"The US is mostly compliant with international financial standards but in documents released Monday, officials acknowledge that some room for improvement exists, particularly in the regulation of hedge funds, municipal securities and over-the-counter derivatives.... The documents, US self assessments on areas ranging from securities and banking regulation to money laundering prevention efforts and policy transparency, mark the country's first steps into an International Monetary Fund (IMF) and World Bank program designed to strengthen monitoring of financial systems...." [Dow Jones/Factiva]

Xinhua adds that "...the Treasury Department said that these self-assessments are inputs into the US Financial Sector Assessment Program (FSAP) review, which the IMF is conducting jointly with Treasury and the US financial sector supervisors and regulators ranging from banking, insurance, securities and commodities futures...." [Xinhua/Factiva]

AFP writes that "...the Treasury noted the US had committed to participation in the FSAP in 2006 during an IMF economic review, known as an Article IV consultation. It said the financial sector review would be finished in 2010....The IMF confirmed Monday that the US review under the FSAP was expected to wrap up in 2010...." [Agence France Presse/Factiva]