Republic of Argentina Financial Sector Assessment : IOSCO Objectives and Principles of Securities Regulation

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作者：

International Monetary Fund

来源地址：

http://hdl.handle.net/10986/27233

关键词：

ACCOUNTABILITY STRUCTURES;  ACCOUNTING;  ACCOUNTING STANDARDS;  ASSET MANAGERS;  ASSET VALUE;  ASSET VALUES;  AUDIT STANDARDS;  BANK ACCOUNT;  BANK ACCOUNTS;  BANKING INSTITUTIONS;  BANKING LAW;  BANKING LAWS;  BANKRUPTCY;  BANKRUPTCY PROCEDURES;  BOND;  BOND MARKET;  BOND TRADING;  BOND TURNOVER;  BROKERAGE;  BROKERAGE ACTIVITIES;  BROKERS;  CAPACITY BUILDING;  CAPITAL ALLOCATION;  CAPITAL FORMATION;  CAPITAL MARKET;  CAPITAL MARKETS;  CAPITAL REQUIREMENTS;  CD;  CENTRAL BANK;  CENTRAL SECURITIES DEPOSITORIES;  CENTRAL SECURITIES DEPOSITORY;  CHECKS;  COLLECTIVE FUNDS;  COLLECTIVE INVESTMENT;  COLLECTIVE INVESTMENTS;  COMMERCIAL BANKS;  COMMERCIAL CODE;  COMMERCIAL LAW;  COMPANY LAW;  CONFLICTS OF INTEREST;  CONSUMER PROTECTION;  CONTINGENCY PLANS;  CORPORATE BOND;  CORPORATE BOND MARKETS;  CORPORATE BONDS;  CORPORATE GOVERNANCE;  CREDIT RATING;  CREDIT RATING AGENCIES;  CREDIT RATINGS;  CREDITORS;  CUSTODY;  DEBT SECURITIES;  DEFAULT RISK;  DEFAULTS;  DEPOSIT;  DEPOSIT ACCOUNTS;  DEPOSITS;  DERIVATIVES;  DISPUTE RESOLUTION;  DOMESTIC REGULATORS;  DOMESTIC SECURITIES;  ELECTRONIC MARKETS;  ENFORCEMENT POWER;  ENFORCEMENT POWERS;  EQUITIES;  EQUITY MARKETS;  EQUITY SECURITIES;  EQUITY VALUE;  EXCHANGE COMMISSION;  EXCHANGE RATE;  EXCHANGE RULES;  FINANCIAL CRISIS;  FINANCIAL FUTURES;  FINANCIAL INSTITUTION;  FINANCIAL INSTRUMENTS;  FINANCIAL MARKETS;  FINANCIAL SECTOR;  FINANCIAL STATEMENTS;  FOREIGN INTERESTS;  FRAUD;  FUTURES;  FUTURES EXCHANGE;  FUTURES EXCHANGES;  FUTURES MARKET;  FUTURES MARKETS;  FUTURES PRODUCTS;  GLOBAL MARKETS;  GOVERNANCE STANDARDS;  GOVERNMENT DEBT;  GUARANTEE FUNDS;  HOLDING;  ILLIQUID SECURITIES;  INFLATION;  INFORMATION SHARING;  INFORMATION TECHNOLOGY;  INFRASTRUCTURE INVESTMENTS;  INITIAL PUBLIC OFFERING;  INSIDER TRADING;  INSURANCE;  INSURANCE COMPANIES;  INTEREST RATES;  INTERNAL AUDIT;  INTERNATIONAL ACCOUNTING STANDARDS;  INTERNATIONAL BANK;  INTERNATIONAL CREDIT;  INTERNATIONAL CREDIT RATING;  INTERNATIONAL FINANCE;  INTERNATIONAL MARKET;  INTERNATIONAL SETTLEMENTS;  INTERNATIONAL STANDARDS;  INVESTING;  INVESTMENT BANKING;  INVESTMENT FUNDS;  INVESTMENT VEHICLES;  INVESTOR EDUCATION;  INVESTOR PROTECTION;  IPO;  ISSUANCE;  JUDICIAL PROCESS;  JUDICIAL SYSTEM;  LEGAL AUTHORITY;  LEGAL ENVIRONMENT;  LEGAL FRAMEWORK;  LEGAL PROTECTION;  LEGAL PROTECTIONS;  LEGAL PROVISIONS;  LEGAL REFORM;  LEVEL PLAYING FIELD;  LIQUIDATION;  LIQUIDITY;  LOCAL SECURITIES;  MARKET ACCESS;  MARKET CAP;  MARKET CAPITALIZATION;  MARKET CONFIDENCE;  MARKET DEVELOPMENTS;  MARKET FOR SECURITIES;  MARKET INTERMEDIARIES;  MARKET INTERMEDIARY;  MARKET PARTICIPANTS;  MARKET REFORMS;  MARKET STRUCTURE;  MATURITY;  MINORITY SHAREHOLDERS;  MONETARY FUND;  MONEY LAUNDERING;  MUTUAL FUND;  MUTUAL FUND ASSETS;  MUTUAL FUND INDUSTRY;  MUTUAL FUNDS;  NATIONAL SECURITIES;  OPTIONS MARKET;  OPTIONS MARKETS;  PENSION;  PENSION FUNDS;  PORTFOLIO;  PRICE FORMATION;  PRIVATE BONDS;  PRIVATE CAPITAL;  PRIVATE DEBT;  PRIVATE DEBT MARKETS;  PRIVATE SECTOR DEVELOPMENT;  PUBLIC DEBT;  PUBLIC DEBT SECURITIES;  PUBLIC FINANCE;  PUBLIC OFFERINGS;  REGIONAL EXCHANGE;  REGIONAL EXCHANGES;  REGULATOR;  REGULATORY AUTHORITIES;  REGULATORY AUTHORITY;  REGULATORY FRAMEWORK;  REGULATORY OVERSIGHT;  REGULATORY SYSTEM;  RETAIL INVESTORS;  RISK MANAGEMENT;  SECONDARY MARKET;  SECONDARY MARKETS;  SECONDARY TRADING;  SECRECY LAW;  SECURITIES;  SECURITIES EXCHANGE;  SECURITIES EXCHANGES;  SECURITIES LAW;  SECURITIES LAWS;  SECURITIES MARKET;  SECURITIES MARKETS;  SECURITIES REGULATION;  SECURITIES REGULATOR;  SECURITIES TRANSACTION;  SECURITIES TRANSACTIONS;  SELF-REGULATION;  SETTLEMENT;  SETTLEMENT FACILITIES;  SETTLEMENT SYSTEMS;  SOLVENCY;  SOVEREIGN DEBT;  STATUTORY REQUIREMENTS;  STOCK BROKER;  STOCK EXCHANGE;  SYSTEMIC RISK;  TAX;  TAX TREATMENTS;  TERRORISM;  TRADE ASSOCIATION;  TRADES;  TRADING;  TRADING MARKET;  TRADING MARKETS;  TRADING SYSTEM;  TRADING SYSTEMS;  TRADING VENUE;  TRANCHES;  TRANSPARENCY;  TREASURY;  TRUST INDENTURE;  TURNOVER;  VALUATION;  Report; 

