Questionnaire on Financial Consumer Protection measures re COVID-19- Summary analysis
1. QUESTIONNAIRE ON FINANCIAL CONSUMER
PROTECTION MEASURES RE COVID-19
October 2020
Prepared by:
Miles Larbey, Head of Financial Consumer Protection
Heekyung Son, Policy Analyst, Financial Consumer Protection
Sally Day-Hanotiaux, Project Assistant, Financial Consumer Protection
SUMMARY ANALYSIS OF FINDINGS
2. 1. Introduction
2. Background to Questionnaire on FCP
measures re COVID-19
3. Summary Analysis of findings
4. Observations and Next Steps
5. List of Respondents
2
Contents
4. 4
COVID-19 affects the ecosystem of personal finances
for many financial consumers & retail investors
Loan
repayments
Emergency
access to
funds
Access to
banking &
payment
services
Impact on
savings and
investments
Insurance
cover, claims
etc.
Financial
Scams
5. • Guidance note on financial consumer protection and
COVID-19 (released 27 March, updated 17 April 2020)
• Questionnaire on FCP measures to facilitate info-sharing
(launched 27 March 2020), with responses shared with all
respondents
• Links to information and resources published by jurisdictions
promoted on OECD and FinCoNet websites
• Dedicated information sharing sessions for all Task Force
participants including FinCoNet members to share information and
experience of jurisdiction approaches – April, June and
October 202
• Looking ahead, further work will include:
– Follow up survey and report on impact and effective approaches in 2021
– Review of the G20/OECD Principles on Financial Consumer Protection via
the Task Force 2021-22
OECD providing technical support for jurisdictions on
financial consumer protection re COVID-19
5
7. • Objectives:
– facilitate information sharing among participants
– inform a holistic view of the global response across the full range of consumer
finances
• Questionnaire divided into following sections:
– General
– Credit products & services
– Banking & payment services
– General & life insurance
– Retail investment products & services
– Pensions & retirement savings funds
Questionnaire on FCP measures re
COVID-19 launched in March 2020
7
8. • Questionnaire widely distributed via under the umbrella of the G20/OECD Task
Force on Financial Consumer Protection:
– G20/OECD/FSB member jurisdictions
– FinCoNet members
– OECD regional project members
– IAIS Market Conduct Working Group members
– Access to Insurance Initiative members
– IOSCO Committee 8 members
– World Bank
– Alliance for Financial Inclusion
• 64 jurisdictions (89 organizations) participated in the Questionnaire between
April-September 2020
• Thank you to all those who have participated and/or collaborated
in this important exercise, your contribution is invaluable
Questionnaire was widely distributed, with 89
organisations in 64 jurisdictions contributing
responses
8
9. Participation varied across sections of questionnaire
Section No. of
Jurisdictions
N0. of
Organisations
General 64 89
Credit products & services 51 58
Banking & payment services 48 55
General & life Insurance 41 46
Retail investment products &
services
33 39
Pensions & retirement
savings funds
42 48
9
12. Almost all respondents are monitoring risks to
financial consumers resulting from COVID-19
12
NO
2%
YES
96%
No Response
2%
Q1.6 Is your organisation monitoring the risks arising to
financial consumers as a result of the COVID-19 outbreak?
13. Most common consumer risk: difficulty making
financial commitments
13
10%
14%
15%
16%
17%
28%
0% 10% 20% 30%
Other
Risks related to effects of intense market
volatility
Scams and cyber fraud
Financial resiliency due to job loss and
therefore reduction in income.
Operational resilience of financial
institutions
Difficulty making financial commitments,
such as mortgage payments and loans
Percentage of respondents
Q1.7 What risks to financial consumers have been identified?
14. 4 in 5 respondents are providing information to help
financial consumers
14
NO, 17%
YES, 81%
No Response,
2%
Q1.9 Has your organisation provided any information or
communications to help consumers manage their finances in
view of the COVID-19 outbreak?
15. Around half of respondents have detected and/or
issued warnings re: COVID-19 scams targeting
financial consumers
15
NO, 48%
YES,
45%
No
Response,
7%
Q1.10 Has your organisation
detected any incidence of scams
related to COVID-19?
NO, 48%
YES,
46%
No
Response,
6%
Q1.11 Has your organisation issued
any warnings regarding scams
related to COVID-19?
