Joining the efforts of the Shadow Financial Regulatory Committees from the U.S., Europe, and Japan, a group of Latin American economists with strong expertise in the field of banking, finance, and regulation of financial services and markets set up the Latin American Shadow Financial Regulatory Committee (LASFRC). The LASFRC was formed in Rio de Janeiro, Brazil in July 2000. Chairperson of the committee is Liliana Rojas-Suarez.

Current Members:

• Pedro Carvalho de Mello (Brazil), former Commissioner of Comissão de Valores Mobiliários; currently, Professor at ESALQ, Universidade de São Paulo.
• Claudio Contador (Brazil), former Professor at Universidade Federal de Rio de Janeiro; currently, Managing Director of the National Insurance Foundation, Rio de Janeiro.
• Roque Fernandez (Argentina), former Minister of Finance of Argentina; currently, Professor at Universidad del CEMA, Buenos Aires.
• Gustavo Franco (Brazil), former President Central Bank of Brazil; currently, Professor at Pontificia Universidade Católica de Rio de Janeiro.
• Pablo Guidotti (Argentina), former Vice-Minister of Finance of Argentina; currently, Director of the School of Government and Professor at Universidad Torcuato di Tella, Buenos Aires.
• Ricardo Hausmann (Venezuela), former Chief Economist, Latin America, Inter-American Development Bank; currently Professor at Harvard University, Cambridge.
• Ruth de Krivoy (Venezuela), former President Central Bank of Venezuela; currently, President of Sintesis Financiera, Caracas.
• Liliana Rojas-Suarez (Peru), former Chief Economist, Latin America, Deutsche Bank; currently, Visiting Fellow at the Institute for International Economics, Washington DC.
• Ernesto Talvi (Uruguay), former Chief Economist, Central Bank of Uruguay; currently, Executive Director of the Center for Economic and Social Policy Research, Montevideo.
• Roberto Zahler (Chile), former President Central Bank of Chile; currently, President of Zahler and Co., Santiago.

In addition to the Latin American participants, the Committee also includes two additional, invited members:

• Harald Benink (The Netherlands), Chairman of the European Shadow Financial Regulatory Committee and Professor at Erasmus University Rotterdam.
• Charles W. Calomiris (USA), Member of the U.S. Shadow Financial Regulatory Committee and Professor at Columbia University, New York.

Independence of the Committee

The Latin-American Shadow Financial Regulatory Committee meets three times every year (including a joint annual meeting with its colleague Shadow Committees in Europe, Japan, and the U.S.). The "shadow" function of the LASFRC is related to the Committee’s purpose of following and analyzing critically the existing and evolving regulatory framework for financial institutions and markets. Moreover, at the end of each meeting the LASFRC will organize an international press conference during which a public statement will be issued on topics discussed during its meeting. The Committee is fully independent of the providers, regulators and supervisors of financial services and markets.

Analytical Mission

The analysis of the regulatory framework will be based on existing and proposed national and international regulations, recommendations by international forums such as the Basel Committee, the Financial Stability Forum and the Group of Thirty, and on relevant academic research in this field. Typically, the Committee tries to translate concepts drawn from academic literature into concrete policy recommendations with respect to certain subject areas. Topics to be covered by the LASFRC during the coming years could include: the impact of proposals to reform the architecture of the international financial system on the functioning of Latin-American financial institutions; guidelines for the design of financial services regulation; the pros and cons of universal banking and bancassurance; the development of capital markets in Latin America; banks and derivatives; electronic payment services by non-banks; supervision of financial conglomerates and non-banks; capital requirements (including the new debate on the role of external ratings, internal ratings and subordinated debt), liquidity management strategies, and state ownership and/or support of financial institutions.

First Meeting

The first official meeting (including an international press conference) took place on December 16-18, 2000 in São Paulo, Brazil. A statement was issued entitled "Towards Financial Stability in Latin America."

The Latin-American Shadow Financial Regulatory Committee gratefully acknowledges financial support by CAF for funding its first official meeting in São Paulo. The Committee is fully independent and autonomous in drafting its statements.