draft PD Law. 3 EU legislation only applies to issuers with securities admitted to trading on an RM. IOSCO Principles also apply to issuers that have made a public offer of securities. 4 Except for financial institutions and companies with state ownership interest of at least 25 percent. III. Issuer Disclosure Requirements A. Issuer Initial Disclosure Requirements Findings 10. The current initial disclosure requirements do not comply with IOSCO Principle 16 or the key provisions of the PD . IOSCO Principle 16 requires full
effect, including costs, of proposed rules (as currently required by Article 8 of the Law on State Regulatory Policy). Removal of an obligation to conduct an analysis of regulatory effect may raise questions about compliance with IOSCO Principles for regulatory processes (see IOSCO Principle 4, and especially Key Question 2(c) of the Assessment Methodology), if the NSSMC does not have a legal obligation to carry out such an analysis, or does not adopt a policy of doing so as a matter of practice. 24. Supervision of the NSSMC’s rulemaking by the SRS does not raise
rating for each IOSCO principle in a particular assessment is aggregated and then averaged to arrive at the rating that is used in the third regression ( equation 3.3 ). Sources: IOSCO ( 2003 , 2011 ). The regression results point to a significant relationship between idiosyncratic influences in stock pricing and the implementation of securities regulations in individual countries ( Figure 3.4 ). The coefficient for the IOSCO explanatory variable is significantly different from zero at the 1 percent level. The findings imply that countries with better