16. Most common scams use fake information to tempt
consumers to transfer/invest/pay money
16
9%
13%
14%
16%
23%
26%
0% 10% 20% 30%
Misleading claims
Other
Messages from fake government /regulated
entities
Warnings/advertisement about finances
from fraudsters posing as banks or advisors
Getting personal identification information
Using fake information to tempt consumers
to transfer/invest/pay money
Percentage of respondents
Q1.10 Incidence of scams related to COVID-19 detected
17. ~4 in 5 respondents have implemented specific FCP
measures in response to COVID-19
17
4%
11%
82%
2%
0% 25% 50% 75% 100%
NO
UNDER CONSIDERATION
YES
No Response
Q1.12 Have any financial consumer protection measure(s)
specifically in response to the risks posed by the COVID-19
outbreak been implemented in your jurisdiction?
Percentage of respondents
18. FCP measures split fairly evenly across different
financial products and services
18
24%
22%
19%
16%
20%
Credit products & services
Banking & payment services
General and/or life
insurance
Retail investment products
& services
Pension funds/retirement
savings
0% 5% 10% 15% 20% 25%
Q1.13 What financial products and services do the measure(s)
relate to?
Percentage of respondents
20. FCP measures relate to mortgage credit, credit cards,
and other consumer credit
20
Credit
cards,
27%
Other
consumer
credit,
37%
Mortage
credit,
36%
Q2.3 FCP measures implemented by type of Credit
21. Most common measures relating to credit are deferral
of repayments or changes to repayment terms
21
3%
7%
12%
14%
15%
23%
25%
0% 10% 20% 30%
Other
Emergency access to additional credit
Waiving of fees and charges
Enhanced disclsoure / Providing extra
information to borrowers
Suspension or deferral or debt collection
activites
Changes to repayment terms
Deferral of loan repayments
Percentage of respondents
Q2.3 FCP measures relating to Credit
22. Breakdown of measures across credit products &
services
22
25%
25%
26%
23% 24% 23%
17%
13%
15%
11% 12%
14%
6%
10%
5%
14% 14% 14%
4% 4% 3%
0%
10%
20%
30%
Credit cards Other consumer credit Mortage credit
Q2.3 FCP measures relating to Credit products & Services
Deferral of loan repayments
Changes to repayment terms
Suspension or deferral or debt collection activites
Waiving of fees and charges
Emergency access to additional credit
Enhanced disclsoure / Providing extra information to borrowers
Other
23. Most common role for respondents re: credit is
monitoring and supervising market conduct practices
23
10%
10%
12%
20%
21%
27%
0% 10% 20% 30%
Other
Supporing/Cooperating with the government
Supporting the financial industry
Providing assitance to customers
Legislating/amending/implementing
laws/acts/regulations/measures
Monitoring/supervising the market conduct
practices
Percentage of respondents
Q2.6 Please describe the role of your organisation in relation to
the measure(s)?
24. To gauge effectiveness of FCP measures re credit,
respondents will monitor market conditions and
assess reporting information
24
7.5%
7.5%
10.4%
17.9%
26.4%
30.2%
0% 10% 20% 30% 40%
Other
Monitoring external information channels
Communicating with industry stakeholders
Monitoring complaints/claims handling
Assessing reporting information from financial
institutions
Monitoring market conditions or changes made
to measures
Percentage of respondents
Q2.9 How will you know if the measure(s) have been effective?
26. Respondents are encouraging contactless payments
and taking steps to ensure continued access to
banking services
26
4%
4%
9%
14%
14%
15%
18%
22%
0% 5% 10% 15% 20% 25%
Other
Emergency access to funds in term deposits
Waiving of fees and charges
Increasing payment limitis for contactless
payments
Raising awareness of sanitary precautions
related to use of cash/PIN cards
Providing extra information to bank
customers
Steps to ensure continued access to banking
services
Encouraging use of contactless or remote
payments
Percentage of respondents
Q3.3 Does the measure(s) include any of the following options?
27. Common roles for respondents re: banking and
payment services are legislating/regulating, assisting
customers, and monitoring/supervising
27
8%
10%
13%
22%
23%
24%
0% 10% 20% 30%
Supporting the financial industry
Supporing/Cooperating with the government
Other
Monitoring/supervising the market conduct
practices
Providing assitance to customers(eg.
Operational challenges)
Legislating/amending/implementing
laws/acts/regulations/measures
Percentage of respondents
Q3.6 Please describe the role of your organisation in relation to
the measure(s)?
