Advanced Search

Law No. 152 Of July 23, 2012

Original Language Title:  LEGE nr. 152 din 23 iulie 2012

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
LEGE no. 152 152 of 23 July 2012 on the acceptance of the amendment to the Statute of the International Monetary Fund on the reform of the Executive Council, proposed and approved by the Board of Governors of the International Monetary Fund, 66-2 on the fourteenth general review of the quotas and the reform of the Executive Council
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR no. 536 536 of 1 August 2012



The Romanian Parliament adopts this law + Article 1 The amendment to the Statute of the International Monetary Fund proposed and approved by the Board of Governors of the International Monetary Fund shall be accepted, 66-2 66-2 *) on the fourteenth general review of the quotas and the reform of the Executive Council, in Washington on 15 December 2010. ----- Note * *) Translation. + Article 2 The National Bank of Romania is authorized to notify the International Monetary Fund of Romania's acceptance of the amendment to the Statute of the International Monetary Fund. This law was adopted by the Romanian Parliament, in compliance with the provisions of art. 75 75 and art. 76 76 para. (2) of the Romanian Constitution, republished. CHAMBER OF DEPUTIES PRESIDENT ROBERTA ALMA ANASTASE SENATE PRESIDENT VASILE BLAGA Bucharest, July 23, 2012. No. 152. Fourteenth General Review of the quotas and reform of the Executive In accordance with the 13th Section of the IMF's Rules of Functioning, on 10 November 2010, the following decision was submitted to the Governors for the expression of the postal vote: It is decided Having regard to the transmission by the Executive Council to the attention of the Board of Governors of a report entitled " The fourteenth overall review of the quotas and the reform of the Executive Council: Governors ', hereinafter referred to as the Report; and having regard to the request of the International Monetary and Financial Committee, by its Communication of April 2009, to the Executive Council, to reduce by 2 years the deadline for the completion of the fourteenth general review of quotas, for January 2011; and in view of the Executive Council's recommendation to increase the Fund members ' quotas as a result of the fourteenth general review of quotas; and having regard to the recommendation of the Executive Board amending the IMF Statute to create an Executive Council composed exclusively of elected CEOs; and Having regard to the recommendation of the Executive Council that, after the first ordinary elections of the executive directors after the entry into force of the proposed amendment to the IMF Statute, approved by the Resolution of the Council of 63-2, an executive director elected by 7 or more members shall have the right to designate 2 deputy chief executives; and Having regard to the fact that the Chairman of the Board of Governors has asked the Secretary of the Fund to submit the proposal to the Executive Council Having regard to the fact that the Executive Council's report submitting its proposal has been submitted to the Board of Governors by the Secretary of the Fund; Having regard to the Executive Council's request to the Board of Governors to express their postal vote on the next resolution, in accordance with the 13th Section of the IMF's Rules of Functioning, Now, accordingly, the Board of Governors, taking note of the recommendations and the said report of the Executive Council decide the following Increase in membership 1. The International Monetary Fund proposes that, in accordance with the provisions of this resolution, the shares of the Fund members shall be increased up to the values presented next to their name in Annex I to this resolution. 