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The Asia SME Finance Monitor 2013 is the knowledge sharing product on SMEs in Asia and the Pacific, specially focusing on SME access to finance. The Monitor reviews various country aspects of SME finance covering the banking sector, nonbank sector, and capital markets. It is expected to support evidence-based policy making and regulations on SME finance in the region.

The Urban Operational Plan (UOP) 2012-2020 of the Asian Development Bank(ADB) supports ADB developing member countries in expanding their urban economies, improving environmental sustainability, and making pro-poor investments through a 3E approach (Economy, Environment, and Equity). This case study on the Philippines is based on thematic areas of the National Urban Sustainability Assessment framework for developing strategic policy options and targeted investments in the urban sector. This publication shows how the framework acts as a tool for conducting rapid urban assessments at both national and urban region levels for developing member countries.

The People's Republic of China is a highly decentralized unitary state with local governments having a dominant share of public service delivery responsibility. Local governance is critically linked to a local public finance system that creates incentives and accountability mechanisms. To ensure the policy response, this project focused on the three interrelated areas in local public finance management, i.e., local budgeting, local debt management and local taxation, and produced policy options in the short, medium and long terms. The overall purpose of the reforms is to improve local accountability and transparency, strengthen local fiscal capacity, and institutionalize formal frameworks for local public debt management.

The Asia SME Finance Monitor 2013 is the knowledge sharing product on SMEs in Asia and the Pacific, specially focusing on SME access to finance. The Monitor reviews various country aspects of SME finance covering the banking sector, nonbank sector, and capital markets. It is expected to support evidence-based policy making and regulations on SME finance in the region.

The People's Republic of China is a highly decentralized unitary state with local governments having a dominant share of public service delivery responsibility. Local governance is critically linked to a local public finance system that creates incentives and accountability mechanisms. To ensure the policy response, this project focused on the three interrelated areas in local public finance management, i.e., local budgeting, local debt management and local taxation, and produced policy options in the short, medium and long terms. The overall purpose of the reforms is to improve local accountability and transparency, strengthen local fiscal capacity, and institutionalize formal frameworks for local public debt management.

The Urban Operational Plan (UOP) 2012-2020 of the Asian Development Bank(ADB) supports ADB developing member countries in expanding their urban economies, improving environmental sustainability, and making pro-poor investments through a 3E approach (Economy, Environment, and Equity). This case study on the Philippines is based on thematic areas of the National Urban Sustainability Assessment framework for developing strategic policy options and targeted investments in the urban sector. This publication shows how the framework acts as a tool for conducting rapid urban assessments at both national and urban region levels for developing member countries.

В статье проанализирован современный механизм регулирования рынка ценных бумаг и производных финансовых инструментов в Федеративной Республике Германия. Выяснено, что регулирование рынка ценных бумаг и производных финансовых инструментов в Германии учитывает регуляторные особенности этого механизма относительно функционирования рынка ценных бумаг в Европейском Союзе по трем основным направлениям: во-первых, на основе первичного законодательства ЕС, то есть Учредительных договоров ЕС, нормы которых имеют прямое действие на территории всех государств-членов ЕС; во-вторых, вторичного права ЕС на базе актов, прежде всего директив и регламентов, принятых институтами Европейского Союза в развитие положений Учредительных договоров ЕС; в-третьих, с помощью национального законодательства государств-членов ЕС. ; This article analyzes the mechanism of regulation of the securities and derivatives in the Federal Republic of Germany. It has been found that the regulation of the securities market and derivatives in Germany takes into account the features of the regulatory mechanism for the functioning of the securities market in the European Union in three main areas: firstly, on the basis of the primary EU law, namely the constituent treaties of the European Union, which have a direct effect in the territory of all the member states, and secondly, through the secondary EU law, which is based on acts, especially directives and regulations adopted by the European Union institutions for the development of the constituent treaties of the European Union, and thirdly, through national legislation of the EU member states. It has been established that there is no a single body for securities regulation endowed with a full range of control and supervision functions in the EU and this situation is not accidental as the necessity in the creation of a counterpart to the European Central Bank for financial instruments and services in nonbank sector is not evident. Thus the EU directives do not give an exhaustive answer to the question of the final configuration of national securities regulators of the Member States of the European Union. They just set the appropriate requirements for the functions and authorities of such regulators by introducing the guidelines and volume of regulation. The issue of internal regulations of the securities regulators of the Member States is determined by national law. The member states of the EU use different models of the regulation from the creation of megaregulator for the entire financial market to the creation of several regulators in each specific segment of the secutities market. It has been determined that the functioning of the internal procedure in Germany formarket regulation of securities and derivatives is formed by the following main aspects: securities trading, limitation on trade using insider information, supervision for insider activities, monitoring of market manipulation of securities, securities merger and acquisitions, the formation of an integrated system of financial supervision, strengthening of investor protection, increase in transparency and strengthening measures against money laundering.

