Cover IMF Staff Country Reports
Spain: IOSCO Objectives and Principles of Securities Regulation: Detailed Assessment Implementation
Author:
International Monetary Fund
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2012: Issue 143
Language:
English
Publication Date:
11 Jun 2012
DOI:
https://doi.org/10.5089/9781475504309.002
ISBN:
9781475504309
ISSN:
1934-7685
Pages:
134
Keywords:
ISCR; CR; CIS operator; futures market; insider trading; CNMV staff; special purpose entity; mutual fund; articles of association; senior management; continuous market; management company; fixed income; Securities; Securities markets; Legal support in revenue administration; Internal controls; Global; Europe
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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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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund
Volume 2012: Issue 143