2. The increase of the share of a certain member, as proposed in this resolution, shall not enter into force unless the said member has expressed his written consent to the increase within the time limit provided for by or in the context of paragraph 4 below and if he has fully paid the increase within the time limit set out in the context of paragraph 5 below, provided that no member with redemptions, commissions or outstanding assessments to the General Resources Account can agrea or pay the increase its own quota until it has paid off all of its obligations to date. 3. No increase in the quotas proposed by this resolution shall enter into force before: (i) the Executive Council has found that the members, representing at least 70% of the total allowances on 5 November 2010, have expressed in writing their agreement on the increase of their own quotas; (ii) the proposal for an amendment to the Statute of the IMF, set out in Annex II to this resolution, has entered into force; (iii) the amendment proposal to the IMF Statute, approved by the Resolution of the Governing Council no. 63-2, to have entered into force. Each Member shall make a commitment to make every effort to complete these steps by no later than the 2012 Annual Meetings. The Executive Council is responsible for monitoring, on a quarterly basis, the progress made in implementing these steps. 4. The notifications referred to in paragraph 2 above must be carried out by an official person of the respective member, duly authorised, and must be received at the Fund no later than 31 December 2011, at 18,00 hours, local to Washington, with the mention that the Executive Council may extend this deadline, as it will deem necessary. 5. Each member shall pay to the Fund the increase of its own quota within 30 days after the latest period between (a) the date on which it notified the Fund of its agreement or (b) the date on which all the conditions set out in paragraph 3 of May above have been fulfilled, with the mention that the Executive Council may extend the payment period, as it will deem necessary. 6. The Executive Council, when deciding on extending the period of manifestation of the agreement or acquittal of the quota increase, will pay particular attention to the situation of the members who may wish to express their consent or to pay the share increase, including members with extended overdue to the General Resources Account, in the form of redemptions, commissions or outstanding assessments to the General Resources Account and which, in the opinion of the Council, cooperate with the Fund for regularisation of those obligations. 7. For members who have not yet expressed their agreement for the corresponding increases of quotas in the context of the eleventh general review and resolution of the Board of Governors no. 63-2, the deadline for expressing the agreement for that quota increase will be set by or in the context of paragraph 4 above. 8. Each member shall pay 25% of his own increase either in special drawing rights or in national currencies of other members indicated, with their acceptance, by the Fund or in any combination of special drawing rights and such currencies. national. The remaining majority will be paid by members in its national currency. Formula for calculating the quotas and the fifteenth overall revision of the quotas 9. The Executive Board is commissioned to complete a complex review of the quota calculation formula by January 2013 at the latest. 10. The Executive Council is charged with reducing the completion schedule of the fifteenth general review of the quotas by the January 2014 deadline. Any changes in the quotas will aim to result in the increase of the states ' quotas with dynamic economies, in line with their relative position in the world economy and thus, probably, overall, increasing the share of the developing states development and emerging ones. Measures will be taken to protect the representation and voting rights of the poorest members. Review of NAB Credit Arrangements 11. In view of the proposed quota increases through the fourteenth overall quota review, the Executive Council and participants in the new loan arrangements (NAB) are tasked with carrying out a review of NAB lending arrangements. until November 2011 at the latest, with a corresponding restriction of NAB, keeping the relative participation quotas, which will enter into force when the conditions referred to in paragraph 3 of this resolution have been met and payments of the quota associated with the participation ceiling referred to in paragraph 3 (i) of this resolutions will have been made. Proposal for an amendment to the Statute of the International Monetary Fund on Reform 12. The proposal for amendment to the Statute of the International Monetary Fund, set out in Annex II to this resolution ("Proposal for amendment on the reform of the Executive Council"), is approved. 13. The Secretary shall be instructed to ask all members of the Fund, by a circular letter or telegram or other rapid means of communication, if they accept, in accordance with the provisions of art. XXVIII of the Statute, the amendment proposal on the reform of the Executive Council. 