Principles Of Securities Regulation Research Articles

IMPROVEMENT OF FINANCIAL SUPERVISION ON THE BASIS OF INTERNATIONAL PRINCIPLES IMPLEMENTATION

The article is devoted to the problem of financial supervision system compliance in the countries with the international principles and the best world practices.
 The main international principles of effective banking supervision, insurance and regulation of the securities market are analyzed.
 We developed a scientific and methodological approach to assessing the country's financial supervision compliance with international principles, which allows to determine the dynamics of development and improvement of financial supervision in banking, insurance and securities segments of the financial sector. A scale for translating financial supervisory compliance assessments into international principles was developed and statistical tools of arithmetic weighted and geometric mean were used to summarize the implementation of Core Principles for Effective Banking Supervision, Insurance Core Principles and Objectives and Principles of Securities Regulation.
 The average level the implementation of each of the principles of Effective Banking Supervision, Insurance Core Principles and Objectives and Principles of Securities Regulation is determined. Banking Supervision has been assessed to international principles in countries such as Austria, Bulgaria, Canada, Germany, Denmark, United Kingdom, Georgia, Hong Kong, Republic of Korea, Moldova, New Zealand, Russian Federation, Turkey, United States of America, South Africa, Insurance Supervision — Canada, Denmark, Hong Kong, Ireland, New Zealand, Turkey, United States of America, South Africa, securities market surveillance and financial supervision in general — Canada, Hong Kong, United States of America, South Africa. The work identifies key areas of modern and innovative development of the financial supervision system.
 The paper identifies key areas of modern and innovative development of the financial supervision. Our results showed that increasing the compliance of financial supervision with international standards can be ensured primarily through the introduction of risk-oriented financial supervision, improvement of corporate governance and disclosure of financial reporting by financial intermediaries.

Use of Supervisory Standards in the Financial Sector Assessment Program—Understandings with Standard Setting Bodies

This paper informs the Executive Board of the staff-level understandings reached with global Standard Setting Bodies (SSBs) on the use of the three financial sector supervisory standards in FSAPs: the Basel Committee’s Core Principles for Effective Banking Supervision (BCP), set by the Basel Committee on Banking Supervision (BCBS); the Insurance Core Principles (ICP), set by the International Association of Insurance Supervisors (IAIS); and the Objectives and Principles of Securities Regulation (Principles), set by the International Organization of Securities Commissions (IOSCO). As graded assessments of compliance with supervisory standards are voluntary, FSAPs have adopted a flexible approach to the use of supervisory standards. A standard is either assessed in full, resulting in grades, or used as the basis for a deeper analysis of selected elements of the oversight framework in a focused review, without grades. The SSBs and Fund staff have reached understandings on a refinement of the existing flexible approach, with sets of “base principles” serving as the starting points for focused reviews.

Developments in Financial Sector Legislation, Regulation and Infrastructure: Implications for Accession Countries

Financial sector legislation and regulation is an area of crucial importance for the acquis process. Various regulatory frameworks, standards and institutions are involved. These include the Core Principles for Effective Banking Supervision, formulated by the Basel Committee for Banking Supervision, the Objectives and Principles of Securities Regulation, formulated by the International Organization of Securities Commissions (IOSCO), and standards being developed by the Committee on Payment and Settlement Systems (CPSS), the International Association of Insurance Supervisors (IAIS), and the International Accounting Standards Committee (IASC). The infrastructure of the financial system is widely considered as a “blood” system of the economy. This paper will focus on the developments in financial sector legislation, regulation and infrastructure in accession countries.

People's Republic of China: Financial Sector Assessment Program- Detailed Assessment of Observance of the Iosco Objectives and Principles of Securities Regulation

People's Republic of China: Financial Sector Assessment Program- Detailed Assessment of Observance of the Iosco Objectives and Principles of Securities Regulation

Russian Federation: Financial Assessment Program: Detailed Assessment of Implementation: IOSCO Objectives and Principles of Securities Regulation

Russian Federation: Financial Assessment Program: Detailed Assessment of Implementation: IOSCO Objectives and Principles of Securities Regulation

Russian Federation: Report on the Observance of Standards and Codes-IOSCO Objectives and Principles of Securities Regulation

This paper presents an assessment of the level of implementation of the IOSCO (International Organization of Securities Commissions) objectives and principles in the Russian Federation. Some of the most recent regulatory changes in the Russian Federation are clearly based on international standards. In other areas, further initiatives will be required. These include conflicts of interest identification and improving standards of management in professional market participants. It will also require the creation of legal gateways which will enable supervisors with the necessary skills sets to provide guidance as to what the Central Bank of the Russian Federation’s (CBR) reasonable expectations are on a range of issues. CBR also faces a major challenge in enforcing the regulatory regime and will need additional resources.

