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CONFIDENTIAL
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C/NM(90)22(1st Revision)
restructuring the financial system and implications for financial regulation and supervision (with special emphasis on developments in capital adequacy rules):
safety of payments systems.
Participants in the Expert Meeting, as far as government officials are concerned, will come from central banks, Ministries of Finance and other banking supervisory authorities. In addition, it is planned that the first day's sessions (of the two-day meeting) will be open to participants from the private (banking) sector. Officials from DAES, from central banks, ministries of finance and banking supervisory authorities would be invited to attend the Expert Meeting on both days. DAE participants would not be asked to submit papers but rather to participate in the discussion, drawing on DAE experience where relevant.
Recent Trends in the Organisation and Regulation of Securities Markets 15. The purpose of an Informal Workshop on this topic (probably to be held in May 1991, subject to agreement by the Committee on Financial Markets) would be twofold: first, to review recent trends in the organisation and regulation of securities markets as analysed (with respect to the OECD area) in a Secretariat paper which is soon going to be published in "Financial Market Trends" No. 46; second, to discuss with the DAE and market participants the findings of the Report by the Ad Hoc Group of Experts on Securities Markets on "Systemic Risks in Securities Markets" (the "Hewitt Report") which has been prepared in response to a Ministerial Mandate of May 1988 and is being finalised in the next few months. The Hewitt Report addresses a number of regulatory and self-regulatory issues raised by the October 1987 market break and examines ways and means of strengthening arrangements for dealing with systemic risks in securities markets. The DAE participants would be sent these documents well in advance and each DAE would be encouraged to submit a note commenting on the Hewitt Report in the light of their regulatory experiences and concerns. In addition, a consultant would be commissioned to prepare a note on security market regulation in the DAES, which will supplement the above mentioned FMT article, giving particular attention to the issue of systemic risks. Invited participants in the Workshop would include officials from Finance Ministries, Central Banks and securities regulatory authorities, along with representative private participants in the major securities markets.
Global Macroeconomic Modelling
16. It is important to recognise that there is already in existence a network of individuals and institutions concerned with improving the capacity of macro-economic models to analyse interdependence between OECD and non-OECD regions. The OECD should seek to promote the integration of DAE modellers into this network, rather than aiming to create a specific OECD-based modelling dialogue with the DAES. The principal reason for this is that, in this relatively new area for serious analytical work, it is important to bring together whatever expertise and experience is available, rather than to rely primarily on what can be done in-house.
17.
A specific opportunity in this regard emerged at the Tokyo workshop. I During consultations in July on the deepening and broadening of the informal
I dialogue, the Korean Authorities have indicated interest in hosting, within the framework of the Korean Development Institute, a modelling conference.
CONFIDENTIAL