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International Monetary Fund. Monetary and Capital Markets Department

criminal prosecution . Enforcement action under the SEC Act and rules is effectively limited to criminal prosecution, except for certain administrative actions involving regulated entities. 4 15. The following flowchart describes the enforcement process for trading-related misconduct cases . Such cases make up the entire docket of the Investigations Division. Figure 1. Surveillance, Investigations, and Enforcement Process Flowchart C. SEC Initiatives to Address Recommendations of the World Bank FSAP and IOSCO RT 16. The SEC has taken significant steps

International Monetary Fund. Monetary and Capital Markets Department

A. SEC Enforcement Program Structure B. SEC Investigation Process C. SEC Initiatives to Address Recommendations of the World Bank FSAP and IOSCO RT III. Recommendation A. Streamline the Enforcement Program B. Adaptation of Criteria for Prioritizing Investigations/Cases C. Accountability Management System D. Publication of the Results of Enforcement Actions, Policies, and Procedures E. Metrics to Measure the Effectiveness/Credible Deterrence of the Enforcement Program Table 1. Summary of Key Recommendations Figure 1. Surveillance

International Monetary Fund. Monetary and Capital Markets Department
This paper discusses the report of technical assistance mission to Sri Lanka. The report highlights that Sri Lanka has embarked on a program of reform intended to enable the country to emerge as an internationally competitive middle level economy. The mission concentrated on practical, operational steps that the Securities and Exchange Commission (SEC) could take to build capacity to increase the deterrent impact of its enforcement program in the current and anticipated regulatory environments. The mission recommended that the SEC continues to pursue measures to improve efficiency, effectiveness and accountability. In order to augment the impact of the enforcement program, the SEC is encouraged to foster public transparency to the extent possible without compromising confidential enforcement processes and activities. While the recommendations in this report will improve the effectiveness of the SEC’s enforcement program, credible deterrence cannot be achieved without the new civil and administrative enforcement authority in the draft Securities Exchange Act.