28. To gauge effectiveness of FCP measures re: banking
and payments, respondents will monitor market
conditions or changes made to measures
28
4.5%
10.1%
14.6%
18.0%
20.2%
32.6%
0% 10% 20% 30% 40%
Other
Monitoring external information channels
Communicating with industry stakeholders
Monitoring complaints/claims handling
Assessing reporting information from
supervised institutions
Monitoring market conditions or changes made
to measures
Percentage of respondents
Q3.9 How will you know if the measure(s) have been effective?
30. FCP measures relate to range of insurance business
lines
30
Travel, 17%
Health, 18%
Motor, 18%
Home,
15%
Life, 18%
Other ,
14%
Q4.3 FCP measures implemented by Line of Insurance business
31. Claims handling, deferral of premium payments, and
enhanced disclosure are most common measures
relating to insurance
31
0.8%
1.3%
3.5%
4.3%
7.5%
9.2%
11.7%
20.0%
20.7%
21.0%
0% 5% 10% 15% 20% 25%
Waiving of co-payments/ residuals
Waiving of waiting periods
Consideration of ex-gratia payments
Refunds of premiums
Extended time of cover
Other
Communication of exclusions relating to
COVID-19
Enhanced disclosure/ providing extra
information to policyholders
Deferral of premium payments
Claims handling
Percentage of respondents
Q4.3 FCP measures relating to Insurance
32. Breakdown of measures across types of insurance
32
17.6%
21.6% 22.5%
15.7%
10.8% 10.8%
21.6% 20.6% 21.6%
22.5%
19.6% 18.6%
8.8% 7.8% 8.8%
0%
10%
20%
30%
Travel Health Motor
4.3 FCP measures relating to General & life Insurance
Deferral of premium payments
Communication of exclusions relating to COVID-19
Waiving of waiting periods
Waiving of co-payments/ residuals
Extended time of cover
Refunds of premiums
Consideration of ex-gratia payments
Claims handling
Enhanced disclosure/ providing extra information to policyholders
Other
33. Breakdown of measures across types of insurance,
cont’d.
33
18.6%
22.5%
18.6%
9.8%
12.7%
8.8%
20.6%
22.5%
16.7%
18.6%
23.5%
14.7%
9.8% 8.8% 9.8%
0%
10%
20%
30%
Home Life Other
Q4.3 FCP measures relating to General & life Insurance
Deferral of premium payments
Communication of exclusions relating to COVID-19
Waiving of waiting periods
Waiving of co-payments/ residuals
Extended time of cover
Refunds of premiums
Consideration of ex-gratia payments
Claims handling
Enhanced disclosure/ providing extra information to policyholders
Other
34. Most common role of respondents re: insurance is
monitoring and supervising market conduct practices
34
4%
13%
13%
18%
20%
32%
0% 10% 20% 30% 40%
Supporing/Cooperating with the government
Other
Supporting the financial industry
Legislating/amending/implementing
laws/acts/regulations/measures
Providing assitance to customers
Monitoring/supervising the market conduct
practices
Percentage of respondents
Q4.6 Please describe the role of your organisation in relation to
the measure(s)?
35. To gauge effectiveness of measures taken re:
insurance, respondents will monitor market
conditions and complaints/claims handling
35
5.2%
6.5%
18.2%
20.8%
24.7%
24.7%
0% 10% 20% 30%
Monitoring external information channels
Other
Assessing reporting information from
supervised institutions
Communicating with industry stakeholders
Monitoring complaints/claims handling
Monitoring market conditions or changes made
to measures
Percentage of respondents
Q4.9 How will you know if the measure(s) have been effective?
37. Managed funds are the subject of almost half FCP
measures relating to retail investment products &
services
37
Managed funds,
44%
Fixed interest,
21%
Shares, 35%
Q5.3 FCP measures implemented by Line of Retail investment
38. Enhanced disclosure is most common FCP measure
relating to retail investment
38
3%
5%
8%
31%
53%
0% 20% 40% 60%
Waiving of fees and charges
Emergency access to funds
Deferral of contributions
Other
Enhanched disclsoure / Providing extra
information to retail investors
Percentage of respondents
Q5.3 FCP measures relating to Retail investment
39. Breakdown of FCP measures across types of retail
investment products & services
39
11% 11%
8% 5%7%
41%
62% 64%
30% 31% 32%
0%
25%
50%
75%
Managed funds Fixed interest Shares
Q5.3 FCP measures relating to Retail investment
Emergency access to funds
Deferral of contributions
Waiving of fees and charges
Enhanched disclsoure / Providing extra information to retail investors
Other
40. Most common role of respondents re retail
investments is monitoring and supervising market
conduct
40
4%
7%
12%
21%
25%
31%
0% 10% 20% 30% 40%
Supporing/Cooperating with the government
Other
Supporting the financial industry
Providing assitance to customers
Legislating/amending/implementing
laws/acts/regulations/measures
Monitoring/supervising the market conduct
practices
Percentage of respondents
Q5.6 Please describe the role of your organisation in relation to
the measure(s)?
