Financial Sector Assessment Program (FSAP)

Experience with the Assessments of the IOSCO Objectives and Principles of Securities Regulation under the Financial Sector Assessment Program

Prepared by the staff of the International Monetary Fund and the World Bank

Approved by Stefan Ingves and Cesare Calari

April 18, 2002

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Executive Summary

  1. Introduction

  2. Securities Sector and Supervisory Approaches
    1. Securities Markets Development and Financial Stability
    2. Regulation and Supervision of Securities Markets
    3. IOSCO and the Principles

  3. Principles Assessment Process and Findings
    1. Assessment Process
    2. Preconditions Assessment
    3. Assessment of Principles
              General observations
              Main findings and assessment recommendations
              Emerging market country and developed country
              Principles assessment and IOSCO self-assessments
              Implications for financial sector soundness and development

  4. Follow-up from Assessments
    1. Authorities Response
    2. Technical Assistance

  5. Enhancing the Assessments
               Improving Principles and assessment methodology
               Improving the process
               Securities markets and vulnerabilities

  6. Conclusion

Text Tables

  1. Completed or on-going IOSCO Principles assessments
  2. IOSCO Assessments: Percentage shares of observance with the IOSCO Objectives ad Principles of Securities Regulation


  1. IOSCO Objectives and Principles of Securities Regulation