Spain: IOSCO Objectives and Principles of Securities Regulation: Detailed Assessment Implementation
June 11, 2012
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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.
Subject: Financial institutions, Financial instruments, Financial markets, Internal controls, Legal support in revenue administration, Revenue administration, Securities, Securities markets
Keywords: articles of association, CIS operator, CNMV staff, continuous market, CR, Europe, fixed income, futures market, Global, insider trading, Internal controls, ISCR, Legal support in revenue administration, management company, mutual fund, Securities, Securities markets, senior management, special purpose entity
Pages:
134
Volume:
2012
DOI:
Issue:
143
Series:
Country Report No. 2012/143
Stock No:
1ESPEA2012007
ISBN:
9781475504309
ISSN:
1934-7685
