Spain: IOSCO Objectives and Principles of Securities Regulation: Detailed Assessment Implementation
IMF Staff Country Reports, June 11, 2012
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- Spain: IOSCO Objectives and Principles of Securities Regulation: Detailed Assessment Implementation
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Bibliographic details
- Published: June 11, 2012
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475504309.002
Summary
- 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.
Key findings
- High level of implementation of IOSCO principles in Spain.
- Robust legal framework granting the CNMV broad supervisory, investigative, and enforcement powers.
- Robust arrangements for off-site monitoring of regulated entities.
- Identified weaknesses in some areas of supervision and enforcement.
- Specific gap: insufficient use of on-site inspections across all types of investment service providers.
Policy recommendations
- Strengthen supervision and enforcement practices where gaps were identified.
- Increase use of on-site inspections by the CNMV for all types of investment service providers.