14. The communication to be submitted to all members pursuant to paragraph 13 of this resolution will indicate that the Executive Council Reform Amendment Proposal will enter into force for all members as of the date of which the Fund will certify, by means of a normal communication to all members, that three-fifths of all members, holding 85% of the total voting rights, accepted the Proposal for amendment on the reform of the Executive Council. Additional Deputy Executive Directors 15. Later the first ordinary elections of the executive directors, after the entry into force of the amendment to the IMF Statute, approved by the Resolution of the Governing Council no. 63-2, an executive director elected by 7 or more members will be entitled to designate 2 deputy chief executives. 16. As a condition for the designation of 2 deputy executive directors, an executive director must designate by a notice to the Secretary of the Fund: (i) the deputy who will act on behalf of the Executive Director in his absence and when both deputies are present; and (ii) the deputy who will exercise the duties of executive director in accordance with art. XII Section 3 (f). By notifying the Secretary of the Fund, an Executive Director may at any time modify these duties of responsibilities. Size and composition of Executive Council 17. The Board of Governors is aware of the following: (i) the reduction commitment, as a means of obtaining a broader representation of the developing and emerging states, of the number of executive directors representing European states developed with 2, no later than the first ordinary elections of the executive directors following the fulfilment of the conditions stipulated in paragraph 3 of this resolution, and (ii) the commitment of the members of the Fund to keep an Executive Council composed of 24 CEOs and to review the composition of the Executive Council every 8 years following the date on which the conditions laid down in paragraph 3 of this Resolution will have been met. + Annex I PROPOSED QUOTAS ((in million SDR) Islamic State of the Islamic State of istan323,8Albania139,3 Algeria1.959,3Angola740, 1 Antigua and Barbuda20 ,0Argentina3.187, 3 Armenia128 ,8Australia6.572, 4 Austria3.932.0janjan391, 7 Bahamas182.4Bahrain395,0 Bangladesh1.066,6Barbados94, 5 Belarus681 ,5Belgia6.410, 7 Belize26,7Benin123.8 Bhutan20,4Bolivia240.1 Bosnia and Herzegovina 265,2Botswana197,2 Brazilians 11.042.0Brunei301, 3 Bulgaria896,3Burkina faso120,4 Burundi154,0Camboia175,0 Cameroun276, 0Canada11.023, 9 Cape Island Green 23,7Central African Republic 111.4 Ciad140 ,2Chile1.744, 3 China30.482 ,9Columbia2.044, 5 Comore17.8R Islands. D. Congo1.066, 0 Republic of Congo162,0Costa Rica369,4 Coast of Fildes650,4Croatia717,4 Cyprus 303,8Republic of Ceha2.180, 2 Denmarks3.439,4Djibouti31, 8 Dominica11,5Dominican Republic477,4 Ecuador697 ,7Egypt2.037, 1 Salvador287,2Equatorial Guinea Eritrea36,6Estonia243,6 Ethiopia300,7Republic Fiji98,4 Finlanda2.410 ,6Franta20.155, 1 Gabon216,0Gambia62,2 Georgia210 ,4Germany26.634, 4 Ghana738 ,0Grecia2.428, 9 Granada16,4Guatemal428,6 Guinea214,2Guinea Bissau28,4 Guiana181,8Haiti163.8 Honduras249 ,8Hungary1.940, 0 Islanda321 ,8India13.114, 4 Indonesia4.648,4Islamic Republic Iran3.567, 1 Iraq1.663 ,8Irlanda3.449, 9 Israel1.920 ,9Italy15.070, 0 Jamaica382 ,9Japan30.820, 5 Jordania343 ,1Kazakhstan1.158, 4 Kenia542.8Kiribati11,2 South Korea 8.582.7Kosovo82, 6 Kuwait Democratic People's Republic Laos105,8Letonia332,3 Lebanese 633 ,5Libya1.573, 2 Lithuania441.6Luxemburg1.321, 8 Former Yugoslav Republic Of Macedonia140,3Madagascar244,4 Malawi138.8Malaysia3.633, 8 Maldive21,2Mali186.6 Malta168,3The Marshall4.9 Islands Mauritania128,8Mauritius142,2 Mexic8.912,7Federated States of Microneesi7,2 Moldova172.5Mongolia72,3 Montenegro u60,5Maroc894,4 Mozambic227,2Myanmar516,8 Namibia191,1Nepal156,9 Olanda8.736,5New Zealanda1.252, 1 Nicaragua260,0Niger131,6 Nigeria2.454 ,5Norway ia3.754, 7 Oman544 ,4Pakistan2.031, 0 Republic of Palau4,9Panama376,8 Papua New Guinee263,2Paraguay201,4 Peru1.334 ,5Filipine2.042, 9 Qatar735 ,1Romania1.811, 4 Russia12.903.7Rwanda160, 2 Samoa16,2San Marino49,2 São Tomé and Principe14,8Saudi Arabia9.992, 6 Senegal323,6Serbia654.8 Islands of the elles22,9Sierra Leone207,4 Singapore3.891,9Slovak Republic 1.001, 0 Slovenia586.5Solomon20 Islands Somalia163,4South Africa 3.051, 2 Spain9,535,5Sri