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Strengths and Weaknesses in Securities Market Regulation: A Global Analysis

Author

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  • Ms. 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

  • Ms. Jennifer A. Elliott & Ana Carvajal, 2007. "Strengths and Weaknesses in Securities Market Regulation: A Global Analysis," IMF Working Papers 2007/259, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2007/259
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    Citations

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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 & Ms. Jennifer A. Elliott, 2009. "The Challenge of Enforcement in Securities Markets: Mission Impossible?," IMF Working Papers 2009/168, International Monetary Fund.
    3. Michael Pomerleano, 2011. "Developing Regional Financial Markets – the Case of East Asia," Chapters, in: Ulrich Volz (ed.), Regional Integration, Economic Development and Global Governance, chapter 9, Edward Elgar Publishing.
    4. Laure de Batz, 2018. "Financial Impact of Regulatory Sanctions on French Listed Companies," Working Papers IES 2018/10, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Apr 2018.
    5. Christensen, Hans B. & Hail, Luzi & Leuz, Christian, 2010. "Capital-Market Effects of Securities Regulation: The Role of Implementation and Enforcement," Working Papers 241, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
    6. Mark J. Flannery, 2020. "Contrasting Worldviews at Bank and Securities Market Regulators," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(S1), pages 43-62, October.
    7. Laure Batz, 2020. "Financial impact of regulatory sanctions on listed companies," European Journal of Law and Economics, Springer, vol. 49(2), pages 301-337, April.
    8. Martin Čihák & Alexander Tieman, 2011. "Quality of Financial Sector Regulation and Supervision Around the World," Chapters, in: Sylvester Eijffinger & Donato Masciandaro (ed.), Handbook of Central Banking, Financial Regulation and Supervision, chapter 15, Edward Elgar Publishing.

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