Financial Markets International, Inc. (FMI)

Legal and Regulatory Reform

Improving commercial law systems through access to justice, property rights, business enabling environment reform, and contract enforcement

FMI’s legal and regulatory reform work is positioned at the nexus of law and economics, supporting systemic commercial law reforms that better enable firms and individuals to prosper as markets grow. FMI works to improve access to justice and fair dispute resolution, protect real property and collateral rights, promote contract enforcement and investor protection, and ensure market efficiency. This includes supporting legislative and regulatory drafting, judicial training and legal education, and improving corporate governance. FMI has drafted dozens of laws and regulations, including company laws, bankruptcy laws, and competition laws, and has designed complete legal and regulatory frameworks governing securities exchanges, commodities trading, and financial products. FMI has advised parliaments around the world on legislative drafting and international best practices to support economic growth and development through stronger laws, budgets, and policies. FMI has also promoted the rule of law by improving the effectiveness, efficiency, and accessibility of justice systems and courts.

FEATURED WORK

Drafting Securities Regulations in Moldova

FMI assisted the Moldovan National Commission on Financial Markets to draft and implement 36 securities regulations (i.e., “Secondary Normative Framework” under Moldovan Law) based on international best practices and relevant EU directives. FMI worked closely with Ministry of Finance, Ministry of Economy, National Bank of Moldova, Bank Association of Moldova, and Ministry of Justice in preparing the regulations, which improved the institutional enabling environment for financial sector operations. The project also included support and outreach efforts designed to familiarize key stakeholders and practitioners with the nuances of the new securities regulation regime.

Assessing the FX Enabling Environment in the Kyrgyz Republic

FMI assisted the National Bank of the Kyrgyz Republic to analyze the country’s readiness for increased usage of FX derivatives. The objective was to assess the current FX enabling environment and prepare a Roadmap for the development of FX hedging instruments. FMI identified the FX hedging and derivatives instruments most appropriate for the Kyrgyz banking sector; identified the barriers and knowledge and skills gaps that preclude the use of these instruments; developed a detailed training needs assessment; and formulated step-by-step recommendations based on international best practices.

Modernizing Commercial Law and the Court System in Morocco

FMI advised the Government of Morocco on reforming commercial laws and improving the operations of the court system. Key initiatives included a comprehensive assessment of commercial laws, with an emphasis on bankruptcy and intellectual property rights, and drafting amendments necessary to encourage FDI. For judges, government officials, and the private sector, FMI conducted trainings on antitrust, consumer protection, intellectual property, and competition policy. FMI also led the automation of the Marrakech Commercial Court docket system, developed a new website and judicial statistics system for the Ministry of Justice, and launched a National Judicial Training Program.