Lanka578,8 St. Kitts and Nevis12,5Sf. Lucia21,4 Sf. Vincentiu and Grenadine11,7Sudan630.2 Surinam128,9Swaziland78,5 Sweden4.430 ,0Swiss 5.771, 1 Syrian Arab Republic 1.109,8Tajikistan174, 0 Tanzania397 ,8Thailanda3.211, 9 Timor of Est25,6Togo146.8 Tonga13,8Trinidad and Tobago469,8 Tunisia545 ,2Turkey4.658, 6 Turkmenistan238,6Tuvalu2,5 Uganda361 ,0Ukraina2.011, 8 Arab Emirates Unite2.311,2Great Britain 20.155, 1 United States 82.994,2Uruguay429, 1 Uzbekistan Istan551,2Vanuatu23,8 Venezuela3.722, 7Vietnamese 1.153, 1 Yemeni Republic 7,0Zambia978,2 Zimbabwe706.8 + Annex II AMENDMENT PROPOSAL to the International Monetary Fund Statute on Reform Executive Council The governments on behalf of which this Agreement is signed shall: 1. The text of Article XII, Section 3 (b) is amended and shall read as follows: "" (b) Taking into account the provisions of paragraph (c) below, the Executive Council shall be composed of 20 executive directors elected by the members, having as its chairman the Managing Director of the IMF. " 2. The text of Article XII, Section 3 (c) is amended and shall read as follows: "(c) For each ordinary election of executive directors, the Board of Governors may increase or reduce the number of executive directors referred to in paragraph (b) above, by a majority of 85% of the total number of votes." 3. The text of Article XII, Section 3 (d) is amended and shall read as follows: " (d) The election of executive directors will be held at 3-year intervals in accordance with regulations that will be adopted by the Board of Governors. Those regulations shall provide for a maximum ceiling for the total number of votes which may be granted to the same candidate by more than one Member State. " 4. The text of Article XII, Section 3 (f) is amended and shall read as follows: " (f) Executive directors will remain in office until their successors are chosen. If the post of an Executive Director remains vacant for more than 90 days after the expiration of his term of office, another Executive Director will be elected for the remainder of the term of office by the members who elected the previous Executive Director. To be elected, the majority of votes cast will be required. During the period during which the position remains vacant, the deputy of the previous Executive Director shall carry out his duties, except for the designation of a deputy. " 5. The text of Article XII, Section 3 (i) is amended and shall read as follows: " (i) Each Executive Director shall have the right to express the number of votes that have been conducive to his election. (ii) When it is necessary to apply the provisions of section 5 (b) of this Article, the votes that an executive director would have had the right to express in another situation will be increased or diminished accordingly. All the votes he has the right to express to an executive director will be cast in block mode. (iii) When the suspension of a member's voting rights is lifted, in accordance with the provisions of Section 2 (b) of Article XXVI, the member may agree with all members who have chosen a particular executive director as the number of votes allocated to that Member to be expressed by that Executive Director, provided that, if no ordinary election of the Executive Directors has been held during the suspension, the Executive Director for whose election has expressed vote in favour of that member before being suspended or his successor elected in compliance with the provisions of paragraph 3 (c) (i) of Annex L or point (f) above shall have the right to express the number of votes allocated to that Member. The Member shall be deemed to have participated in the election of the Executive Director entitled to express the number of votes allocated to that Member. ' 6. The text of Article XII, Section 3 (j) is amended and shall read as follows: " (j) The Board of Governors shall adopt the regulations by which a member may designate a representative to attend any meeting of the Executive Council at which a request submitted by that member or a subject is debated. Particularly affects this one. " 7. The text of Article XII, Section 8 is amended and shall read as follows: " The Fund will be entitled at any time to communicate, informally, its own opinions to any member, on any subject in the context of this Agreement. The Fund, with a majority of 70% of the total number of votes, may decide to publish a report prepared for a member on its monetary