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International Monetary Fund By-Laws and Rules and Regulations Summary (November 2019)

Core Content Overview

The document outlines the By-Laws and Rules and Regulations of the International Monetary Fund (IMF), effective as of November 26, 2019. These regulations define the structure, procedures, and operational guidelines for the IMF, including its governance, meetings, voting, financial management, and relations with other international organizations.

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Main Sections and Key Information

I. By-Laws of the IMF

1. Places of Business

• The principal office of the IMF is located in the metropolitan area of Washington, DC.
• The Executive Board may establish agencies or branch offices in other member territories if necessary for efficient operations.

2. General Department and Special Drawing Rights (SDR) Department

• References to members or Governors in the By-Laws (except specific sections) pertain to participants or those appointed by participants.
• The SDR Department is responsible for managing the Special Drawing Rights, a type of reserve asset.

3. Meetings of the Board of Governors

• Regular meetings are held annually, unless otherwise decided.
• The Managing Director determines the time and place of regular meetings, which may be changed by the Executive Board if needed.
• Special meetings may be called by the Board or Executive Board upon the request of 15 members or members with 25% of total voting power.

4. Notice of Meetings

• The Managing Director must notify all members at least 42 days in advance of the time and place of meetings, except in urgent cases, where 10 days is sufficient.

5. Attendance at Meetings

• Executive Directors and their Alternates may attend and participate in meetings, but only Governors or Alternates may vote.
• The Chairman may invite observers from other entities, such as the World Trade Organization.

6. Agenda of Meetings

• The Managing Director, under the Executive Board's direction, prepares the agenda for each meeting and transmits it with the notice.
• Governors may add additional agenda items if notified at least seven days in advance.
• The Board may place items on the agenda even without prior notice in special circumstances.

7. Selection of Chairman and Vice-Chairmen

• The Board of Governors selects a Chairman and Vice-Chairmen at each regular meeting.
• In the absence of the Chairman, the designated Vice-Chairman assumes the role.

8. Secretary

• The Secretary of the Fund serves as the Secretary of the Board of Governors.

9. Minutes

• The Board of Governors keeps a summary record of its proceedings, which is available to all members and filed with the Executive Board.

10. Report of the Executive Board

• The Executive Board prepares an annual report for the Board of Governors, covering Fund policies, activities, and recommendations.
• The report also reviews the international monetary system, General Department, SDR Department, and financial services.

11. Voting

• Decisions are made by majority vote unless otherwise specified.
• The Chairman may determine the sense of the meeting instead of a formal vote, but a formal vote is required upon request.
• Votes must be cast in writing and distributed to members.

12. Proxies

• Governors and Alternates may not vote by proxy, except in cases where a temporary Alternate is designated due to the absence of the regularly designated Alternate.

13. Voting Without Meeting

• The Executive Board may request voting without meeting if action must be taken immediately and a special meeting is not warranted.
• Votes are cast during a period set by the Executive Board.
• If a majority of Governors with two-thirds of total voting power is not achieved, the motion is considered lost.

14. Terms of Service

• Governors and Alternates receive reimbursement for reasonable expenses (excluding travel).
• Tax allowances are provided for salaries and allowances pending exemption from national taxation.
• The Managing Director has a five-year term, which may be renewed.
• Executive Directors and their Alternates must devote full time to the Fund, with limited exceptions for health or absence.
• Temporary Alternates may serve up to 15 business days annually, with possible extensions in special circumstances.
• Remuneration for Executive Directors and Alternates is prorated if they do not devote full time.
• Reimbursement for travel and transportation is provided for moving to and from the Fund's seat.
• Family travel reimbursement is available every third year and every second year thereafter.
• Dual appointments (Fund and Bank) are limited to the full annual salary.

15. Delegation of Authority

• The Executive Board is authorized to exercise the powers of the Board of Governors except those directly conferred by the Articles of Agreement.

16. Rules and Regulations

• The Executive Board may adopt Rules and Regulations, including financial regulations, as needed.
• These rules are subject to review by the Board of Governors at their next regular meeting.

