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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.
International Monetary Fund. Monetary and Capital Markets Department

information, including internal market surveillance, referrals from the CSE and other governmental bodies, tips and complaints from the public and SEC review of media reports . Information related to market misconduct is directed to the Surveillance Division for preliminary review. 10. Trading misconduct matters that the Surveillance Division believes warrant investigation are then referred to the Surveillance and Investigations Committee to determine whether an investigation or inquiry should be conducted by the Investigations Division . The Committee consists of the

International Monetary Fund. Monetary and Capital Markets Department
International Monetary Fund
This paper presents key findings of the detailed assessment on the implementation of the International Organization of Securities Commissions (IOSCO) objectives and principles of securities regulation for Thailand. The assessment recommends creating a formal coordination mechanism among governmental agencies with regulatory authority over capital markets. The Securities and Exchange Commission (SEC) should amend its code of conduct and provide that restrictions on securities investments by its staff also applies to spouses, minor children, and all other accounts over which an employee has the authority to make investment decisions.
International Monetary Fund

trading on a 24 hour delivery basis. The SEC reports that it uses the information to monitor SET trading surveillance and for enforcement investigations. The TSD, a wholly-owned subsidiary of the SET, also has rulemaking authority over its membership, subject to SEC review and approval via its authority over the SET. The TFEX has broad SRO powers and the Derivatives Law provides the SEC with all necessary oversight authority. There is no exception for trading rules. The TFEX must submit reports on member positions, large open positions, daily trading of members and any

International Monetary Fund
This paper discusses key findings of the Detailed Assessment of Observance of the Fixed Income Clearing Corporation–Government Securities Division’s Observance of the Committee on Payment and Settlement Systems/International Organization of Securities Commissions (CPSS–IOSCO) Recommendations for Central Counterparties (CCP) for the United States. The assessment recommends that a CCP should have a well-founded, transparent, and enforceable legal framework for each aspect of its activities in all relevant jurisdictions. A CCP should require participants to have sufficient financial resources and robust operational capacity to meet obligations arising from participation in the CCP.
International Monetary Fund

SEC. In most cases, the proposed rule changes are approved by the SEC’s Division Trading and Markets, pursuant to delegated authority. For example, the SEC reviewed and approved the cross-margining arrangement and amendments thereto FICC-GSD put in place with the CME. A MOU with the CFTC is in place for issues of common interest. In addition, the SEC has established an Automation Review Policy (ARP) applicable to SROs, including FICC-GSD. Under the policy, SROs voluntarily establish comprehensive planning and assessment programs to determine systems capacity and

International Monetary Fund

Act and the rules and regulations thereunder. In addition, the SEC reviews and, with limited exceptions, approves all rule changes (including policies, practices, and interpretations to rules) proposed by DTC based on its status as an SRO. The Exchange Act establishes a framework for cooperation with other regulators and the Board, as the ARA for DTC, may in some circumstances direct that a proposed rule change not be approved if the proposed rule may be inconsistent with the safeguarding of securities or funds in the custody or control of DTC or for which it is

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.
International Monetary Fund

include internal policies or rules regarding ethical conduct on the part of staff, the preservation of the confidentiality of information that is not public, and prohibitions on the use of such information for personal benefit. The SEC reviews SRO rules and other proposals and examines SRO operations to evaluate any potential harmful impact that conflicts of interest may have on the effective oversight of the securities markets. In particular, the SEC reviews an SRO’s ownership and regulatory structure and any proposed changes, with the objective of identifying