It is desirable for the rules to remain reasonably flexible in order to safeguard a proper balance between financial stability and protecting competition. The challenges ahead The pandemic crisis was the first test bench we were able to use to assess the current macroprudential framework in a period of stress. The authorities responded in a timely manner using a number of tools.
The agency agreements provided for termination when this commitment was breached;  •  a process was established to inform the respective boards about the appointment of agents, the applicable commission rates and payments made; and  •  a process of annual review of these policies was established.