## Standards and Codes The Role of the IMF

## Source details

**Canonical URL:** [Standards and Codes The Role of the IMF](https://www.imf.org/en/about/factsheets/sheets/2023/standards-and-codes-the-role-of-the-imf)

## Other formats

- [Markdown version](/en/about/factsheets/sheets/2023/standards-and-codes-the-role-of-the-imf/index.md)
- [Structured JSON version](/en/about/factsheets/sheets/2023/standards-and-codes-the-role-of-the-imf/index.json)
- [Bundle manifest](/en/about/factsheets/sheets/2023/standards-and-codes-the-role-of-the-imf/bundle-manifest.json)

## Bibliographic details
- Published: March 31, 2023

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### Overview
- Standards and codes are described as the “rules of the game” used when devising and implementing economic and financial policies.
- Countries that “play by the rules” tend to have better economic performance and greater financial stability.
- The IMF’s and the World Bank’s work on standards and codes began after the emerging market crises of the 1990 s.
- Some standards and codes were revised or updated after the global financial crisis to reflect evolving international best practices; periodic reviews seek to continually improve effectiveness.
- The last update was in April 2025.

### Transparency Standards
- Data dissemination:
  - The IMF’s Data Standards Initiatives comprise the Special Data Dissemination Standard (SDDS), Special Data Dissemination Standard Plus (SDDS Plus), and enhanced General Data Dissemination System (e-GDDS).
  - The Initiatives encourage countries to voluntarily publish key macroeconomic and financial data in a timely manner.
  - The IMF’s Data Quality Assessment Framework (DQAF) is used to assess countries’ data quality.
  - More information is available on the Dissemination Standards Bulletin Board (DSBB) website.
- Fiscal policy transparency:
  - Fiscal Transparency Evaluations (FTEs) assess countries against the Fiscal Transparency Code.
- Central Bank transparency:
  - The IMF’s Central Bank Transparency Code is the international code for central banks’ transparency practices.
  - The Code aims to enhance central bank accountability and policy effectiveness with transparency in five areas: governance, policies, operations, outcome, and official relations.
  - The CBT website provides more details.

### Financial Sector Standards
- Banking Supervision:
  - Basel Committee on Banking Supervision’s Core Principles for Effective Banking Supervision.
- Securities Regulation:
  - International Organization of Securities Commissions’ (IOSCO) Objectives and Principles of Securities Regulation.
- Crisis Resolution and Deposit Insurance:
  - International Association of Deposit Insurers’ Core Principles for Effective Deposit Insurance Systems.
  - Financial Stability Board’s Key Attributes of Effective Resolution Regimes for Financial Institutions.
- Insurance Supervision:
  - International Association of Insurance Supervisors’ Insurance Core Principles.
- Financial Market Infrastructures:
  - Committee on Payments and Market Infrastructures and Technical Committee of International Organization of Securities Commissions’ Principles for Financial Market Infrastructures.

### Institutional and Market Infrastructure Standards
- Insolvency and Creditor Rights:
  - A standard based on the World Bank’s Principles for Effective Insolvency and Creditor/Debtor Regimes and the United Nations Commission on International Trade Law’s Legislative Guide on Insolvency Law, which was finalized in consultation with IMF staff.
- Corporate Governance:
  - G20/Organisation for Economic Cooperation and Development’s (OECD) Principles of Corporate Governance.
- Accounting and Auditing:
  - International Accounting Standards Board’s International Financial Reporting Standards.
  - International Auditing and Assurance Standards Board’s International Standards on Auditing.
- Market Integrity:
  - The 2012 Financial Action Task Force (FATF) 40 Recommendations on anti-money laundering and countering the financing of terrorism (AML/CFT), endorsed by the IMF Executive Board for the purposes of the IMF’s AML/CFT work.
  - Recommendations are strengthened and updated from time to time, most recently with respect to virtual assets and beneficial ownership.
  - A common methodology is used by the IMF and the FATF network to assess countries’ AML/CFT framework and its effectiveness.

### International Statistical Standards
- The IMF provides global leadership on internationally agreed statistical standards and methodologies.
- These standards provide definitions, classifications, and accounting rules for measuring macroeconomic concepts such as output, prices, government debt, money, official reserves, and trade.

### Assessing observance of standards and codes
- Countries may request an assessment of their observance of standards and codes by the IMF, the World Bank, or both.
- Data dissemination monitoring:
  - Countries’ performance under the Data Standards Initiatives is monitored by the IMF on a monthly basis.
  - For SDDS subscribers and SDDS Plus adherents, performance is published in Annual Observance Reports.
  - Assessments of data quality and statistical systems are reported in the Data Module of Reports on the Observance of Standards and Codes (ROSCs).
- Financial sector regulation and supervision:
  - When standards are assessed in the context of the Financial Sector Assessment Program (FSAP), findings are summarized in ROSCs.
- Fiscal policy transparency:
  - Fiscal Transparency Evaluations (FTEs) assess countries against the Fiscal Transparency Code.
- AML/CFT:
  - The FATF or FATF-style regional bodies conduct assessments.
  - Countries in the FATF network undergo regular assessments; the first assessment is comprehensive, with targeted follow-up assessments five years later.
- Implementation and technical assistance:
  - Countries are responsible for implementing the recommendations from a standards assessment or review.
  - Many countries request technical assistance from the IMF and other international bodies to implement recommendations.

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## Content in this bundle

- [IMF’s Central Bank Transparency Code (PDF)](/external/datamapper/cbt/imf%20central%20bank%20transparency%20code.pdf){rel="external" type="application/pdf"}
- [Fiscal Transparency Code (PDF)](/external/np/fad/trans/code2019.pdf){rel="external" type="application/pdf"}

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## References

- [IMF Data Standards Initiatives](https://www.imf.org/en/About/Factsheets/Sheets/2023/Standards-for-data-dissemination)
- [Reports on the Observance of Standards and Codes (ROSCs)](https://www.imf.org/en/Publications/rosc)
- [Financial Sector Assessment Program](https://www.imf.org/en/About/Factsheets/Sheets/2023/financial-sector-assessment-program-FSAP)
- [Fiscal Transparency (imf.org)](https://www.imf.org/en/Topics/fiscal-policies/fiscal-transparency)
- [technical assistance](https://www.imf.org/en/About/Factsheets/imf-capacity-development)

_Source: https://www.imf.org/en/about/factsheets/sheets/2023/standards-and-codes-the-role-of-the-imf_