{
  "title": "Spain: IOSCO Objectives and Principles of Securities Regulation: Detailed Assessment Implementation",
  "publication": "IMF Staff Country Reports, June 11, 2012",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/spain-iosco-objectives-and-principles-of-securities-regulation-detailed-assessment-25983",
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  "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.",
  "publishDate": "2012-06-11",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Summary",
      "content": "- This paper assesses implementation of the International Organization of Securities Commissions' (IOSCO) objectives and principles of securities regulation in Spain.\n- Spain exhibits a high level of implementation of principles.\n- The legal framework is robust and provides the Comisión Nacional de Valores (CNMV) with broad supervisory, investigative, and enforcement powers.\n- Arrangements for off-site monitoring of regulated entities are robust.\n- However, some areas of supervision and enforcement require strengthening.\n- In particular, the CNMV should make more use of on-site inspections for all types of investment service providers."
    },
    {
      "heading": "Key findings",
      "content": "- High level of implementation of IOSCO principles in Spain.\n- Robust legal framework granting the CNMV broad supervisory, investigative, and enforcement powers.\n- Robust arrangements for off-site monitoring of regulated entities.\n- Identified weaknesses in some areas of supervision and enforcement.\n- Specific gap: insufficient use of on-site inspections across all types of investment service providers."
    },
    {
      "heading": "Policy recommendations",
      "content": "- Strengthen supervision and enforcement practices where gaps were identified.\n- Increase use of on-site inspections by the CNMV for all types of investment service providers.\n\n---\n\n Content in this bundle\n\n- cr12143\n  - cr12143 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr12143 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/spain-iosco-objectives-and-principles-of-securities-regulation-detailed-assessment-25983"
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    "Published: June 11, 2012",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475504309.002",
    "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.",
    "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.",
    "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.",
    "**_cr12143**"
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