41. To gauge effectiveness of measures, respondents will
monitor market conditions or changes made to
measures
41
5.6%
9.3%
14.8%
16.7%
18.5%
35.2%
0% 10% 20% 30% 40%
Monitoring external information channels
Other
Communicating with industry stakeholders
Monitoring complaints/claims handling
Assessing reporting information from
supervised institutions
Monitoring market conditions or changes made
to measures
Percentage of respondents
Q5.9 How will you know if the measure(s) have been effective?
42. Around 1 in 4 respondents have announced
prohibitions on short selling
42
YES,
23%
NO,
67%
No response,
10%
Q5.10 Has a Prohibition on Short Selling been announced in
your jurisdiction?
44. Other/Providing information to holders most common
measures relating to pensions & retirement savings
44
2.6%
3.8%
6.4%
12.8%
17.9%
26.9%
29.5%
0% 10% 20% 30% 40%
Waiving of fees and charges
Changes to drawdown arrangements
Reduction in contributions
Deferral of contributions
Emergency access to funds / withdrawals
Providing information to holders
Other
Percentage of respondents
Q6.3 FCP measures relating to pension funds and retirement
savings
45. Most respondents’ role re: pensions & retirement
savings is monitoring and supervising market conduct
45
5%
14%
14%
14%
15%
38%
0% 10% 20% 30% 40% 50%
Supporing/Cooperating with the government
Other
Supporting the financial industry
Legislating/amending/implementing
laws/acts/regulations/measures
Providing assitance to customers
Monitoring/supervising the market conduct
practices
Percentage of respondents
Q6.6 Please describe the role of your organisation in relation to
the measure(s)?
46. To gauge effectiveness of measures taken,
respondents will monitor market conditions or
changes to measures
46
4.8%
9.7%
9.7%
17.7%
19.4%
38.7%
0% 10% 20% 30% 40% 50%
Monitoring external information channels
Other
Communicating with industry stakeholders
Assessing reporting information from supervised
institutions
Monitoring complaints/claims handling
Monitoring market conditions or changes made to
measures
Percentage of respondents
Q6.9 How will you know if the measure(s) have been effective?
48. 48
Measures have been implemented by range of
authorities and institutions within jurisdictions
32%
22%
30%
38%
33%
26%
20%
29%
35%
17%
12%
22%
25%
10%
17%
7%
17%
6%
8%
22%23%
19%
10% 8% 11%
0%
15%
30%
45%
Government Public Authority Industry or self-
regulatory body
Jointly by Govt &
Public Authority
and Industry
Other
Has the measure(s) been implemented by… ?
(Q2.2, Q3.2, Q4.2, Q5.2, Q6.2)
Credit Banking Insurance Investment Pension
49. 49
Most FCP measures either apply to all consumers or
consumers in financial difficulty due to COVID-19
35%
71%
47%
74%
46%
48%
22%
33%
2%
26%
17.1%
16%
3%
3%
10%
14%
1%
4%
14%
14%
0% 20% 40% 60% 80% 100%
Credit
Banking
Insurance
Investment
Pension
Which consumers does the measure(s) apply to?
(Q2.4, Q3.4, Q4.4, Q5.4, Q6.4)
All consumers
Consumers in financial difficulty as a result of COVID-19
Consumers with policies impacted by disruptions as a result of COVID-19
Other
No response
50. 50
Inclusion of small businesses in measures taken
varies across product types
75%
60%
65%
44%
27%
19%
20%
17%
8%
16%
21%
33%
7%
20%
17%
28%
24%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Credit
Banking
Insurance
Investment
Pension
Does the definition of “consumer” include small business
(however defined) for this purpose? (Q2.4, Q3.4, Q4.4, Q5.4,
Q6.4
YES NO N/A No response
51. 51
FCP measures take a range of forms
27%
24%
18%
25%
29%
23%
27%
29%
34%
17%
21%
16%
21%
17%
23%
24%
30%
25%
20%
20%
4%
4%
7%
4%
11%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Credit
Banking
Insurance
Investment
Pension
For measures implemented by Government or Public
Authorities, what is the form of the measure(s)? (Q2.5, Q3.5,
Q4.5, Q5.5, Q6.5)
Law or regulation
Guidance from public authority to industry participants
Supervisory measure
Consumer information
Other
52. 52
Timing of FCP measures
Jan-2020,
2.0%
Feb-2020,
3.3%
Mar-2020,
40.1%
Apr-2020,
40.1%
May-2020,
12.8%
Jun-2020,
1.3% Jul-20,
0.5%
Aug-20,
0.8%
0%
10%
20%
30%
40%
50%
0 1 2 3 4 5 6 7 8 9
When was the measure(s) implemented?
