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International Monetary Fund. African Dept.

the SEC staff meets the high integrity requirements expected from public sector officials. Continuing to expeditiously and effectively address the integrity of the court system and of the related investigatory and enforcement authorities is a necessary precondition for the implementation of any credible improvements in the regulation and supervision of Nigerian securities markets. 22. Nigeria has made a high-level political commitment to address its strategic AML/CFT deficiencies . However, according to the FATF, Nigeria has not made sufficient progress in

International Monetary Fund. Monetary and Capital Markets Department

in the U.S. equity markets is divided between national securities exchanges, alternative trading systems (ATS), and over-the-counter (OTC) . At the end of December 2014, there were 11 national securities exchanges and 39 ATS operating equity trading systems. There are no official statistics on the distribution of trading between exchanges, ATS, and OTC. Some market sources estimate the latter two to amount up to approximately 40 percent of the total value of equity trading in the U.S. 3 According to a paper published by SEC staff, 4 ATSs executed 11.3 percent of

International Monetary Fund

Finance as chairman with an expert appointed by the Cabinet upon the Minister of Finance’s recommendation. Under his proposal other expert members would be nominated by a panel of former senior government officials and appointed by the Minister of Finance. The Governor of the BOT, the permanent Secretaries of the MOF and MOC would continue to serve as ex-officio members. SEC staff indicated that the proposal is under consideration of the Council of State. The Board generally does not play a direct role in the daily operations of the SEC. Its meets typically once a month

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

assessment, it would still be important to establish a consistent track record before their efficacy could be judged. 4. The assessment team relied on number of sources in carrying out this assessment . The assessment was based on a review of the relevant legislation, self-assessment questionnaires prepared by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) prior to the mission, detailed discussions with CFTC and SEC staff, with staff of the various self-regulatory organizations, securities and futures exchanges, law

International Monetary Fund

accountability to Congress. However, neither agency has sufficient funding nor sufficient assurance of continuing funding levels to be able to commit to long-term capital projects, such as building new market surveillance systems, which are necessary to keep pace with changes in the industry. The CFTC and SEC activities and processes are transparent and there is public consultation regarding their regulations and CFTC and SEC staff and commissioners are subject to codes of ethics and other requirements to ensure a high standard of conduct. 11. Principles relating to self

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. African Dept.
An assessment of the level of implementation of the International Organization of Securities Commissions (IOSCO) Principles in Nigeria was conducted as part of the International Monetary Fund (IMF)-World Bank Financial Sector Assessment Program (FSAP). The ongoing global financial crisis has reinforced the need for assessors to make a judgment about supervisory practices and to determine whether they are sufficiently effective. The assessment methodology provides a set of assessment criteria to be met in respect of each principle to achieve the designated benchmarks.
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses key findings of the Detailed Assessment of Implementation of the IOSCO (International Organization of Securities Commissions) Objectives and Principles of Securities Regulation on the United States. The United States has large, well-developed, and complex securities and derivatives markets. Postcrisis, the legal mandates of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have significantly expanded. The level of funding of both the SEC and CFTC is a key challenge affecting their ability to deliver on their mandates in a way that provides confidence to markets and investors. The fragmented structure of equity markets remains a key challenge for the SEC.