{
  "title": "United States: Financial Sector Assessment Program—Detailed Assessment of Implementation on the IOSCO Objectives and Principles of Securities Regulation",
  "publication": "IMF Staff Country Reports, April 2, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/united-states-financial-sector-assessment-program-detailed-assessment-of-implementation-on-42827",
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  "summary": "This paper discusses key findings of the Detailed Assessment of Implementation of the IOSCO (International Organization of Securities Commissions) Objectives and Principles of Securities Regulation on the United States.",
  "publishDate": "2015-04-02",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Executive summary and scope",
      "content": "- 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.\n- 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."
    },
    {
      "heading": "Market structure and complexity",
      "content": "- The United States has large, well-developed, and complex securities and derivatives markets.\n- The fragmented structure of equity markets is identified as a key challenge for the SEC."
    },
    {
      "heading": "Regulatory mandates and postcrisis changes",
      "content": "- Postcrisis, the legal mandates of the SEC and the CFTC have significantly expanded.\n- Expanded mandates require corresponding regulatory capacity to deliver on objectives and principles of securities regulation."
    },
    {
      "heading": "Funding, capacity, and operational challenges",
      "content": "- The level of funding of both the SEC and CFTC is a key challenge affecting their ability to deliver on their mandates.\n- Funding constraints affect the agencies’ ability to provide confidence to markets and investors."
    },
    {
      "heading": "Key subject areas covered",
      "content": "- Auditing; Credit ratings; Financial institutions; Financial regulation and supervision; Money; Public financial management (PFM); Securities; Securities regulation; Stocks"
    },
    {
      "heading": "Keywords and topics emphasized",
      "content": "- 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\n\n---\n\n Content in this bundle\n\n- cr1591 — Detailed Assessment Report\n  - cr1591 — Detailed Assessment Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr1591 — Detailed Assessment Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/united-states-financial-sector-assessment-program-detailed-assessment-of-implementation-on-42827"
    }
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    "Published: April 2, 2015",
    "Series: IMF Staff Country Reports",
    "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.",
    "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.",
    "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.",
    "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.",
    "Auditing; Credit ratings; Financial institutions; Financial regulation and supervision; Money; Public financial management (PFM); Securities; Securities regulation; Stocks",
    "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",
    "**_cr1591 — Detailed Assessment Report**"
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