Germany: Financial Sector Assessment Program: Detailed Assessment of Observance of IOSCO Objectives and Principles of Securities Regulations
IMF Staff Country Reports, September 2, 2011
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- Germany: Financial Sector Assessment Program: Detailed Assessment of Observance of IOSCO Objectives and Principles of Securities Regulations
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Bibliographic details
- Published: September 2, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781463902377.002
Overview
- Germany has a comprehensive legislative and institutional framework for the effective supervision of the securities markets.
- The overall level of compliance with the IOSCO principles is high.
- Publication date: September 2, 2011.
Key Findings
- Overall level of compliance with the IOSCO principles is high.
- Significant industry concerns exist about the implementation costs resulting from a rapidly changing legislative framework.
- BaFin’s overall approach to supervision relies very heavily on:
- the flow of information,
- auditors’ reports,
- compliance with legislative obligations.
- Regulators at both the federal and state levels work with a clear legal framework and clearly defined powers and responsibilities.
Institutional and Regulatory Framework
- Comprehensive legislative and institutional framework for securities market supervision.
- Federal and state regulators operate within a clear legal framework with defined powers and responsibilities.
- Principal supervisory authority referenced: German Federal Financial Supervisory Authority (BaFin).
Compliance, Supervision, and Industry Issues
- High overall compliance with IOSCO objectives and principles.
- Industry concern: implementation costs associated with a rapidly changing legislative framework.
- Supervisory approach emphasis:
- information flows,
- reliance on auditors’ reports,
- enforcement of legislative obligations.
Content in this bundle
- Summary Implementation of the IOSCO Principles—ROSCs