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Law > Business and Financial

You are looking at 1 - 7 of 7 items for :

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Cover IMF Staff Country Reports
Kingdom of the Netherlands-The Netherlands: Financial Sector Assessment Program- Technical Note on Securities Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
This paper describes a technical note on securities regulation and supervision in The Netherlands. Regulation of securities and derivatives markets in the European Union (EU) has changed materially since the last Netherlands Financial Sector Assessment Program (FSAP), with further reforms underway. The securities market landscape in the Netherlands has also changed markedly since the last FSAP, largely in response to Brexit. The Netherlands is now of EU-wide significance in relation to the trading of securities, particularly equities, which has brought challenges for the national authorities. Further enhancements of its approach and a continuing focus on trading system operational resilience are now needed. The established venues are growing and diversifying their offerings, and ‘fintech’ new entrants with business models combining trading and post-trading operations in new ways are on the horizon. Enhancements to the legislative framework are now needed to ensure that the Autoriteit Financiële Markten can continue to supervise efficiently and effectively an expanded and more diverse market, and to engage credibly with international counterparts.
Keywords:
trading venue; managers directive; markets authority; trading obligation; money market funds; Financial Sector Assessment Program; Liquidity management; Liquidity; Liquidity risk; Financial derivatives; Europe; Global
Cover IMF How To Notes
How to Implement Strategic Foresight (and Why)
Mr. Alberto Behar
and
Sandile Hlatshwayo
This note explains the value of strategic foresight and provides implementation advice based on the IMF’s experience with scenario planning and policy gaming. Section II provides an overview of strategic foresight and some of its tools. Scenario planning and policy gaming have been the Fund’s main foresight techniques so far, though other tools have been complementary. Accordingly, section III focuses on the scenario planning by illustrating applications before detailing the methods we have been using, while section IV describes policy gaming including the matrix policy gaming approach with which we have experimented so far. Section V summarizes the key points. In so doing, the note extends an invitation to those in the economics and finance fields (e.g., researchers, policymakers) to incorporate strategic foresight in their analysis and decision making.
Keywords:
risk-preparedness framework; Policy game; data IMF Library; guidance note; scenario planning; Futures; Stress testing; Emerging and frontier financial markets; COVID-19; Global
Cover IMF Staff Country Reports
Argentina: Detailed Assessment of Observance of IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund
This assessment finds that Argentina has made significant progress to improve its securities regulatory system within the existing legal framework. This assessment finds areas that need to be improved. The reinforcement of supervision powers in accordance to international standards represents an immediate task. The assessment included a review of the main securities laws, executive decrees, and general and trading of securities. The government acknowledges that important challenges remain, and the assessments were noteworthy to identify many of them.
Keywords:
ISCR; CR; capital market; The CNV; insider trading; continuous market; mutual fund; short term; securities law; public offering; commercial paper; job creation; internal audit; CNV rule; auction market; trading system; Securities; Securities regulation; Mutual funds; Securities markets; Futures markets; Global
Cover IMF Staff Country Reports
People’s Republic of China: Detailed Assessment Report-CPSS-IOSCO Recommendations for Securities Settlement Systems and Central Counterparties
International Monetary Fund
A detailed assessment report on the observance of the Committee on Payment and Settlement Systems-International Organization of Securities Commissions recommendations for China’s Securities Settlement Systems and Central Counterparties is presented. The bond market comprises the interbank bond market, the exchange bond market, and the bank counter market. The two stock exchanges, the Shanghai Stock Exchange and the Shenzhen Stock Exchange, have been established in 1990 and offer trading in the same type of securities, being shares, bonds, funds, and warrants.
Keywords:
ISCR; CR; bond market; futures trading; market participant; securities registration; cash settlement; securities law; margin requirement; bond trading; book entry; Securities; Securities markets; Securities regulation; Futures; Bonds; Global
Cover IMF Staff Country Reports
People’s Republic of China: Detailed Assessment Report: IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund
This paper discusses a detailed assessment report on the observance of China’s compliance with the International Organization of Securities Commission's objectives and principles of securities regulation. The reform of nontradable shares introduced a market-based pricing system for so-called nontradable shares in listed companies closely held by government and semigovernment authorities. The China Securities Regulatory Commission has the ability to share public and nonpublic information with both domestic and foreign counterparts without other external process, for the purpose of performing regulatory and supervisory functions.
Keywords:
ISCR; CR; futures company; securities law; futures trading; insider trading; net capital; CSRC staff; investment fund; capital market; Securities; Futures; Securities regulation; Stock markets; Administration in revenue administration; Global
Cover IMF Staff Country Reports
United States: Publication of Financial Sector Assessment Program Documentation: Detailed Assessment of Implementation of the IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund
This paper presents Detailed Assessment of the United States’s implementation of the International Organization of Securities Commissions’ Objectives and Principles of Securities Regulation. The general preconditions for effective securities regulation in the United States are present. The legal and accounting system supports the implementation of requirements and effective regulation of market participants. The legislation regarding bankruptcy, insolvency, and winding up in the jurisdiction and the professionals associated with those matters are sophisticated.
Keywords:
ISCR; CR; CFTC regulation; insider dealing; SEC staff; material information; net capital; insider trading; beneficial owner; Securities; Futures; Securities regulation; Futures markets; Securities markets; Global
Cover IMF Staff Country Reports
New Zealand: Financial Sector Assessment Program—Detailed Assessments of Observance of Standards and Codes—International Organization of Securities Commission (IOSCO)—Objectives and Principles of Securities Regulation
International Monetary Fund
This paper evaluates the Observance of Standards and Codes on the International Organization of Securities Commission (IOSCO) Objectives and Principles of Securities Regulation for New Zealand. New Zealand equity markets are comparatively small with market capitalization of about 44 percent of GDP. Reflecting a preference for property investment, ownership of New Zealand-listed equities remains mostly in the hands of offshore investors and domestic institutional investors, with only about one-fourth held directly by households. Securities market intermediaries include sharebrokers, futures dealers, investment advisers, and managers of collective investment schemes, including contributory mortgage brokers.
Keywords:
ISCR; CR; NZX firm; securities regulator; futures exchange; insider trading; conduct rule; market intermediary; material information; NZX business rule; Securities; Securities regulation; Securities markets; Financial statements; Futures