Representatives of the FSM Department of Justice and the
FSM Banking Board joined in the APEC Financial Regulators Training Initiative
Seminar on Risk-Focused Supervision & Risk Assessment held on 18-22
November 2013 at the Radisson Hotel, Port Denarau in Nadi, Fiji. Assistant Attorney General Leonito Bacalando,
Jr., and Bank Examiner, Melsihner Hadley, attended the seminar that was hosted
by the Reserve Bank of Fiji, the Asian Development Bank (ADB), and the Asia
Pacific Economic Cooperation (APEC) Financial Regulators Training Initiative.
Financial regulators from the Asia-Pacific Region were trained
on the application of risk-focused banking supervision principles. The training consisted of theoretical
presentations, practical exercises, and exchange of experiences and best
practices involving operational and liquidity risks, market volatility, and
good corporate governance. The seminar gave
bank regulators valuable perspectives and expertise in handling financial regulatory
issues. The seminar also explored the
various risks inherent in banking business and best practices available in
managing them.
Currently, the Department of Justice is the legal counsel
of the FSM Banking Board in regulating the two commercial banks that operate throughout
the FSM States. Both agencies are
reviewing existing banking laws to strengthen them and correct inconsistencies
and weaknesses for the protection of consumers.
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