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WORKING PAPER SERIES NO 868/FEBRUARY2008 PURDAH ON THE RATIONALE FOR CENTRAL BANK SILENCE AROUND POLICY MEETINGS byMichael Ehrmann and Marcel Fratzscher WORKING PAPER SERIES NO 868 / FEBRUARY 2008 In 2008 all ECB publications feature a motif taken from the 10 banknote. PURDAH ON THE RATIONALE FOR CENTRAL BANK SILENCE AROUND POLICY MEETINGS 1 Michael Ehrmann and Marcel Fratzscher 2 This paper can be downloaded without charge from http://www.ecb.europa.eu or from the Social Science Research Network electronic library at http://ssrn.com/abstract_id=1090543. 1 This paper is forthcoming in the Journal of Money, Credit, and Banking. We would like to thank Terhi Jokipii and Björn Kraaz for excellent research assistance, Niels Bünemann for some information about the purdah practices of central banks and Magnus Andersson, Alan Blinder, Alex Cukierman and Bernhard Winkler as well as seminar participants at the ECB for comments. This paper presents the authors’ personal opinions and does not necessarily refl ect the views of the European Central Bank. 2 Both authors: European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany; e-mail: Michael.Ehrmann@ecb.int, Marcel.Fratzscher@ecb.int © European Central Bank, 2008 Address Kaiserstrasse 29 60311 Frankfurt am Main, Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main, Germany Telephone +49 69 1344 0 Website http://www.ecb.europa.eu Fax +49 69 1344 6000 All rights reserved. Any reproduction, publication and reprint in the form of a different publication, whether printed or produced electronically, in whole or in part, is permitted only with the explicit written authorisation of the ECB or the author(s). The views expressed in this paper do not necessarily refl ect those of the European Central Bank. The statement of purpose for the ECB Working Paper Series is available from the ECB website, http://www.ecb. europa.eu/pub/scientifi c/wps/date/html/ index.en.html ISSN 1561-0810 (print) ISSN 1725-2806 (online) 3 ECB Working Paper Series No 868 February 2008 Abstract 4 Non-technical summary 5 1 Introduction 6 2 Institutional Design of the Purdah Period 8 3 Measuring Communication 10 4 Purdah communication and fi nancial market reactions 11 5 Conclusions 15 References 16 Appendix A: Quotes from FOMC transcripts 18 Appendix B: Measuring central bank communication 20 Appendix C: Quotes of statements by FOMC members reported during the purdah 21 Tables and fi gures 30 European Central Bank Working Paper Series 35 CONTENTS 4 ECB Working Paper Series No 868 February 2008 Abstract Despite substantial differences in monetary policy and communication strategies, many central banks share the practice of purdah, a self-imposed guideline of abstaining from communication around policy meetings or other important events. This practice is remarkable, as it seems to contradict the virtue of transparency by requiring central banks to withhold information precisely when it is sought after intensely. However, imposing such a limit to communication has often been justified on grounds that such communication may Công ty Luật Minh Gia www.luatminhgia.com.vn THE MINISTRY OF PLANNING AND INVESTMENT Circular No 12/2015/TT-BKHDT dated October 27, 2015 of the Ministry of Planning and Investment guiding on professional regulation for judicial expertise activities; procedures for appointment of judicial expertise participants and establishment of judicial expertise council in the field of planning and investment Pursuant to the Law on Judicial expertise dated June 20, 2012; Pursuant to Decree No 85/2013/ND-CP dated July 29, 2013 by the Government stipulating details and measures to implement the Law on Judicial expertise; Pursuant to the Decree No 116/2008/ND-CP dated November 14, 2008 by the Government defining the functions, tasks, powers and organizational structure of the Ministry of Planning and Investment; At the request of Director of Legal Department, The Minister of Planning and Investment promulgates Circular providing guidance on professional regulation for judicial expertise activities; procedures for appointment of judicial expertise participants and establishment of Judicial expertise council in the field of planning and investment Article Scope of adjustment and subject of application This Circular provides for professional regulation for judicial expertise activities; receipt of judicial expertise solicitations/requests; judicial expertise dossier/conclusion; procedures for appointment of judicial expertise participants and establishment of Judicial expertise council in the field of planning and investment This Circular applies to any organizations/individuals relevant to judicial expertise in the field of planning and investment Article Application of professional regulation for judicial expertise activities in the field of planning and investment Professional regulation applicable to judicial expertise activities in the field of planning and investment includes standards of investment appraisal, bidding, enterprise/cooperative registration and other standards in the field of planning and investment