Philippines : IOSCO Objectives and Principles of Securities Regulation

Philippines : IOSCO Objectives and Principles of Securities Regulation

A joint World Bank/International Monetary Fund mission visited the Republic of the Philippines during the period October 8-23 and November 19-December 6, 2001 as part of the Financial Sector Assessment Program (FSAP). The aim was to assess the...

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Bibliographic Details
Main Author:	World Bank
Format:	Financial Sector Assessment Program (FSAP)
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCOUNTANT ACCOUNTING ACCOUNTING STANDARDS ALTERNATIVE TRADING SYSTEMS AUDITS BANK ACCOUNT BANK ACCOUNTS BANK SECRECY BANK SUPERVISION BANKING LAW BENEFICIARIES BENEFICIARY BROKER BROKER DEALER BROKER DEALERS BROKER-DEALER BROKER-DEALERS BROKERAGE BROKERS BUDGET DEFICIT CAPACITY BUILDING CAPITAL BASE CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CAPITAL REQUIREMENTS CENTRAL BANK CENTRAL DEPOSITORIES CENTRAL DEPOSITORY CIVIL CODE CLEARING CORPORATION CLEARING HOUSE CODE OF CONDUCT CODE OF CONDUCTS COLLECTIVE INVESTMENT COMMERCIAL BANKS COMMERCIAL PAPERS COMMODITY COMPUTER SYSTEMS CONFIDENTIALITY CONFLICT OF INTEREST CONFLICTS OF INTEREST CORPORATE GOVERNANCE CREDIBILITY CREDITORS CUSTODIAN BANKS DEBT DEBT INSTRUMENTS DEBT ISSUERS DEBT MARKET DEFAULTS DEMAND FOR CREDIT DEPOSIT DEPOSIT SUBSTITUTES DIRECT ACCESS DISCLOSURE DOCUMENTS DISCLOSURE OF INFORMATION DISCLOSURE REQUIREMENTS DOMESTIC DEBT DOMESTIC DEBT MARKET DOMESTIC MARKET ECONOMIC POLICIES ELECTRONIC COMMUNICATION ENFORCEMENT POWER ENFORCEMENT POWERS EQUITY MARKET EXPOSURES FINANCIAL CONGLOMERATES FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL PRODUCTS FINANCIAL SECTOR FINANCIAL SERVICE FINANCIAL STATEMENT FINANCIAL SYSTEMS FIXED INCOME FOREIGN BANKS FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE TRANSACTIONS FOREIGN INVESTMENT FOREIGN INVESTORS FRAUD FUTURES FUTURES CONTRACTS FUTURES EXCHANGE GOVERNANCE MECHANISM GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT SECURITIES HOLDING HUMAN RESOURCES INDIVIDUAL INVESTOR INDIVIDUAL INVESTORS INFORMATION SHARING INFORMATION SYSTEMS INSIDER TRADING INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INTERNATIONAL ACCOUNTING STANDARDS INVESTING INVESTMENT MANAGEMENT INVESTMENT OPPORTUNITIES INVESTOR BASE INVESTOR PROTECTION ISSUANCE JURISDICTION JURISDICTIONS LAW ENFORCEMENT LEGAL FRAMEWORK LEGAL INFRASTRUCTURE LEGAL TRADITION LIABILITY LIQUIDITY LOCAL GOVERNMENT MALFEASANCE MARKET ACCESS MARKET CAPITALIZATION MARKET INTERMEDIARIES MARKET LIQUIDITY MARKET MANIPULATION MARKET PARTICIPANTS MARKET PRACTICES MARKET REGULATION MARKET STRUCTURE MARKET SURVEILLANCE MARKET SURVEILLANCE SYSTEM MARKET TURNOVER MEMBER BROKER MEMBER BROKERS MICRO FINANCE MINORITY SHAREHOLDERS MONETARY AUTHORITY MONETARY FUND MONEY LAUNDERING MUTUAL FUNDS NET CAPITAL NET-CAPITAL NOMINEE ACCOUNTS OPERATIONAL INDEPENDENCE OUTSOURCING OWNERSHIP STRUCTURE POTENTIAL LIABILITIES PRICE BAND PRICE MOVEMENTS PRIVATE FINANCIAL INSTITUTIONS PRIVATE PLACEMENT PUBLIC COMPANIES REGISTRATION FEES REGISTRATION OF SECURITIES REGISTRATION REQUIREMENTS REGISTRATION STATEMENT REGISTRATION STATEMENTS REGULATOR REGULATORS REGULATORY AGENCIES REGULATORY AGENCY REGULATORY AUTHORITIES REGULATORY AUTHORITY REGULATORY BODIES REGULATORY CAPACITY REGULATORY REGIME REGULATORY RESTRICTIONS REGULATORY STANDARDS REGULATORY SYSTEM REPOS RESERVE RESERVE REQUIREMENT RETURNS RISK MANAGEMENT SAVINGS SCANDAL SECONDARY MARKET SECONDARY MARKET TRADING SECRECY LAW SECURITIES SECURITIES BROKERS SECURITIES LAW SECURITIES MARKET SECURITIES REGULATION SECURITIES REGULATIONS SECURITIES REGULATOR SECURITIES TRANSACTIONS SEIZURE SELF-REGULATION SETTLEMENT SETTLEMENT OF TRADES SHARE PRICE SINGLE PROPRIETORSHIPS SINKING FUND STOCK EXCHANGE SUPERVISORY AUTHORITIES SYSTEMIC RISK T-BILLS TAX TRADE ASSOCIATION TRADING TRADING MARKETS TRADING SYSTEMS TRADING VOLUME TRADING VOLUMES TRANSFER AGENTS TRANSPARENCY TREASURY TREASURY BILLS TREASURY BONDS TREASURY SECURITIES TURNOVER RATIO UNIVERSAL BANKING UNIVERSAL BANKS UNSECURED BONDS
Online Access:	http://documents.worldbank.org/curated/en/2002/07/10038873/philippines-financial-sector-assessment-program-iosco-objectives-principles-securities-regulation http://hdl.handle.net/10986/15537

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Summary:	A joint World Bank/International Monetary Fund mission visited the Republic of the Philippines during the period October 8-23 and November 19-December 6, 2001 as part of the Financial Sector Assessment Program (FSAP). The aim was to assess the effectiveness of securities regulation, soundness of market intermediaries, and development prospects for the capital markets, including observance of the International Organization of Securities Commissions (IOSCO) objectives and principles of securities regulation. The Securities and Exchange Commission (SEC) is the primary regulatory authority over the capital markets and their participants. The Bangko Sentral ng Pilipinas (BSP) also supervises non-bank financial institution (NBFIs) to the extent that they have ownership links with banks, and are permitted to have quasi-banking function and trust operations and offer foreign exchange products and services. The Securities Regulation Code (SRC) is the main legal basis for the regulation of the markets. The SRC narrowed and redefined the scope of responsibilities of the SEC to enable the regulator to focus on regulation of the securities market and its enforcement in particular. However, further rationalization of the scope seems necessary and is expected. The SRC also provided for demutualization of the Philippine Stock Exchange (PSE) which addressed, among other things, the PSE's conflicts of interest as an self-regulatory organization (SRO). The Philippines' regulatory and supervisory framework is, while comprehensive in coverage, complex. It is due to the fact that the financial industry and services are increasingly conglomerated and universalized with functional regulation while the regulatory authorities remain to be fragmented. The SEC is the primary regulatory authority over the capital markets and their participants. NBFIs are regulated and supervised by the SEC.

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