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A letter report issued by the General Accounting Office with an abstract that begins "Since 1998, the federal government has taken steps to protect the nation's critical infrastructures, including developing partnerships between the public and private sectors. These cyber and physical public and private infrastructures, which include the financial services sector, are essential to national security, economic security, and/or public health and safety. GAO was asked to review (1) the general nature of the cyber threats faced by the financial services industry; (2) steps the financial services industry has taken to share information on and to address threats, vulnerabilities, and incidents; (3) the relationship between government and private sector efforts to protect the financial services industry's critical infrastructures; and (4) actions financial regulators have taken to address these cyber threats."

This note is prepared as part of the FSAP. Its main objective is to describe the status and recent developments in corporate financial reporting framework in Montenegro and highlight key issues relevant to financial sector. The note represents a technical annex to the main FSAP Aide-Memoire and seeks to provide a high level overview of developments since the 2007 A&A ROSC2, as well as highlight the areas that are most relevant to the financial sector. The Annex 1 to this note offers details on status of implementation of 2007 A&A ROSC policy recommendations and was based on the team's knowledge of corporate financial reporting reforms in Montenegro and limited research. Montenegro has undertaken notable efforts to improve the corporate financial reporting framework since the 2007 A&A ROSC, especially in improving the statutory framework and efforts to align it with the EU acquis communautaire. However, implementation and enforcement of financial reporting and auditing requirements has been hampered by major capacity and resource constraints. The major consequences are that, with exception of banks and insurance companies, there is limited quality financial information on corporate entities available in the market that is reliable for economic decision making or supervision of financial sector entities. The capacity and skills of the accounting and auditing profession in Montenegro needs further development while the institutions responsible for accounting and auditing regulation, in some cases, are at inception. acquis communautaire.

In this article, financial infrastructures increase the efficiency of the banking sector: they reduce the market power of financial intermediaries (stemming from transaction costs and horizontal spatial differentiation), reduce the cost of capital, increase the number of depositors and the total amount of savings collected by banks. These factors increase the growth rate and may allow countries to escape from a poverty trap. On the other hand, taxation finances these infrastructures and reduces the return on capital after tax. An optimal level of financial infrastructure maximising growth or an aggregate well-being measure is assessed. ; International audience ; In this article, financial infrastructures increase the efficiency of the banking sector: they reduce the market power of financial intermediaries (stemming from transaction costs and horizontal spatial differentiation), reduce the cost of capital, increase the number of depositors and the total amount of savings collected by banks. These factors increase the growth rate and may allow countries to escape from a poverty trap. On the other hand, taxation finances these infrastructures and reduces the return on capital after tax. An optimal level of financial infrastructure maximising growth or an aggregate well-being measure is assessed. ; Dans cet article, les infrastructures financières augmentent l'efficacité du secteur bancaire: elles diminuent le pouvoir de marché des intermédiaires financiers (provenant de coûts de transactions et d'une différentiation spatiale horizontale), elles diminuent le coût du capital, augmentent le nombre de déposants et le montant total de l'épargne collectée par les banques. Ces facteurs augmentent le taux de croissance et peuvent permettre à des pays de sortir d'un piège à pauvreté. En revanche, la fiscalité finance ces infrastructures et diminue la rentabilité après impôt du capital. On évalue un niveau optimal d'infrastructures financières maximisant la croissance ou une mesure du bien-être agrégé.

Owing primarily to extensive investment in new mining projects, Mongolia's economy is on a path of very rapid long-term growth. While financial intermediation in Mongolia has been growing fast, access to finance remains a critical constraint for enterprises, and especially for Small and Medium Enterprises (SMEs). Improving access to financial services will require strengthening the legal and regulatory framework and financial infrastructure, including the secured transactions framework, creditor rights and insolvency regime, credit information sharing system, platform for technology-based banking products, regulation and supervision of nonbank financial institutions, and consumer protection in financial services. To realize fully its economic potential, Mongolia needs to build a diversified, efficient and stable financial system, capable of intermediating both on a large scale and in specific market segments. Due to its focus on the development agenda, and specifically on access to finance for the SME sector, capital markets development, and housing finance market development, this report does not address financial sector stability issues. Financial intermediation in Mongolia has grown significantly in recent years; credit and deposit penetration are on par with the average in the East Asia and the Pacific (EAP) region. Access to finance is particularly constrained for SMEs, which are also more sensitive to an unstable macroeconomic environment, characterized by high inflation and exchange rate fluctuations.

The Institute of Public Works Engineering Australia (IPWEA) has recently published the Australian Infrastructure Financial Management Guidelines. The Guidelines provide new assistance to link the technical (engineering) and financial aspects of managing infrastructure and services, and to assist infrastructure owners such as local government to develop sustainable long-term asset and financial management plans.Financial management for long-life infrastructure assets (such as roads, water, sewerage, and stormwater networks, and community buildings) is about ensuring sustainability in the provision of services required by the community. These new Guidelines offer advice for every organisation and individual with responsibility for the management of infrastructure assets. They assist in defining best practice approaches for:• Accounting for infrastructure• Depreciation, valuation, useful life, fair value• Managing financial sustainability• Integrating asset management planning and long term financial planning• Meeting requirements for financial reportingThe project was a joint initiative of IPWEA and the National Local Government Financial Management Forum. A steering committee representing national and state governments, technical and financial professionals, local government associations and auditors oversaw it.

In view of the importance of managing assets and the lack of research in managing assets in the infrastructure sector, we develop an asset management model in this study. This model is developed in line with the unique characteristics of the infrastructure assets and asset management principles and criteria. In the proposed model, we consider activities at three levels, namely the strategical, tactical and operational levels. The interviews with experts in asset management and officials in several Dutch organizations have proven the potential of our asset management model.

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 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.

The overall state of financial inclusion in Russia is relatively advanced along certain basic metrics. The number of adults with accounts at a financial institution stands at 67.4 percent, which compares well to the Europe and Central Asia (ECA) regional average of 51.4 percent. Account penetration has increased by nearly 20 percentage points since 201l, with increases experienced across all segments of the population, including for the poorest 40 percent and for women.1 Russia also has a large number of regulated financial institutions and enjoys 36.98 branches per 100,000 adults, higher than for the United States (32.39) and China (24.03). In addition, usage of accounts and other financial services remains low among the underserved, as does the available range and quality of financial products and services. The main mode for retail payments is still via cash; while underserved individuals may own accounts, many consumers withdraw the full amount they receive from regular government payments or salaries. Most credit and deposit-taking activity still occurs among the middle-high income segments of the population, and there appear to be gaps in terms of both the availability and usage of appropriate savings products for the underserved. The microcredit products that are available to the underserved are of poor quality. There are low levels of trust in the formal financial sector among the Russian population, in particular for microfinance institutions (MFIs).

Abstract There has been little systematic discussion of the issues associated with private involvement in infrastructure. Analysis of the relative performance of the private and public sector in different phases of infrastructure provision suggests that, in most cases, the private sector will be most efficient in the construction phase but the public sector will be best equipped to handle the risks associated with ownership. The situation is less clear‐cut with respect to operation—a mixture in which core operations are undertaken by the public sector owner with peripheral operations being contracted out may be optimal in many cases.