A Combined Study on Assessing the Financial Landscape and Formulating Milestones for Monetary and Financial Integration in ASEAN This paper provides a summary assessment of the Association of Southeast Asian Nations (ASEAN) on the state of financial integration in the region, with inputs from the Asian Development Bank regional technical assistance project Combined Studies on Assessing the Financial Landscape and Formulating Milestones for Monetary and Financial Integration in ASEAN. Information on the financial integration milestones blueprint that will lay out a comprehensive program to achieve ASEAN financial integration by 2015, as well as the recommended institutional and policy reforms to be implemented in 2011–2020 are discussed here.

A Combined Study on Assessing the Financial Landscape and Formulating Milestones for Monetary and Financial Integration in ASEAN This paper provides a summary assessment of the Association of Southeast Asian Nations (ASEAN) on the state of financial integration in the region, with inputs from the Asian Development Bank regional technical assistance project Combined Studies on Assessing the Financial Landscape and Formulating Milestones for Monetary and Financial Integration in ASEAN. Information on the financial integration milestones blueprint that will lay out a comprehensive program to achieve ASEAN financial integration by 2015, as well as the recommended institutional and policy reforms to be implemented in 2011–2020 are discussed here.

The Report on Observance of Standards and Codes, Accounting and Auditing (ROSC A&A), requested by the Government of the Kingdom of Swaziland, contributes to development of a comprehensive plan that will strengthen the institutional framework that underpins accounting and auditing practices in the country. ROSC A&A program is a part of the joint World Bank-International Monetary Fund (IMF) initiative on assisting member countries to strengthen their financial system by improving capacity to comply with important internationally recognized standards and codes. The initiative covers twelve areas that relate to: (a) policy transparency; (b) financial sector regulation and supervision, Financial Sector Assessment Program (FSAP); and (c) market integrity. ROSC A&A relate to market integrity and specifically reviews and makes recommendations for strengthening the framework for education and training for accountants, the capacity and services of a professional accountancy organization, regulatory framework governing accounting and auditing practices, the applicable accounting auditing and ethics standards and the extent of their implementation, and the regulatory institutions and mechanism for monitoring and enforcing compliance with the standards.

In September 2010, the Overseas Development Institute was tasked by the Knowledge Management Center, in the Regional and Sustainable Development Department (RSDD) in ADB, to conduct a study of ADB's knowledge taxonomy.3 The aim was to explore, recommend, and draw implications from a classification of knowledge products and services to improve ADB's organizational efficiency, from an internal and external perspective.

This Financial Sector Operational Plan aims to articulate the financial sector agendas of Strategy 2020 and guide its implementation by ADB. The Asian Development Bank (ADB) issued its long-term strategic framework, Strategy 2020, in April 2008 to guide its operations to meet the changing assistance needs of its developing members. The strategy identified financial sector development as one of the five focal areas of ADB's operations through 2020. This Financial Sector Operational Plan aims to articulate the financial sector agendas of Strategy 2020 and guide its implementation by ADB.

In September 2010, the Overseas Development Institute was tasked by the Knowledge Management Center, in the Regional and Sustainable Development Department (RSDD) in ADB, to conduct a study of ADB's knowledge taxonomy.3 The aim was to explore, recommend, and draw implications from a classification of knowledge products and services to improve ADB's organizational efficiency, from an internal and external perspective.

This Financial Sector Operational Plan aims to articulate the financial sector agendas of Strategy 2020 and guide its implementation by ADB. The Asian Development Bank (ADB) issued its long-term strategic framework, Strategy 2020, in April 2008 to guide its operations to meet the changing assistance needs of its developing members. The strategy identified financial sector development as one of the five focal areas of ADB's operations through 2020. This Financial Sector Operational Plan aims to articulate the financial sector agendas of Strategy 2020 and guide its implementation by ADB.

This policy note assesses tax administration measures and tax rate adjustments, two options for the Philippines' fiscal consolidation in terms of their efficiency for revenue mobilization and impacts on tax equity. Its key findings are: 1) a policy mix of a higher value-added tax and a lower corporate income tax will make the overall tax system more regressive, even if its impact on tax revenue is neutral; 2) the country's tax productivity is much lower than those of its peers in the region, which signals the presence of significant tax loopholes and weak tax administration; and, 3) there is ample room to increase excise taxes on tobacco, alcoholic products, and gasoline, without ruining the equity of the tax system. These suggest that tax administration remains a key focus of efforts for the new administration.