LUẬT SƯ TƯ VẤN PHÁP LUẬT 24/7: 1900 6169 Công ty Luật Minh Gia www.luatminhgia.com.vn The expertise of a field not prescribed in any regulation shall be based on legislative documents providing for such field of expertise The judicial expertise in the field of planning and investment shall be based on legislative documents that are effective at the time the issue is raised Article Receipt of solicitations/requests, objects of judicial expertise and appointment of judicial expertise performers Regarding the Ministry of Planning and Investment: a) If the document of solicitation/request for judicial expertise is sent to the Ministry of Planning and Investment, the Legal Department shall preside over and cooperate with Heads of relevant units affiliated to Ministries in appointing judicial expertise performers on the basis of the solicitation/request for judicial expertise and according to the standards specified in Article of Circular No 07/2014/TT-BKHDT dated November 24, 2014 by the Ministry of Planning and Investment Organization and Personnel Department shall receive documents from Legal Department and submit them to the Minister of Planning and Investment for appointing judicial expertise performers The handover and receipt of dossiers and objects of solicited/requested expertise shall be recorded in writing according to the form in Appendix I of this Circular; b) When receiving an object of expertise, a relevant document or an enclosed sample (if any) that is sealed, the person in charge of breaking the seal must check the seal before breaking it The breaking of the seal must be with the attendance of the expertise performer; the expertise solicitor/requester and the witness (if any) All information and activities related to the breaking of the seal must be recorded in writing and verified by the participants and witnesses according to the form in Appendix II of this Circular; c) If the written solicitation/request for judicial expertise contains a content outside the state management in the field of planning and investment, the Ministry of Planning and Investment (Legal Department) shall send the solicitor/requester a written refusal of the solicitation/request; d) If the expertise solicitor/requester applies for having expertise carried out by a specific judicial expertise performer, such expertise performer shall request the Head of his/her direct management unit to assign and facilitate the expertise Regarding Services of Planning and Investment; management boards of industrial zones, export-processing zones and economic zones: LUẬT SƯ TƯ VẤN PHÁP LUẬT 24/7: 1900 6169 Công ty Luật Minh Gia www.luatminhgia.com.vn a) If the content of the solicitation/request for judicial expertise is within the state management, the Director of the Service of Planning and Investment and the Leader of the management board of industrial zone/export-processing zone/economic zone shall choose the judicial experts and ad hoc ...MINISTRY OF FINANCE SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom – Happiness No.: 279/2016/TT-BTC Hanoi, November 14, 2016 CIRCULAR PROVIDING FOR FEES FOR FOOD SAFETY AND HYGIENE AFFAIRS AND THE COLLECTION, TRANSFER, MANAGEMENT AND USE THEREOF Pursuant to the Law on fees and charges dated November 25, 2015; Pursuant to the Law on state budget dated June 25, 2015; Pursuant to the Government's Decree No 120/2016/ND-CP dated August 23, 2016 detailing and guiding the implementation of a number of articles of the Law on fees and charges; Pursuant to the Government's Decree No 215/2013/ND-CP dated December 23, 2013 defining the functions, tasks, powers and organizational structure of Ministry of Finance; At the request of the Director of the Tax Policy Department, Minister of Finance promulgates this Circular to provide regulations on fees for food safety and hygiene affairs and the collection, transfer, management and use thereof Article Scope and regulated entities This Circular provides regulations on fees for food safety and hygiene affairs under the management of Ministry of Health and Ministry of Industry and Trade, and the collection, transfer, management and use thereof This Circular applies to payers and collectors of the fees for food safety and hygiene affairs, and other organizations and individuals involved in the collection, transfer, management and use thereof Article Payers Any producers, traders, importers and exporters of foods must pay fees when they apply competent state agencies for issuance of certificates, declarations or inspection of food safety and hygiene conditions Conformity certification bodies, agencies or organizations that are designated to perform state inspection of safety of imported foods, and testing laboratories must pay fees in conformity with regulations in this Circular when they apply competent state agencies for verification of their operating conditions Article Collectors Ministry of Health (Vietnam Food Administration), Ministry of Industry and Trade, Provincial Departments of Industry and Trade, Sub-departments of Vietnam Food Administration and other agencies that are assigned in accordance with regulations