2011年-FSB全球金融稳定委员会_Public_responses_to_April_2011_note_Potential_Financial_Stability_Issues_Arising_from_Recent_Trends_in_ETFs_22页_212kb

FSB-G20 Monitoring Progress - Saudi Arabia September 2010

I. Building High Quality Capital and Mitigating Procyclicality

Core Content

• Saudi Arabia is committed to adopting the Basel II Capital Framework by 2011.
• All major banks have fully implemented the three pillars of Basel II by 2008.
• SAMA is planning to introduce Basel III standards in 2013 and beyond.

Main Steps Taken

• Implemented Basel II in 2008, including Pillar 2 (Internal Capital Adequacy Assessment Process) and Pillar 3 (enhanced transparency).
• Established a statutory reserve requirement under the Banking Control Law, requiring banks to transfer 25% of net profits to reserves.
• Maintained a high capital adequacy ratio (CAR) of 17.2% as of December 2010.
• Increased capital buffers by more than 2.5 times between 2004 and 2009.

Key Challenges

• Ongoing need to ensure that capital buffers remain sufficient as Basel III is phased in.
• Balancing capital requirements with economic recovery and market stability.

II. Strengthening Accounting Standards

Core Content

• Ensuring consistent application of high-quality accounting standards.
• Addressing the use of valuation reserves or adjustments for fair valued financial instruments.
• Reducing adverse dynamics from fair value accounting.
• Enhancing disclosure of securitised products.

Main Steps Taken

• Saudi banks have been applying IFRS since 1992.
• SAMA participates in discussions with the IASB and Basel Committee to revise accounting standards.
• Enhanced disclosure of securitised products is part of ongoing regulatory efforts.
• SAMA works with banks and external auditors to ensure compliance with IFRS.

Key Challenges

• Ensuring full compliance with updated international accounting standards.
• Coordinating with international bodies to align Saudi practices with global developments.

III. Reforming Compensation Practices to Support Financial Stability

Core Content

• Aligning compensation policies with long-term value creation, not excessive risk-taking.
• Reviewing compensation structures to mitigate systemic risk.

Main Steps Taken

• SAMA has been monitoring compensation practices since the early 1990s.
• Implemented measures such as fixing compensation for directors and audit committees, forming Remuneration Committees, and reviewing bonus and deferred compensation schemes.
• Issued regulatory circulars and guidelines to align with FSB principles.
• Conducted regular surveys and on-site examinations to ensure compliance.

Key Challenges

• Ensuring continued alignment with FSB standards as new guidelines are introduced.
• Maintaining a balance between incentives and risk mitigation.

IV. Improving OTC Derivatives Markets

Core Content

• Standardizing OTC derivatives markets, including the use of central clearing counterparties (CCPs).
• Trading standardized derivatives on exchanges or electronic platforms by end-2012.
• Reporting OTC derivatives to trade repositories.

Main Steps Taken

• Banks in Saudi Arabia use CTA and ISDA documentation for OTC transactions.
• SAMA monitors international developments and will implement the recommendations as appropriate.
• The OTC derivatives market in Saudi Arabia is small (0.03% of global notional values).

Key Challenges

• Implementing standardization and clearing mechanisms.
• Developing and enforcing trade repository requirements.

V. Addressing Cross-Border Resolutions and Systemically Important Financial Institutions (SIFIs)

Core Content

• Consistent, consolidated supervision of SIFIs.
• Development of resolution tools and frameworks to mitigate financial institution failures.

Main Steps Taken

• SAMA regulates banks and insurance companies on a consolidated basis.
• Subsidiaries are also subject to consistent supervision.
• SAMA is part of ongoing discussions at the FSB and BCBS regarding resolution frameworks.

Key Challenges

• Ensuring that resolution frameworks are in place and effective.
• Coordinating with international bodies to develop robust tools for cross-border resolution.

VI. Strengthening Adherence to International Supervisory and Regulatory Standards

Core Content

• Adherence to international prudential, tax, and AML/CFT standards.
• Periodic peer reviews to assess regulatory systems.

Main Steps Taken

• Saudi Arabia has participated in FSAP, FATF, and FSB peer reviews.
• SAMA has issued AML regulations and is a member of MENAFATF.
• The last FSAP was conducted in 2004, with satisfactory results.

Key Challenges

• Maintaining compliance with evolving international standards.
• Ensuring transparency and openness in financial sector assessments.

VII. Additional Steps to Check Implementation of International Guidance

Core Content

• Ensuring that international guidance is properly implemented through regular supervision and reviews.

Main Steps Taken

• SAMA has implemented Pillar 2 requirements, including stress testing.
• Stress testing is an integral part of the ICAAP process.
• SAMA has issued guidelines on stress testing and is continuously improving its supervisory approach.

Key Challenges

• Ensuring that stress testing is effectively applied and results are actionable.
• Maintaining a conservative and prudent supervisory approach.