17. Vacant Directorships

• In the case of a vacant Executive Director, the Managing Director notifies the members and may convene a meeting or request nominations.
• Successive ballots are used to elect a new Executive Director, with the lowest-voted candidate being dropped from the next ballot.
• Members with suspended voting rights are excluded from the election process.
• The Alternate position becomes vacant upon the election of a new Executive Director.

18. Abrogated

• Section 18 was abrogated effective January 26, 2016.

19. Representation of Members

• Members may send representatives to meetings of the Executive Board if their interests are affected.
• The Executive Board determines whether a matter particularly affects a member.
• Members with suspended voting rights are still allowed to present views through authorized representatives.

20. Budget and Audits

• The Managing Director prepares an annual administrative budget for approval by the Executive Board.
• The annual report includes the approved budget and is presented to the Board of Governors.
• An external audit of the Fund’s financial statements and accounts is conducted annually.
• The audit committee oversees the audit and is composed of three nationals from different members, with at least one from a major quota member.
• The audit committee and audit firm have access to accounting records and supporting evidence.
• The audit must be comprehensive, including tests of accounting records and review of operations and transactions.
• The audit firm issues a report stating whether the financial statements give a true and fair view of the Fund's financial position.

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II. Rules and Regulations of the IMF

A. Scope of Rules and Regulations

• The rules cover the organization and operation of the Fund, including financial regulations.

B. Terms and Definitions

• Defines key terms such as SDR, quota, exchange controls, freely usable currency, etc.

C. The Executive Board

• Meetings: Conducted under the guidance of the Board of Governors.
• Agenda: Prepared by the Managing Director and transmitted with the notice.
• Voting: Conducted by majority vote, with formal voting required upon request.
• Language: Meetings may be conducted in English, with translation available if needed.
• Minutes: Must be recorded and available to all members.

D. Application for Membership and Quota Changes

• Application for Membership: Governed by specific rules and procedures.
• Quotas: Determine the financial contributions of members and their voting power.

E. Substitution of Securities for Currency

• Allows securities to be used in place of currency for certain transactions.

F. Gold

• The Fund holds gold as a reserve asset, and its management is subject to specific rules.

G. Operations and Transactions

• Covers financial operations, currency transactions, and related procedures.

H. Exchange Controls, Currency Practices, Agreements, and Information

• Regulates exchange controls, currency practices, and information sharing.

I. Charges in Respect of General Resources Account Transactions and Remuneration

• Details charges and remuneration for transactions and services related to the General Resources Account.

J. Accounting and Reporting

• Accounts: Must be maintained and reported in accordance with IMF rules.
• Annual Administrative Budget: Approved by the Executive Board.
• Annual Report: Includes financial and operational performance.
• Audit: Conducted annually by an external audit firm.
• Financial Year: Defined and aligned with the audit period.

K. Limitation, Ineligibility, and Suspension of Voting Rights

• Outlines the conditions for suspension or limitation of voting rights, including compulsory withdrawal.

L. Capital Transfers

• Governs the transfer of capital and related procedures.

M. Relations with Non-Members

• Defines the rules for engagement with non-member countries.

N. Staff Regulations

• Covers the employment, compensation, and responsibilities of IMF staff.

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O. Valuation of the SDR, Currencies, and Budget

• Valuation of the SDR is based on a basket of currencies.
• Currencies are valued in terms of the SDR.
• Freely Usable Currencies are defined and monitored.
• Procedures for Currency Exchange are outlined.
• Operational Budget: Includes costs and reimbursements for SDR-related activities.

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P. Procedures for Operations and Transactions Involving SDRs

• Transactions with Designation: Participants may be required to provide currency.
• Transactions by Agreement: May be conducted between participants.
• Prescribed Operations: Defined by the Executive Board.
• Recording: All transactions must be documented.

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Q. Other Holders

• Covers other entities or individuals who may hold IMF resources or SDRs.

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R. Abrogated

• Section R was abrogated effective April 30, 1981.

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S. Suspension of Use of SDRs

• Defines the conditions under which the use of SDRs may be suspended.

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T. Interest, Charges, and Assessments in Respect of SDRs

• Details the interest, charges, and assessments applicable to SDRs.