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Tuesday,
February 12, 2019 01:50 PM /IOSCO
A report
published today by the IOSCO Assessment Committee (AC) indicates that the
implementation of the IOSCO Secondary and Other Market Principles is generally
high across most of the member jurisdictions that the committee reviewed.
The
report on IOSCO
Standards Implementation Monitoring (ISIM) on Secondary and Other Market
Principles is based on an AC Review of 40 IOSCO member
jurisdictions from both emerging and advanced markets. The ISIM program calls
for participating members to report the results of their self-assessments
regarding the status of the implementation of selected IOSCO Principles and
Standards.
The
main objective of the Review was to establish a global overview of the status
of implementation of each of the five Secondary and Other Market Principles by
participating member jurisdictions, based on their self-assessments.
The
Review identified gaps in the implementation of the five market principles,
particularly in nascent and emerging market jurisdictions. The Review also
offered examples of good practices in
implementing these principles. The scope of the Review was limited to
authorized exchanges and is based on information as of 15 October 2018.
The
Secondary and Other Market Principles form part of IOSCO’s 38 Objectives and
Principles of Securities Regulation, which provide core elements of an
essential regulatory framework for securities regulations.
The
five principles (IOSCO Principles 33-37) seek to promote fair, efficient and
transparent markets. Principles 33 and
34 refer to authorization, oversight and ongoing supervision requirements;
Principle 35 covers transparency requirements; Principle 36 covers detection
and deterring market misconduct; and Principle 37 deals with managing risks,
such as monitoring large exposures, default procedures and short selling.
The
gaps revealed during the Review indicate the need for the respective
jurisdictions to consider further reforms to strengthen the implementation of
the IOSCO principles.
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