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Strengths and Weaknesses in Securities Market Regulation

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  • Jennifer A. Elliott
  • Ana Carvajal
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    Abstract

    This paper examines the strengths and weaknesses of securities regulatory systems worldwide with a view to a better understanding of common problems and areas of global concern. We found that a consistent theme emerges regarding the lack of ability of regulators to effectively enforce compliance with existing rules and regulation. In many countries, a combination of factors, including insufficient legal authority, a lack of resources, political will and skills, has undermined the regulator''s capacity to effectively execute regulation. This weakness is more acute in areas of increased technical complexity such as standards for and supervision of the valuation of assets and risk management practices.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=21428
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/259.

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    Length: 49
    Date of creation: 01 Nov 2007
    Date of revision:
    Handle: RePEc:imf:imfwpa:07/259

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    Related research

    Keywords: Securities regulations; regulation; standards; securities regulation; standards and codes; market intermediaries; securities markets; collective investment schemes; risk management; market participants; regulations; iosco principles; enforcement powers; licensing requirements; internal controls; administrative sanctions; market intermediary; collective investment scheme; settlement systems; share information; financial intermediaries; risk management practices; foreign counterparts; investor confidence; securities transactions; licensing process; criminal authorities; reporting requirements; adequate oversight; compliance program; regulatory frameworks; domestic counterparts; market manipulation; self regulatory organizations; regulatory measures; criminal matters; international standard; supervisory framework; securities regulators; technical assistance program; foreign regulators; supervisory arrangements; financial sector regulation; adequate powers; domestic legislation; market integrity; accounting standards; internal organization;

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    Cited by:
    1. Kamal A. El-Wassal, 2013. "The Development of Stock Markets: In Search of a Theory," International Journal of Economics and Financial Issues, Econjournals, vol. 3(3), pages 606-624.
    2. Ana Carvajal & Jennifer A. Elliott, 2009. "The Challenge of Enforcement in Securities Markets," IMF Working Papers 09/168, International Monetary Fund.
    3. Martin Cihák & Alexander F. Tieman, 2008. "Quality of Financial Sector Regulation and Supervision Around the World," IMF Working Papers 08/190, International Monetary Fund.

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