009)
- Insurance Core Principles
Insurance NAIC Self-Assessment (8/31/2009
IMF Financial System Stability Assessment
- IMF Financial System Stability Assessment (FSSA) of the United States (7/30/2010)
- IMF FSSA Supplement (7/30/2010)
IMF Technical Notes
- Basel II Implementation (5/14/2010)
- Crisis Management Arrangements (5/14/2010)
- Payment Systems—Oversight (5/14/2010)
- Payment Systems—Liquidity Risk Management (5/14/2010)
- Stress Testing (7/30/2010)
- Consolidated Regulation and Supervision (7/30/2010)
- Regulatory Reform: OTC Derivatives Markets (7/30/2010)
- Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) (7/30/2010)