shall be responsible for collecting fees for food safety and hygiene affairs Article Fee Fees for food safety and hygiene affairs are prescribed in the Fee Schedule enclosed with this Circular Article Declaration and transfer of fees Not later than the 05th day of every month, each collector must transfer the fees collected in the previous month into the designated state budget account which is opened at the State Treasury The collectors shall declare and transfer collected fees on a monthly basis, and make statement of fees on an annual basis in accordance with regulations in Clause Article 19 and Clause Article 26 of the Circular MINISTRY OF FINANCE - SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness - No 261/2016/TT-BTC Hanoi, November 14, 2016 CIRCULAR PROVIDING FOR MARITIME FEES, CHARGES AND SCHEDULE OF COLLECTION RATES OF MARITIME FEES AND CHARGES Pursuant to the Law on State Budget dated June 25, 2015; Pursuant to the Law on Fees and Charges dated November 25, 2015; Pursuant to the Government’s Decree No 120/2016/ND-CP dated August 23, 2016 specifying and providing guidance on implementation of certain Articles of the Law on Fees and Charges; Pursuant to the Government's Decree No 215/2013/ND-CP dated December 23, 2013 defining the functions, tasks, powers and organizational structure of the Ministry of Finance; At the request of the Director of Corporate Finance Agency, The Minister of Finance hereby introduces the Circular that deals with maritime fees, charges and schedule of collection rates of maritime fees and charges Chapter I GENERAL PROVISIONS Article Scope and subjects of application Scope of application: This Circular deals with subject matters, payers, payees, bases for and principles of determining amount and schedule of collection rates of, maritime fees and charges Maritime fees and charges prescribed by this Circular include tonnage fee, maritime safety assurance charge, fee for anchoring or berthing at waterside restricted areas or zones, fee for attestation of sea protest and charge for entering or leaving seaports Subject of application: This Circular applies to persons, entities and state authorities involved in collection and payment of maritime fees and charges Article Definition For the purposes of this Circular, terms used herein shall be construed as follows: Craft includes sea-going vessels, military ships, public vessels, fishing ships, inland watercraft, hydroplanes and other water transport equipment Gross tonnage (GT) refers to the maximum total capacity of craft certified by the register authority in accordance with laws and regulations 3 Waterside restricted areas or zones encompass pilot embarkation and disembarkation areas, quarantine areas, turning basins, transshipment zones and storm shelters within seaport waters Navigation area refers to the enclosed waters limit that falls within a port authority's area of responsibility One seaport or harbor may have one or more navigation areas The list of navigation areas is compiled in the Appendix to this Circular Ship-to-ship transfer cargo refers to cargoes loaded or unloaded by seagoing ships positioned alongside each other, including empty containers Exporting good refers to goods of which place of delivery (origin) is located within Vietnam and place of receipt (destination) is located abroad Importing good refers to goods of which place of delivery (origin) is located abroad and place of receipt (destination) is located within Vietnam Good in transit refers to goods of which both place of delivery (origin) and place of receipt (destination) are located outside of Vietnam, and which are directly delivered or called at Vietnam’s seaports or MINISTRY OF FINANCE SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom – Happiness No.: 278/2016/TT-BTC Hanoi, November 14, 2016 CIRCULAR PROVIDING FOR FEES IN MEDICAL SECTOR, AND THE COLLECTION, TRANSFER, MANAGEMENT AND USE THEREOF Pursuant to the Law on fees and charges dated November 25, 2015; Pursuant to the Law on state budget dated June 25, 2015; Pursuant to the Government's Decree No 120/2016/ND-CP dated August 23, 2016 detailing and guiding the implementation of a number of articles of the Law on fees and charges; Pursuant to the Government's Decree No 215/2013/ND-CP dated December 23, 2013 defining the functions, tasks, powers and organizational structure of Ministry of Finance; At the request of the Director of the Tax Policy Department, Minister of Finance promulgates this Circular to provide for fees in medical sector, and the collection, transfer and management thereof Article Scope and regulated entities This Circular provides regulations on fees in medical sector, and the collection, transfer, management and use thereof This Circular applies to payers and collectors of the fees in medical sector, and other organizations and individuals involved in the collection, transfer, management and use thereof Article Payers Any organizations/ individuals submitting applications to state authorities for processing issues in medical sector as prescribed in the Fee Schedule enclosed herein must pay fees Article Collectors Affiliates of