(Q2.8, Q3.8, Q4.8, Q5.8, Q6.8)
(* some measures have been extended)
53. 53
Duration of FCP measures
13%
13%
18%
3%
15%
54%
16%
25%
32%
21%
4%
5%
2%
8%
16%
37%
22%
22%
25%
12%
27%
33%
43%
32%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Credit
Banking
Insurance
Investment
Pension
How long will the measure(s) be in place from the date of
implementation? (Q2.8, Q3.8, Q4.8, Q5.8, Q6.8)
(* the duration of some measures have been extended)
Up to three months Three to 12 months More than 12 months Indefinite Unknown
55. • Jurisdictions acting swiftly to take targeted FCP action
and across all sectors
• Government, public authorities & industry all have a role
to play in responding to the crisis – often working
together
• Main role(s) of Questionnaire respondents:
– Monitoring & supervising market conduct
– Legislating (amending) laws & implementing regulations and
measures
– Providing guidance or other assistance to financial market
participants & financial consumers
55
Observations
56. • Most common measures being implemented by jurisdictions:
– Credit: deferral of loan repayments, changes to repayment terms
– Banking & payment services: encouraging use of contactless or remote
payments, steps to ensure continued access to banking services,
– Insurance: actions relating to claims handling, deferral of premium
payments, enhanced disclosure
– Retail investment products & services: enhanced disclosure
– Pensions & retirement savings: providing information to holders,
emergency access to funds
• Most measures apply to small businesses as well as individual consumers
• Evaluating measures:
– Monitoring market conditions
– Assessing reporting information from financial institutions
– Monitoring complaints and claims handling
Observations
56
57. • Not yet clear how long the emergency phase of the crisis will last – duration
of most measures is three to 12 months, unknown or indefinite
• Vital role of financial consumer protection measures to support financial
resilience of citizens
– Importance of responsive and accessible hardship arrangements and
protections for consumers who may be vulnerable
• Increase in digitalisation and importance of digital financial transactions
– Accelerating existing trends eg decline in usage of cash, reduction of in-
person services
– Consider implications for consumers who have lower digital capability
(eg some older consumers)
Observations
57
58. • Ongoing monitoring and information sharing, with follow up
survey and report in 2021, on impact, effective approaches
and lessons learnt
• Task Force
• Review of the High Level Principles on Financial Consumer
Protection during 2021/22
• Continued support for G20 and OECD
• FinCoNet
• In-depth analyses of market conduct supervision approaches and
issues for supervisors, especially relating to consumer credit and
banking
Next Steps
58
60. Jurisdiction Organization
Albania Albanian Financial Supervisory Authority
Australia Australian Securities and Investments Commission (ASIC)
Austria FMA – Financial Market Authority
Belgium Federal Public Services of Economy (FPS Economy)
Belgium National Bank of Belgium, Financial Services and Markets Authority
Brazil Banco Central do Brasil – BCB
Superintendence of Private Insurance (Superintendência de Seguros Privados, SUSEP)
Securities Commission of Brazil (Comissão de Valores Mobiliários – CVM)
National Complementary Pension Plan Superintendence (Superintendência Nacional de Previdência Complementar, PREVIC)
Bulgaria Financial Supervision Commission (FSC)
Bulgaria Ministry of Finance (MoF)
Financial Supervision Commission (FSC)
Bulgarian National Bank (BNB)
Canada Department of Finance Canada
Financial Consumer Agency of Canada (FCAC)
Canada, Ontario Ontario Securities Commission
Canada, Quebec Autorité des marchés financiers (AMF)
Chile Financial Markets Commission (CMF)
Superintendence of Pensions (SP)
Chile Superintendence of Pensions
Colombia Superintendencia Financiera de Colombia
(Finance Superintendence)
Croatia Croatian Financial Services Supervisory Agency
Croatia Croatian National Bank
Czech Republic Czech National Bank
