United States: Financial Sector Assessment Program—Detailed Assessment of Implementation on the IOSCO Objectives and Principles of Securities Regulation

IMF Staff Country Reports, April 2, 2015

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United States: Financial Sector Assessment Program—Detailed Assessment of Implementation on the IOSCO Objectives and Principles of Securities Regulation

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Bibliographic details

• Published: April 2, 2015
• Series: IMF Staff Country Reports

Executive summary and scope

• Discusses key findings of the Detailed Assessment of Implementation of the IOSCO (International Organization of Securities Commissions) Objectives and Principles of Securities Regulation for the United States.
• Reviews the regulatory framework and operational capacity of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in the context of large, well-developed, and complex securities and derivatives markets.

Market structure and complexity

• The United States has large, well-developed, and complex securities and derivatives markets.
• The fragmented structure of equity markets is identified as a key challenge for the SEC.

Regulatory mandates and postcrisis changes

• Postcrisis, the legal mandates of the SEC and the CFTC have significantly expanded.
• Expanded mandates require corresponding regulatory capacity to deliver on objectives and principles of securities regulation.

Funding, capacity, and operational challenges

• The level of funding of both the SEC and CFTC is a key challenge affecting their ability to deliver on their mandates.
• Funding constraints affect the agencies’ ability to provide confidence to markets and investors.

Key subject areas covered

• Auditing; Credit ratings; Financial institutions; Financial regulation and supervision; Money; Public financial management (PFM); Securities; Securities regulation; Stocks

Keywords and topics emphasized

• audit program, Auditing, business model, certificate of incorporation, CFTC regulation, CR, Credit ratings, futures contract, Global, insider trading, investment strategy, ISCR, net capital, open-end fund, SEC rule, SEC staff, secondary market, Securities, Securities regulation, Stocks

Content in this bundle

• _cr1591 — Detailed Assessment Report
  • _cr1591 — Detailed Assessment Report (Markdown version)
  • _cr1591 — Detailed Assessment Report (PDF)