Modernizing Tbills Regulatory Framework

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Currently, the Tbills market is under NBR supervision, but authorities’ intentions are to transfer this responsibility to the issuer – MEF. This involves the revision of the regulatory framework. MEF intends also to revise the access criteria for dealers.

Impact Drivers

Public: MEF would benefit of the industry’s input on the regulatory framework. At the same time, the decrease in the compliance costs could generate more taxable income.

Private: Banks and other capital market players could be involved in the process of revising the existing regulatory framework and in improving it; thus compliance costs could be decreased.

Terms of Reference