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Published online by Cambridge University Press: 21 October 2015
A. Macroeconomic and Political Environment
• Stable political system; no major internal social upheavals are expected.
• Continuity in economic policies; no major economic policy reversals in last ten years.
• Stable financial system; banking systems and capital markets are strong.
• No restrictions on economic activities, trade and foreign investment (for all industries).
• No restrictions on trade in financial services and foreign investment in financial sector.
• No capital controls which significantly impact on capital flows.
• Exchange rate regime which is conducive to efficient capital flows and payments.
• Existence of domestic coordinating mechanism among government agencies to develop local currency bond market.
• Existence of mechanism to coordinate development of local currency and regional bond markets with other governments.
B. Regulatory Framework
• Clearly defined creditor rights, insolvency and informal workout processes.
• Effective enforcement of creditor rights.
• Tax and administrative procedures conducive to holding and trading of bonds.
• Effective legal framework for asset securitization.
• Cross-border securities transactions are unhindered.
• Robust system of clear, complete, timely and meaningful disclosure.
• Clear and sound rules on corporate governance, financial controls and market integrity.
• Effective enforcement of rules and penalties governing capital market activity.
• Market regulation and supervision effectively balances interests of all market participants
• Consistent regulations and laws (including taxation) promoting capital market activities.
• Competition regulator with full authority to act against anticompetitive market activity.
C. Reporting Framework
• Robust and transparent accounting standards for financial and non-financial institutions.
• Convergence of domestic accounting standards with the IFRS.
• Existence of time-framed plan for converging domestic accounting standards with IFRS.
D. Public-Private Sector Partnership
• Healthy cooperation between finance officials/regulators and the private financial sector.
• Existence of domestic consultative mechanism between public and private sectors to develop local currency bond markets.[…]
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