and economic situation and developments, which have the ability to directly generate an imbalance. significantly in the international balance of payments of members. That Member shall be entitled to be represented in accordance with Section 3 (j) of this Article. The Fund will not publish a report that involves changes to the fundamental structure of the economic organisation of members. " 8. The text of Article XXI (a) (ii) shall be amended and shall read as follows: " (a) (ii) For decisions adopted by the Executive Council on subjects solely within the jurisdiction of the Department of Special Drawing Rights, will be entitled to vote only on executive directors who have been elected by at least one participating member. Each of those CEOs will be entitled to express the number of votes allocated to the participating members and who voted in favour of their choice. For the purpose of checking the quorum or the majority necessary for the adoption of a decision, only the presence of the executive directors chosen by the participating members and the votes allocated to the participating members shall be taken into account. " 9. The text of Article XXIX (a) shall be amended and shall read as follows: "" (a) Any problem of interpretation of the provisions of this Agreement arising between any member and the Fund or between any members of the Fund shall be transmitted to the Executive Council for decision. If the subject concerned affects any Member State in particular, it shall be entitled to be represented in accordance with the provisions of Section 3 (j) of Article XII. " 10. The text of paragraph 1 (a) of Annex D shall be amended and shall read as follows: " (a) Each member or group of members whose or whose assigned votes are cast by an executive director shall designate for the Council an adviser, who shall serve as governor, minister in the government of a Member State, or a person of rank comparable and will be able to designate at most 7 collaborators. The Governing Council may amend, by a majority of 85% of the total number of votes, the number of collaborators that may be designated. A counsellor or a collaborator will remain in office until the appointment of another person on that position or until the next ordinary election of the Executive Directors, any of these two events would take place sooner. " 11. The text of paragraph 5 (e) of Annex D shall be cancelled. 12. Paragraph 5 (f) of Annex D shall be renumbered 5 (e) of Annex D and the text of paragraph 5 (e) shall be amended and shall read as follows: " (e) When a chief executive has the right to express the number of votes allocated to a member in accordance with Section 3 (i) (iii) of Article XII, the adviser appointed by the group whose members have elected that Executive Director shall be entitled vote and express the number of votes allocated to that Member. The member shall be deemed to have participated in the appointment of the councillor entitled to vote and to express the number of votes allocated to that Member. ' 13. The text of Annex E is amended and shall read as follows: " Transitional Provisions on CEOs 1. As from the entry into force of this Annex: (a) each Executive Director, who has been appointed in accordance with the former Article XII Sections 3 (b) (i) or 3 (c) and has been in office just before the entry into force of this Annex, shall be deemed to have been chosen by the member who has designated; and (b) each executive director who expresses the number of votes of a member in accordance with the former Article XII, Section 3 (i) (ii) just before the entry into force of this Annex, shall be deemed to have been chosen by that Member. " 14. The text of paragraph 1 (b) of Annex L shall be amended and shall read as follows: "(b) designates a governor or alternate governor, designates or participates in the appointment of an alternate or alternate counselor or will choose or participate in the election of an executive director." 15. The text of the introductory part of paragraph 3 (c) of Annex L shall be amended and shall read as follows: " (c) The Executive Director chosen by the Member or in whose election the member took part will cease to take this position, unless the respective Executive Director has been given the right to express the number of votes allocated to other members whose voting rights have not been suspended. In this case: " Resolution no. 66-2 66-2, in force since 15 December 2010 -----