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Law > Business and Financial

You are looking at 1 - 3 of 3 items for :

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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
Financial Interconnectedness and Financial Sector Reforms in the Caribbean
Ms. Sumiko Ogawa
,
Mr. Joonkyu Park
,
Ms. Diva Singh
, and
Ms. Nita Thacker
Financial sector linkages have increased continuously in the Caribbean with cross border capital flows and financial conglomerates dominating the financial system. While the greater interconnectedness can heighten systemic risks and likelihood of contagion, it can have positive impacts provided the regional authorities take steps to prevent the systemic risk. In this context, financial sector reform measures aimed at bolstering and harmonizing prudential regulations in line with international best practices, the strengthening and enhancement of financial sector supervision to include cross border linkages through consolidated supervision, increased cooperation across supervisors in the region, and the establishment of deposit insurance and crisis resolution frameworks will be critical to maintain financial sector stability and minimize the repercussions of any negative shocks.
Keywords:
WP; credit risk; financial system; parent bank support; resolution framework; problem bank; financial interconnectedness; financial sector in the Caribbean region; regulatory and supervision system; loan portfolio; market share; bank sector; BIS data; ECCU country; banking sector assets; systematic bank resolution framework; Latin American bank; ECCU's banking sector; liquid bank; Commercial banks; Financial contagion; Credit bureaus; Insurance companies; Caribbean; Global
Cover IMF Working Papers
The Link Between Adherence to International Standards of Good Practice, Foreign Exchange Spreads, and Ratings
Mr. Andrew J Tiffin
,
Mr. Christian B. Mulder
, and
Mr. Charalambos Christofides
This paper examines the relationship between adherence to international standards of good practice in policy-making and two key indicators of access to capital markets and the cost of this access: spreads and sovereign ratings. In contrast to other work, this study reviews a broad set of indicators for adherence to international standards. The estimations are conducted for emerging market economies, and pay particular attention to issues of persistence in spreads and ratings and nonlinearities in the relationships. The main finding confirms the expectation that standards are indeed relevant. Accounting standards and property rights are especially important for spreads, in addition to data transparency (SDDS subscription). Accounting standards and corruption are especially important in explaining ratings in addition to trade protectiveness (not a standard).
Keywords:
WP; financial market; short-term debt; Standard and Poor's; single standard; Standards and codes; foreign exchange spreads; credit ratings; crisis prevention; WEF favoritism variable; sovereign bond; lowest-and-highest rated country; opacity index; WEF government; country examples fpor; ratings Index; emerging-market country; General Data dissemination system; trade restrictiveness index; Special Data Dissemination Standard (SDDS); Accounting standards; Asia and Pacific