Ministry of Health, affiliates of Ministry of National Defence, Departments of Health of provinces/ central-affiliated cities shall be responsible for collecting fees in compliance with regulations herein Article Fee Fees in medical sector are prescribed in the Fee Schedule enclosed with this Circular Article Declaration and transfer of fees Not later than the 05th day of every month, each collector must transfer the fees collected in the previous month into the designated state budget account which is opened at the State Treasury The collectors shall declare and transfer collected fees on a monthly basis, and make statement of fees on an annual basis in accordance with regulations in Clause Article 19 and Clause Article 26 of the Circular No 156/2013/TT-BTC dated November 06, 2013 by Minister of Finance guiding the implementation of a number of articles of the Law on tax management, the Law on amendments to the Law on tax management and the Government's Decree No 83/2013/ND-CP dated July 22, 2013 Article Management and use of fees A collector that is an agency affiliated to the Ministry of National Defence may retain 80% of the sum of collected fees in order to cover its expenditures in accordance with regulations in Clause Article of the Government’s Decree No 120/2016/ND-CP dated August 23, 2016 The remaining amount (20%) must be transferred to state budget MINISTRY OF HEALTH - SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness - No: 42/2016/TT-BYT Hanoi, November 15, 2016 CIRCULAR REGULATION ON RECOGNITION OF MEDICAL DEVICE CLASSIFICATION RESULTS THE MINISTER OF HEALTH Pursuant to the Government's Decree No 63/2012/ND-CP dated August 31, 2012 defining the functions, rights, responsibilities and organizational structure of the Ministry of Health Pursuant to the Government’s Decree No.36/2016/ND-CP dated May 15, 2016 on management of medical equipment; Upon request of the Director of the Department of Medical Equipment and Construction –Ministry of Health, The Minister of Health hereby issues this Circular stipulating regulation on recognition of medical device classification, Article Lists of countries whose medical device classification results are recognized by Vietnam The list of countries whose medical device classification results are recognized by Vietnam is presented in the Annex attached hereto Article Guidelines for comparison of recognized classification results Guideline for comparing classes of medical devices other than in vitro diagnostic medical devices: Classification of medical devices by Classificati on of medical devices byClassific ation of medical devices byClassific ation of medical devices byClassific ation of medical devices byClassific ation of medical devices byClassific ation of medical devices byVietnam ese equivalents ASEAN countries European Australia Canada countries Korea Japan U.S I A I I I I B IIa IIa II II B C Ilb Ilb III III C D III III IV IV III A D E.g.: A class I medical device classified according to other country's classification system shall be recognized as equivalent to a class A medical device according to Vietnam’s classification system Guideline for comparing classes of in vitro diagnostic medical devices: Classificatio n of medical devices byClassificat ion of medical devices byClassificat ion of medical devices byClassificat ion of medical devices byClassificat ion of medical devices byVietnames e Equivalents Classification of medical devices by ASEAN countries A Australia Canada I Korea Japan U.S I I A B II II B C III III C D IV IV III D Article Guideline for use of documents certifying medical device classes The classification table is not required when applying for declaration of applicable standards or registration of free sale of a medical device which is classified by one of countries specified in Article hereof and its classification result is presented in one of the following documents: a) The certificate of free sale; b) The certificate of registration; c) The export license; d) Other documents issued by the foreign countries’ State management authorities, including the classification results published on the websites on foreign countries’ competent authorities Requirements for documents certifying classification results stipulated in clause of this Article: Consularized copies or certified true copies of consularized copies shall be submitted to the consul In case any certifying document is made in a foreign language other than English, a Vietnamese ... the expertise process and the judicial expertise conclusions Article Conclusion of judicial expertise The judicial expertise performer shall make judicial expertise conclusion according to regulations... industrial zone/export-processing zone/economic zone shall choose the judicial experts and ad hoc judicial expertise performers according to the expertise solicitation/request and decide the form of expertise. .. regulations in Clause Article 32 of the Law on judicial expertise Judicial expertise conclusion must bear the signature of the judicial expertise performer or the head of the organization in charge

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