Ireland: Financial Sector Assessment Program: Technical Note-Update on the Assessment of Implementation of the IOSCO Objectives and Principles of Securities Regulation

Ireland: Financial Sector Assessment Program: Technical Note-Update on the Assessment of Implementation of the IOSCO Objectives and Principles of Securities Regulation

United States: Financial Sector Assessment Program-Detailed Assessment of Implementation on the IOSCO Objectives and Principles of Securities Regulation

United States: Financial Sector Assessment Program-Detailed Assessment of Implementation on the IOSCO Objectives and Principles of Securities Regulation

South Africa: Financial Sector Assessment Program-Detailed Assessment of Implementation on the IOSCO Objectives and Principles of Securities Regulation

South Africa: Financial Sector Assessment Program-Detailed Assessment of Implementation on the IOSCO Objectives and Principles of Securities Regulation

IOSCO and the Spreading of a US-Like Regulatory Philosophy around the World

The objective of this article is to describe the International Organization of Securities Commissions - IOSCO, its internal procedures, normative product and implementation process, and to test the role played by the US Securities and Exchange Commission - SEC since the Organization's birth. The pervasiveness of the US Securities Laws will be tested both on the most important document IOSCO has ever adopted, the Objectives and Principles of Securities Regulation, representing the regulatory philosophy of the Organization; and, as a more detailed case study, on the documents concerning the regulation of Credit Rating Agencies, a very hot topics for international finance. Moreover, it will be analyzed the position of the US in the crossborder enforcement cooperation process established under the auspices of IOSCO in the last twenty years and how this has recently changed. The results seem to suggest that IOSCO's has been deeply affected by the US Securities Laws even if, more recently, the emerging of new important markets is progressively turning the Organization into a multipolar forum where the US is no longer the only "regulatory" superpower.

Republic of Korea: Financial Sector Assessment Program-Detailed Assessment of Compliance on the IOSCO Objectives and Principles of Securities Regulation

"Volume 2014 (2014): Issue 309 (Oct 2014): Republic of Korea: Financial Sector Assessment Program-Detailed Assessment of Compliance on the IOSCO Objectives and Principles of Securities Regulation" published on 14 Oct 2014 by International Monetary Fund.

Switzerland: Detailed Assessment of Implementation-IOSCO Objectives and Principles of Securities Regulation

Switzerland: Detailed Assessment of Implementation-IOSCO Objectives and Principles of Securities Regulation

Ireland: Detailed Assessment of Observance of IOSCO Objectives and Principles of Securities Regulation

Ireland: Detailed Assessment of Observance of IOSCO Objectives and Principles of Securities Regulation

India: Financial Sector Assessment Program—Detailed Assessments Report on IOSCO Objectives and Principles of Securities Regulation

"Volume 2013 (2013): Issue 266 (Aug 2013): India: Financial Sector Assessment Program—Detailed Assessments Report on IOSCO Objectives and Principles of Securities Regulation" published on 29 Aug 2013 by International Monetary Fund.

Malaysia: Publication of Financial Sector Assessment Program Documentation�Detailed Assessment of Implementation of IOSCO Objectives and Principles of Securities Regulation

"Volume 2013 (2013): Issue 059 (Mar 2013): Malaysia: Publication of Financial Sector Assessment Program Documentation—Detailed Assessment of Implementation of IOSCO Objectives and Principles of Securities Regulation" published on 08 Mar 2013 by International Monetary Fund.

Italy: Detailed Assessment of Observance of IOSCO Objectives and Principles of Securities Regulation

"Volume 2013 (2013): Issue 353 (Dec 2013): Italy: Detailed Assessment of Observance of IOSCO Objectives and Principles of Securities Regulation" published on 06 Dec 2013 by International Monetary Fund.

Singapore: Detailed Assessment of Implementation-IOSCO Objectives and Principles of Securities Regulation

"Volume 2013 (2013): Issue 344 (Dec 2013): Singapore: Detailed Assessment of Implementation-IOSCO Objectives and Principles of Securities Regulation" published on 05 Dec 2013 by International Monetary Fund.

Saudi Arabia: Financial Sector Assessment Program Update—Detailed Assessment of Observance of the IOSCO Objectives and Principles of Securities Regulation

This paper discusses Saudi Arabia’s Detailed Assessment of the Observance of the International Organization of Securities Commissions (IOSCO) objectives and principles of securities regulation. The Capital Market Authority (CMA) has made significant progress in establishing its supervision credentials, including issuing implementing regulations. The CMA has also entered into information sharing arrangements with other regulators in the region, and is a party to the IOSCO Multilateral Memorandum of Understanding Concerning Consultation, and Cooperation, and the Exchange of Information. The equity market in Saudi Arabia is of significant size, but has undergone significant change following the events of 2006 and the establishment of the CMA.

Nigeria: Publication of Financial Sector Assessment Program Documentation––Detailed Assessment of Implementation of IOSCO Objectives and Principles of Securities Regulation

Nigeria: Publication of Financial Sector Assessment Program Documentation––Detailed Assessment of Implementation of IOSCO Objectives and Principles of Securities Regulation

Argentina: Detailed Assessment of Observance of IOSCO Objectives and Principles of Securities Regulation

"Volume 2012 (2012): Issue 269 (Sep 2012): Argentina: Detailed Assessment of Observance of IOSCO Objectives and Principles of Securities Regulation" published on 14 Sep 2012 by International Monetary Fund.