年份：

2011

出版地：

Washington,USA

语种：

English

摘要：

This assessment finds that Argentina has made significant progress to improve its securities regulatory system within the existing legal framework. Specifically, Argentina operates a highly, even uniquely, transparent securities regulatory program. The assessment also finds that the Argentine securities regulator has dedicated professional staff, active on-site inspection programs, pro-active investigation of complaints, a road map to transition by 2012 to international accounting standards (IFRS) and plans to modernize auditing standards, the ability to assist foreign regulatory authorities to the extent of its current powers, and a commitment to use the powers it has to meet its mandate, achieve international benchmarks, and build on its practical experience to strengthen regulatory oversight. At the same time this assessment finds areas, of which the securities regulator is well aware, that need to be improved. These include that: (i) the complex structure of the market may be a source of inefficiency and an impediment to price formation and best execution; (ii) the regulator has insufficient administrative power to oversee comprehensively the regulatory performance by certain self-regulatory organizations affecting equity and private debt markets with respect to their members and to supervise, discipline and enforce its rules and the securities laws over such members directly; (iii) the ability to cooperate domestically and with foreign regulators is constrained by securities and banking secrecy law; (iv) the legal underpinning for protecting customer funds held by intermediaries needs enhancements; (iv) there are no existing market disruption contingency plans at the regulatory level; and (v) the markets offer some products that may require additional, tailored monitoring and explanation to external participants. This assessment of the International Organization of Securities Commissions (IOSCO) objective and principles of securities regulation was conducted between May 11 and May 26, 2011 in Buenos Aires, Argentina and includes references to certain post on-site improvements. The assessment included a review of the main securities laws, executive decrees, and general resolutions that relate to the mandate of the Comision Nacional de Valores (CNV) and underpin the public offer and trading of securities in Argentina.