Spain; IOSCO Objectives and Principles of Securities Regulation: Detailed Assessment Implementation

This paper assesses implementation of the International Organization of Securities Commissions' (IOSCO) objectives and principles of securities regulation in Spain. Spain exhibits a high level of implementation of principles. The legal framework is robust and provides the Comisión Nacional de Valores (CNMV) with broad supervisory, investigative, and enforcement powers. Arrangements for off-site monitoring of regulated entities are robust. However, some areas of supervision and enforcement require strengthening. In particular, the CNMV should make more use of on-site inspections for all types of investment service providers.

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Year of publication:	2012-06-11
Institutions:	International Monetary Fund (IMF) ; International Monetary Fund
Subject:	Financial Sector Assessment Program \| Reports on the Observance of Standards and Codes \| Securities regulations \| securities markets \| insider trading \| securities market \| accounting standards \| market participants \| internal controls \| credit rating \| market manipulation \| share capital \| risk management \| articles of association \| market intermediaries \| iosco principles \| foreign regulators \| settlement systems \| reporting obligations \| collective investment schemes \| securities regulation \| competent authorities \| internal audit \| capital adequacy \| collective investment scheme \| securitization \| enforcement powers \| stock exchanges \| securities firms \| capital markets \| record keeping requirements \| stock exchange \| criminal prosecution \| internal organization \| due diligence \| internal control procedures \| foreign counterparts \| administrative sanctions \| international standards \| securities transactions \| compliance function \| futures markets \| hedge funds \| judicial authorities \| criminal liability \| professional secrecy \| internal procedures \| options markets \| false information \| market infrastructure \| securities depository \| securities trading \| securities settlement systems \| due diligence process \| foreign authority \| internal control systems \| credit rating agencies \| securities laws \| settlement facilities \| compliance officer \| securities settlement \| adequate powers \| criminal enforcement \| regulatory authority \| securities exchanges \| civil liability \| share information \| regulatory authorities \| stock market \| compliance program \| subsidiaries \| supervisory framework \| corporate bonds \| disciplinary proceedings \| equity securities \| technical resources \| business relations \| judicial proceedings \| evidence gathering \| listed securities \| supervisory authority \| swift \| equity funds \| legal entity \| exchange information \| fixed income securities \| supervisory approach \| audit function \| adequate compliance \| reporting requirements \| criminal sanctions \| risk profile \| beneficial owners \| unlisted securities \| securities commissions \| criminal law \| money laundering \| internal rules \| market intermediary \| supervisory authorities \| criminal authorities \| issue of securities \| risk management procedures \| tax havens \| transaction reports \| criminal case \| call options \| risk control systems \| central securities depository \| bank account records \| transparency requirements \| debt securities \| regulatory bodies \| domestic law \| capital base \| prudential regulation \| working capital \| ensuring compliance \| equity instruments \| terrorist financing \| financial intermediary \| criminal record \| securities clearing \| stock exchange market \| criminal justice \| customer identity \| beneficial ownership \| regulatory requirements \| life insurance \| criminal offence \| money market instruments \| prudential supervision \| derivative securities \| legal entities \| futures exchanges \| regulatory measures \| market integrity \| financial intermediaries \| foreign authorities \| confidentiality requirements \| legal obligations \| derivative markets \| securities activities \| internal review \| transferable securities \| criminal investigations \| international cooperation \| capital requirement \| securities trade \| equity capital \| book entry securities \| criminal process \| capital ratio \| integrity standards \| capital increases \| securities regulators \| investigative powers \| american stock exchange \| commodity markets \| regulatory judgments \| organized crime

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Extent:	application/pdf
Series:	IMF Staff Country Reports.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series IMF Staff Country Reports Number 12/143 13 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011244892