Spain: IOSCO Objectives and Principles of Securities Regulation: Detailed Assessment Implementation

International Monetary Fund

No 2012/143, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

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 (search for similar items in EconPapers)
Pages: 134
Date: 2012-06-11
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