Italy: Detailed Assessment of Observance of IOSCO Objectives and Principles of Securities Regulation
December 6, 2013
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This paper discusses main findings of the Detailed Assessment of Observance of International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation in Italy. Italy exhibits a high level of implementation of the IOSCO principles. Overall the legal and regulatory framework is sound, and the regulatory authorities have developed extremely sophisticated arrangements for off-site supervision that have resulted in a robust system of supervision. However, these arrangements need to be complemented by additional on-site inspections to make the system more effective. In addition, the enforcement strategy should be continuously monitored to ensure that there is the right mix of tools to affect behavior.
Subject: Asset and liability management, Asset management companies, Auditing, Banking, Financial institutions, Financial instruments, Legal support in revenue administration, Public financial management (PFM), Revenue administration, Securities
Keywords: Asset management companies, Auditing, BI regulation, BI staff, business model, business organization, CR, Europe, financial market, Global, insider trading, ISCR, Legal support in revenue administration, market operator, Securities
Pages:
174
Volume:
2013
DOI:
Issue:
353
Series:
Country Report No. 2013/353
Stock No:
1ITAEA2013012
ISBN:
9781475535211
ISSN:
1934-7685
Notes
These documents have been produced in the context of the recent Italy FSAP as background documents to the Financial System Stability Assessment (FSSA) report that was discussed by the Executive Board on September 20, 2013 and published shortly thereafter (the FSSA is available here).
