TAILIEUCHUNG - The Report of the Task Force on Financial Mechanisms for ICT for Development - A review of trends and an analysis of gaps and promising practices

We propose that authority for supervision and regulation of Tier 1 FHCs be vested in the Federal Reserve Board, which is by statute the consolidated supervisor and regulator of all bank holding companies today. As a result of changes in corporate structure during the current crisis, the Federal Reserve already supervises and regulates all major . commercial and investment banks on a firm-wide basis. The Federal Reserve has by far the most experience and resources to handle consolidated supervision and regulation of Tier 1 FHCs. The Council should play an important role in recommending the identification of firms. | The Report of the Task Force on Financial Mechanisms for ICT for Development - A review of trends and an analysis of gaps and promising practices December 22 2004 The World Summit on Information Society WSIS the first phase of which was concluded in Geneva in 2003 recommended that while all existing financial mechanisms should be fully exploited to make available the benefits of information and communication technologies a thorough review of their adequacy in meeting the challenges of ICT for development should be completed by the end of December 2004. This review shall be conducted by a Task Force under the auspices of the Secretary-General of the United Nations and submitted for consideration to the second phase of this summit. The Secretary-General asked UNDP to take the lead in setting up Task Force on Financial Mechanisms in collaboration with the World Bank and the United Nations Department of Economic and Social Affairs and other key partners. The following report does not necessarily reflect the views of United Nations which should not be held responsible for its contents. Table of Contents EXECUTIVE THE FINANCING ISSUE IN THE WSIS-GENEVA CONTEXT AND FRAMEWORK FOR FINANCING ICT FOR The Development Rationale for a focus on Leveraging ICT for Financing ICT for Recognizing achievements Exploring Financing Challenges and FINANCIAL MECHANISMS APPROACHES AND International Resources and Domestic Resources and ICT FOR DEVELOPMENT AND FINANCING CHALLENGES PROMISING PRACTICES. 61 Defining policy Frameworks and Implementation Building Backbone Ensuring Effective Enriching Development Applications and Strengthening Human Resource Capacity Promoting CONCLUSIONS .89 TASK FORCE .

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