Czech Republic Ministry of Finance
Eswatini Financial Services Regulatory Authority
Ethiopia National Bank of Ethiopia
France Autorité de contrôle prudentiel et de résolution (ACPR)
Prudential Supervision and Resolution Authority
France Directorate General of the Treasury
Ministry for the Economy and Finance
Georgia LEPL Insurance State Supervision Service
Georgia National Bank Of Georgia
Germany Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
Ghana National Pensions Regulatory Authority
Greece Hellenic Capital Market Commission (HCMC)
Hong Kong, China Hong Kong Monetary Authority
Hong Kong, China Insurance Authority (IA)
60
Respondents to Questionnaire
61. Hong Kong, China Mandatory Provident Fund Schemes Authority (MPFA)
Hong Kong, China Securities and Futures Commission
Hungary Magyar Nemzeti Bank (the Central Bank of Hungary)
Hungary Ministry of Finance
India Insurance Regulatory and Development Authority of India
India Reserve Bank of India (RBI)
Indonesia Bank Indonesia
Indonesia Otoritas Jasa Keuangan (Financial Services Authorithy)
Ireland Central Bank of Ireland
Ireland Department of Finance
Ireland The Pensions Authority
Israel Bank of Israel
Israel Capital Markets, Insurance and Savings Division(CMISA)
Israel Israel Security Authority
Italy Bank of Italy
Italy CONSOB (Commissione Nazionale per le Società e la Borsa)
Italy COVIP (Supervisory Authority on Pension Funds)
Italy IVASS
Jamaica Financial Services Commission (the FSC)
Japan Financial Services Agency
Kingdom of
Saudi Arabia
Saudi Arabian Monetary Authority (SAMA)
Latvia Ministry of Economics and Consumer Rights Protection Centre(CRPC)
Lithuania Bank of Lithuania
Luxembourg Commission de Surveillance du Secteur Financier
Mexico CONSAR
Montenegro Central Bank of Montenegro
Mozambique Bank of Mozambique
Namibia Namibia Financial Institutions Supervisory Authority (NAMFISA)
New Zealand Financial Markets Authority
Nigeria Central Bank of Nigeria
North Macedonia Insurance Supervision Agency (ISA)
North Macedonia National Bank of the Republic of North Macedonia
North Macedonia Agency For Supervision of Fully Funded Pension Insurance - MAPAS
Papua New Guinea Bank of Papua New Guinea
Perú Superintendency of Banking
Insurance and Private Pension Fund Administrators (SBS)
Poland Office of Competition and Consumer Protection (UOKIK)
Portugal Banco de Portugal
CMVM (Portuguese Securities Market Commission)
ASF (Insurance and Pension Funds Supervisory Authority)
Republic of Armenia Central Bank of Armenia (CBA)
Republic of
Costa Rica
National Council for the Supervision of the Financial System (CONASSIF)
Central Bank of Costa Rica (BCCR)
General Superintendency of Financial Entities (SUGEF)
General Superintendency of Insurance (SUGESE)
Superintendency of Pensions (SUPEN)
General Superintendency of Securities (SUGEVAL)
61
Respondents to Questionnaire
62. Republic of Korea Financial Services Commission
Republic of Moldova National Bank of Moldova
Russian Federation Bank of Russia
Singapore Monetary Authority of Singapore
Slovak Republic Ministry of Finance of the Slovak Republic (MoF)
Slovak Republic National bank of Slovakia
Slovenia Insurance Supervision Agency of Slovenia
South Africa Financial Sector Conduct Authority
Spain General Secretariat of the Treasury and International Finance
Bank of Spain
General Directorate of Insurance and Pension Funds (DGSFP)
National Securities Market Commission (CNMV)
Tajikistan National Bank Tajikistan
The Netherlands Dutch Authority for the Financial Markets (AFM)
The People’s
Republic of China
China Banking and Insurance Regulatory Commission(CBIRC)
The People’s
Republic of China
People’s Bank of China
Turkey Banking Regulation and Supervision Agency (BRSA)
Turkey Republic of Turkey Ministry of Treasury and Finance
Pension Monitoring Center (PMC)
Ukraine National bank of Ukraine
United Kingdom Financial Conduct Authority
United States Board of Governors of the Federal Reserve (Federal Reserve)
U.S. Department of the Treasury
Uzbekistan Central bank
Zimbabwe Insurance and Pensions Commission (IPEC)
Grand Total 89
62
Respondents to Questionnaire