Republic of Argentina Financial Sector Assessment : IOSCO Objectives and Principles of Securities Regulation

International Monetary Fund ; World Bank

Washington, DC

关键词: ACCOUNTABILITY STRUCTURES;    ACCOUNTING;    ACCOUNTING STANDARDS;    ASSET MANAGERS;    ASSET VALUE;   

RP-ID  :  79177

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This assessment finds that Argentina hasmade significant progress to improve its securitiesregulatory system within the existing legal framework.Specifically, Argentina operates a highly, even uniquely,transparent securities regulatory program. The assessmentalso finds that the Argentine securities regulator hasdedicated professional staff, active on-site inspectionprograms, pro-active investigation of complaints, a road mapto transition by 2012 to international accounting standards(IFRS) and plans to modernize auditing standards, theability to assist foreign regulatory authorities to theextent of its current powers, and a commitment to use thepowers it has to meet its mandate, achieve internationalbenchmarks, and build on its practical experience tostrengthen regulatory oversight. At the same time thisassessment finds areas, of which the securities regulator iswell aware, that need to be improved. These include that:(i) the complex structure of the market may be a source ofinefficiency and an impediment to price formation and bestexecution; (ii) the regulator has insufficientadministrative power to oversee comprehensively theregulatory performance by certain self-regulatoryorganizations affecting equity and private debt markets withrespect to their members and to supervise, discipline andenforce its rules and the securities laws over such membersdirectly; (iii) the ability to cooperate domestically andwith foreign regulators is constrained by securities andbanking secrecy law; (iv) the legal underpinning forprotecting customer funds held by intermediaries needsenhancements; (iv) there are no existing market disruptioncontingency plans at the regulatory level; and (v) themarkets offer some products that may require additional,tailored monitoring and explanation to externalparticipants. This assessment of the InternationalOrganization of Securities Commissions (IOSCO) objective andprinciples of securities regulation was conducted betweenMay 11 and May 26, 2011 in Buenos Aires, Argentina andincludes references to certain post on-site improvements.The assessment included a review of the main securitieslaws, executive decrees, and general resolutions that relateto the mandate of the Comision Nacional de Valores (CNV) andunderpin the public offer and trading of securities in Argentina.