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Strengths and Weaknesses in Securities Market Regulation; A Global Analysis

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  • Jennifer A. Elliott
  • Ana Carvajal

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.

Suggested Citation

  • Jennifer A. Elliott & Ana Carvajal, 2007. "Strengths and Weaknesses in Securities Market Regulation; A Global Analysis," IMF Working Papers 07/259, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:07/259
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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. Martin Čihák & Alexander Tieman, 2011. "Quality of Financial Sector Regulation and Supervision Around the World," Chapters,in: Handbook of Central Banking, Financial Regulation and Supervision, chapter 15 Edward Elgar Publishing.
    3. Ana Carvajal & Jennifer A. Elliott, 2009. "The Challenge of Enforcement in Securities Markets; Mission Impossible?," IMF Working Papers 09/168, International Monetary Fund.

    More about this item

    Keywords

    Securities regulations; Securities markets; securities markets regulation; regulation; standards; securities regulation; standards and codes; market intermediaries;

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