How often do full FSAP updates and modular updates take place?
A. In any particular country, the frequency of updates or modules will depend on financial sector developments, the country’s willingness to participate, and resource availability for the program. Historically, full FSAP updates take place every six to seven years. However, the interval between assessments should be shorter for some countries (systemically important countries, countries with serious vulnerabilities, and countries where there have been significant macroeconomic shocks affecting the financial system, or major reforms since the last assessment). An earlier update may also be appropriate in cases where the initial assessment did not cover important financial sector issues that are deemed to warrant an in-depth analysis. As of 2009, there is the possibility of more frequent modular updates, focused on either stability or development. And as of September 2010, financial stability assessments for jurisdictions with systemically important financial sectors must take place at m
