Emerging Financial Centers Legal and institutional Framework

The Building Societies Act, The Industrial and Commercial Development Act, The Agricultural Development Corporation Act, The Agricultural Finance Corporation Act, Financial System of Kuwait. Articles of Association of the Kuwait Finance House. Order of the Prime Minister for the implementation of Law No.

Financial System of Panama. Financial System of Singapore.

Monetary Authority of Singapore Act, Finance Companies Act, Money-Changing and Remittance Businesses Act, Chit Funds Act, Economic Development Board Act, Securities Industry Act, The subject of this volume is the legal and institutional framework of the financial systems of seven developing societies.

The entries have been selected with certain criteria in mind. Each is a burgeoning financial center. Countries from a number of different geographical areas, embodying distinct legal and social traditions, have been included for purposes of comparison. While each is a success in its own right as a developing financial center, not every one is at the same stage of development. Nor is each invested with the same degree of international or regional significance.

Some, like Hong Kong, Singapore, and Panama, have an effect well beyond their boundaries, while the importance of others, such as Kenya, is, as yet, largely national. The common feature of each, which sets it apart from neighboring countries in the area, is the sophistication and development of its financial institutions. In each, banks, insurance companies, specialized financial institutions, securities brokers, and the like, both local and foreign, offer a wide range of services to residents, and often to nonresidents as well.

The format for each entry commences with an essay to provide background and explanation concerning the financial system. This is followed by the monetary, central bank, and general banking laws. The entry concludes with selected laws of the main specialized financial institutions and any securities regulation laws that have been enacted. An examination of the history and development of each financial center reveals numerous accidental circumstances and diverse causation.

It would be astonishing if it were otherwise. The centers are scattered geographically, derive from dissimilar cultures, depend on different economic bases, and are politically heterogeneous. Despite their obvious differences, these centers have had to confront certain common problems. Their evident success in dealing with similar challenges suggests that there may be some degree of commonality in their legislation and their experience.

In searching for general principles, one must be careful not to expect identical solutions but rather to explore for similar treatment. The similarity, moreover, is likely to be greatest among those financial centers that have evolved furthest. To the extent that the centers have acquired international significance, it is likely that they will reflect more uniformity. This tendency may be expected insofar as such centers, in competition with one another and judged against more established international financial centers, must satisfy more rigorous criteria than those that reflect only the needs of the local banking system.

In the final analysis, however, the laws and experience of each of the centers must be read on their own. Moreover, they must be read in the context of rapidly changing circumstances. I should like to express my thanks to the writers of the introductory essays that provide indispensable background and explanation for the legislation of each of the financial centers included in this volume.

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My gratitude is also due to Miss O. Mary Price whose expert editorial assistance has been invaluable; to Mr. Norman Humphreys and Mr. Augustus Hooke whose patience and encouragement have been notable; to Mr. Touami for his able research assistance; and to Mrs. Alice Penalosa, my secretary, for her unfailing enthusiasm and technical competence in the preparation of this volume. I am also indebted to Mr. George Nicoletopoulos and Sir Joseph Gold, present and past Directors of the Legal Department, for the opportunity they have given me to undertake this work.

I am beholden to correspondents in each of the financial centers and to the relevant financial authorities, each of whom has generously cooperated in this effort. Thanks are also due to the translators in the Bureau of Language Services who have faithfully rendered a number of pieces of complex legislation into English. The Graphics Section helped in many ways with the production process; the covers were designed by Mr. Finally, I am indebted to my wife and family for the support that they have given to me during the course of the work. Kitts and Nevis St. Public Health Health Policy. Nordic Council of Ministers.

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