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Business and Economics > Investments: Stocks

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Cover Policy Papers
Progress Report to the IMFC on the Activities of the Independent Evaluation Office of the IMF
International Monetary Fund
Over the past six months, a key theme has been ensuring strong follow-up to IEO evaluations, a priority stressed by the recently competed External Evaluation of the IEO. Of particular note, the Managing Director has issued a statement highlighting actions planned to strengthen the IMF’s engagement with fragile states following our recent evaluation, and this statement is being presented to the IMFC for endorsement. In addition, the IEO has completed two updates of past evaluations, advanced work on two ongoing evaluations (on IMF financial surveillance and on IMF advice related to unconventional monetary policies), and is now considering its future work program in light of the External Evaluation.
Keywords:
PP; evaluation; IMF governance; IMF engagement; IEO work program; governance structure
Cover IMF Staff Country Reports
United States: Financial Sector Assessment Program-Detailed Assessment of Implementation on the IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses key findings of the Detailed Assessment of Implementation of the IOSCO (International Organization of Securities Commissions) Objectives and Principles of Securities Regulation on the United States. The United States has large, well-developed, and complex securities and derivatives markets. Postcrisis, the legal mandates of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have significantly expanded. The level of funding of both the SEC and CFTC is a key challenge affecting their ability to deliver on their mandates in a way that provides confidence to markets and investors. The fragmented structure of equity markets remains a key challenge for the SEC.
Keywords:
ISCR; CR; CFTC regulation; SEC staff; futures contract; business model; certificate of incorporation; net capital; investment strategy; insider trading; SEC rule; open-end fund; audit program; secondary market; Securities; Credit ratings; Auditing; Stocks; Securities regulation; Global
Cover IMF Working Papers
Recovery Determinants of Distressed Banks: Regulators, Market Discipline, or the Environment?
Michael Koetter
,
Mr. Tigran Poghosyan
, and
Thomas Kick
Based on detailed regulatory intervention data among German banks during 1994-2008, we test if supervisory measures affect the likelihood and the timing of bank recovery. Severe regulatory measures increase both the likelihood of recovery and its duration while weak measures are insignificant. With the benefit of hindsight, we exclude banks that eventually exit the market due to restructuring mergers. Our results remain intact, thus providing no evidence of "bad" bank selection for intervention purposes on the side of regulators. More transparent publication requirements of public incorporation that indicate more exposure to market discipline are barely or not at all significant. Increasing earnings and cleaning credit portfolios are consistently of importance to increase recovery likelihood, whereas earnings growth accelerates the timing of recovery. Macroeconomic conditions also matter for bank recovery. Hence, concerted micro- and macro-prudential policies are key to facilitate distressed bank recovery.
Keywords:
WP; distressed bank; bank recovery; joint stock; support bank; troubled bank; Bank distress; capital support; regulation; recovery; capital injection; savings bank; core business; shows bank; Bank resolution; Auditing; Loans; Special purpose vehicle; Stocks; Global; Europe
Cover IMF Staff Country Reports
Thailand: Financial Sector Assessment Program: Detailed Assessment on the Implementation of the IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund
This paper presents key findings of the detailed assessment on the implementation of the International Organization of Securities Commissions (IOSCO) objectives and principles of securities regulation for Thailand. The assessment recommends creating a formal coordination mechanism among governmental agencies with regulatory authority over capital markets. The Securities and Exchange Commission (SEC) should amend its code of conduct and provide that restrictions on securities investments by its staff also applies to spouses, minor children, and all other accounts over which an employee has the authority to make investment decisions.
Keywords:
ISCR; CR; SEC staff; equity trading; business operation; company assets; insider trading; SEC disclosure system; SEC tape recording rule; shareholder meeting; tender offer; SEC regulation; SET regulation; internal auditor; Securities; Mutual funds; Legal support in revenue administration; Stocks; Auditing