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NBFI

USAID Pension Reform – FMI assisted USAID in determining the best strategy for technical assistance in pension reform around the world. After analyzing previous work on pension reform conducted by USAID, OECD, and the World Bank, FMI determined that the focus of USAID pension reform efforts should be on defining and promoting “Best Practices” in implementing pension reform and in developing concrete, practical recommendations for systems improvements, and guides to asset management. FMI developed a guidebook for pension system issues. Period of Performance: 1999-2000

Kazakhstan Non-Bank Financial Institutions – For the ADB, FMI assisted the National Bank of Kazakhstan in developing non-bank financial institutions (NBFIs) and draft regulations on NBFI activities, including pension reform, private pension fund creation, insurance industry development, and bank insulation. The project activities encompassed policy reform and strategy development, financial analysis, conference planning and training, and legislative drafting. One outcome of the project was an education initiative on pension reform for Government of Kazakhstan Cabinet members and Parliament, leading to passage of pension reform legislation. Period of Performance: 1996-1997

Thailand Insurance Reform – For the ADB, FMI responded to the recent financial crisis in Thailand and conducted an emergency review of pension and provident funds and the insurance industry. FMI identified existing policy, regulatory, and operational constraints on pension and insurance reform development, and proposed reform measures. FMI also evaluated the potential for introducing a social security system in Thailand. Period of Performance: 1997

Kazakhstan Pension Institutional and Regulatory Reform – For the ADB, FMI conducted an evaluation of proposed pension reforms, including the feasibility of introducing a non-state pension system on an expedited basis, and reviewed the implementation of the institutional and regulatory framework required for successful transition of such reforms. FMI then assisted the Ministry of Labor and Social Protection, the State Pension Payments Center, and the National Securities Commission in drafting the detailed regulatory frameworks for development of pension contract formats, fiduciary standards, actuarial standards, reporting and disclosure requirements, auditing standards, and mechanisms for transferring assets among funds. FMI also developed a public education component to educate the employees/pensioners about the newly restructured pension system. Period of Performance: 1997

Kazakhstan Pension Management Information System Reform – For the ADB, FMI reviewed the Management Information System (MIS) of the Kazakhstan pension system and recommended improvements to it. FMI reviewed the MIS plan of the new State Pension Payment Center (SPPC) and made recommendations on ways to modernize the Government’s information database and assist in the transition to a defined contribution pension system. FMI also provided recommendations for linking the pension contribution compliance with the general tax collection compliance and determined ways of increasing the effectiveness of sanctions for non-compliance. Period of Performance: 1997

Kazakhstan Capital Markets/Pension Asset Channeling Project – For the ADB, FMI reviewed and assessed the securities market in Kazakhstan and identified appropriate channels for pension fund investments. FMI reviewed all legislation on pension reform with particular reference to the regulation of investment activities of pension funds and provided advice to the Government on the procedures and mechanisms for the issuance of government securities. FMI analyzed the approach and procedures for the successful participation of pension fund managers in the securities market and prepared a comprehensive report to the GOK on the institutional and policy aspects of securities markets and pension funds. Period of Performance: 1996-1997

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